Financial Stability Quote by Warren Buffet

A must read Motivational Message from Warren Buffett - the worlds richest man in Forbes survey - 2008.

"We begin this New Year with dampened enthusiasm and dented optimism. Our happiness is diluted and our peace is threatened by the financial illness that has infected our families, organizations and nations. Everyone is desperate to find a remedy that will cure their financial illness and help them recover their financial health. They expect the financial experts to provide them with remedies, forgetting the fact that it is these experts who created this financial mess.

Every new year, I adopt a couple of old maxims as my beacons to guide my future. This self-prescribed therapy has ensured that with each passing year, I grow wiser and not older. This year, I invite you to tap into the financial wisdom of our elders along with me, and become financially wiser.

Hard work : All hard work brings profit; but mere talk leads only to poverty.
Laziness : A sleeping lobster is carried away by the water current.
Earnings : Never depend on a single source of income.
Spending : If you buy things you don't need, you'll soon sell things you need.
Savings : Don't save what is left after spending; spend what is left after saving.
Accounting : It's no use carrying an umbrella, if your shoes are leaking.
Auditing : Beware of little expenses; a small leak can sink a large ship.
Risk-taking : Never test the depth of the river with both feet.
Investment : Don't put all your eggs in one basket.

I'm certain that those who have already been practicing these principles remain financially healthy. I'm equally confident that those who resolve to start practicing these principles will quickly regain their financial health.
Let us become wiser and lead a happy, healthy, prosperous and peaceful life. "

Indian Scholarships

Government Scholarships:-

University Grants Commission (UGC) :-
The university grants commission is the largest scholarship granting authority in the country. Government ministries too take the help of the UGC to award scholarships.
Some of the new scholarships offered by the UGC are included under the Post-Graduate Merit Scholarship Scheme for rank holders at the undergraduate level. This is in association with the Union Ministry of Human resource development. Under this scheme, 2375 scholarships are given each year. The winners are entitled to Rs 2000 a month for 20 months during the period of post graduation. The aim of this scholarship is to attract students to postgraduate studies in non-professional subjects. The awardees can pursue their master’s degree in any area of specialization at any institute of higher learning recognized by UGC.
For availing scholarships such as JRF( Junior research fellowship) offered by UGC, the student should have passed the National Eligibility Test (NET) and similar exams recognized by UGC.
The UGC also has special schemes for girl students, scheduled tribes, scheduled castes and students of other categories. The Post Graduate Indira Gandhi Scholarship for the Single Girl Child is one such programme. Those girl students who are the only child of their parents can avail this scholarship. They must have also enrolled in the first year of a masters degree programme at a UGC recognized university or college. A monthly stipend of Rs 2000 is paid for 20 months during the post graduation period.

Rajiv Gandhi National Fellowship :-
The Rajiv Gandhi National Fellowship provides financial assistance to students from SC community to pursue higher studies such as MPhil and PhD programmes.
Tribal Affairs Ministry has a scholarship for ST students interested in Commercial Pilot License Course (CPL).Selected candidates are provided a maintenance allowance. In addition, all compulsory fees including flight charges are provided by the ministry. For further information log on to www.tribal.nic.in.
A scheme has also been launched for students of SC and ST communities for post graduate studies in professional disciplines such as engineering and pharmacy from any university / college / institute in India.

Scholarships offered by government and public sector orgranizations :-

->Scholarship for engineering students awarded by NTPC (www.ntpc.co.in)
Grant is offered to 35 SC, ST and physically handicapped students. Selected candidates are offered a monthly stipend of Rs 1500 from the second year to final year.
->Indian Council of Agricultural Research (ICAR) offers funding through National Talent Scholarship to students pursuing undergraduate degree programmes in agricultural universities.
For details log on to www.icar.org.in

Scholarships offered by private bodies:-

Paul Foundation Scholarship :- Its for post graduate students both in India and abroad. They stress on studies teamed with good research work.
Website :- www.thepaulfoundation.org

Narotam Sekhsaria Scholarships :- www.nssscholarship.net

Fedbank Hormis Memorial Foundation (FHMF) :- This is for needy graduate and undergraduate students pursuing medicine, engineering, agriculture(BSc), nursing and MBA. The family income of the student should not be more than Rs 2 lakhs.
www.federalbank.co.in


……To be Continued.

Fund Your Dreams

Dreaming about getting your admission in one of the Ivy League colleges, yet worried as to how will you generate the money required to fund your foreign education?
Fret not, funds are available aplenty- you only need to look in the right places in the right manner. And of course your grades must be good. The process of applying for a scholarship is not merely about filling up a form and waiting for the response, it involves meticulous planning and research so that you can zero in on the best options.
When applying to a foreign university, you can explore the option of asking the university to fund your studies. Most universities provide financial aid in the form of a teaching assistantship (TA) or a research assistantship (RA) for postgraduate studies.
Teaching Assistantship (TA) :- Under TA the student is required to teach 20 hours a week and shoulder other responsibilities of an assistant teacher.
Research Assistantship (RA) :- Under RA the student is needed to do research work for a professor.
The stipend that the student gets will not only cover his tuition fees but will also pay for his other expenses.
You have to mail, chat or speak with the professors at universities you wish to apply. If seat is available or if there is a position vacant in their research team they will ask you to send an application.
Several educational trusts, companies and other organizations also offer scholarships to students who wish to study abroad. Most of the educational trusts ask you to first secure admission, or atleast apply to a university where you have a good chance of getting selected. Whatever be your qualifying exam-
Scholastic Aptitude Test (SAT)
Management Aptitude Test (MAT)
Graduate Record Examination (GRE)
Test of English as a Foreign Language (TOEFL) etc
-ensure that the college or university receives your score in time.

STUDENT SPEAK :-

Dibyendu Roy
(Drexel University, Philadelphia)
Apart from academic records, there are many other factors that play a role, such as letters of recommendation, essays in the application and interest in extra-curricular activites. One thing should be kept in mind- the authorities are looking for the “you” behind your application form.
Work hard towards your grades and research extensively. Talk with people from your country or your college seniors(if there are any) who are already there. Get in touch with admissions and scholarship committees at universities and ask them how you can maximize your chances of scholarship. Start the process much in advance and stay focused till the end.

P.S. To get in touch with people of your country who are already studying at the universities you wish to get into search in the online communities in the social networking sites such as Orkut , Facebook, Linkdin etc. Get in touch with them via mail or instant messengers.

Sreeparna Majumdar
(Set to join a university in Illionis)
I have a teaching assistantship as well as a tuition waiver. A GRE general score of 50% or above in quantitative , verbal and analytical writing and a TOEFEL iBT of 80 or above were necessary. I owe a lot to the faculty of the university I will be joining. The professors did much to convince the graduate committee to grant me full funding. The United States-India Educational Foundation was my lifeline. I got all the information about scholarships from books there and the sessions organized by it. It also helped me to get in touch with the graduate students pursuing PhD programmes in the US.

Shreelina Ghosh
(PhD, department of rhetoric and writing, Michigan state university, Michigan)
I am here on teaching assistantship. This covers the tuition fees, health insurance and monthly salary. I did not have to apply anywhere else for funding.
If I did have to choose a scholarship, I would first look at its availability for international students. Then, of course, one needs to look at the area of study the scholarship supports. For instance, a scholarship in women studies might have a special focus on women of colour. So it is a good idea to read up everything about a particular scholarship before deciding on it. Also get hold of a list of past recipients from the website.Read about their work and see if your work matches theirs.

Soma Basak
(PhD in marine science and technology, University of Massachusetts, Boston)
Generally, the advisor under whom a student is planning to do research helps in the matter of funding. I too sought the help of my advisor who arranged for teaching assistantship. I receive around 15oo$ (including taxes) per month which is what students normally get in first year. Some universities do offer full scholarship. To get a TA or RA one must have a good TOEFL score.

Upping your Odds of Winning :-

è Search, identify and apply are the three crucial steps towards bagging the right grant.
è Read everything about the scholarships in your area of interest and choose the one that fits your bill.
è Pay attention to the eligibility criteria; a high academic score may be one of the conditions.
è Look at the amount of the scholarship. While some grants fund your studies partially, others give full financial assistance. A few scholarships are loans that need to be repaid once the student starts working.
è The scholarship research process doesn’t happen overnight; be extremely organized and proactive in your approach.
è The SOP( statement of Purpose) and interview are crucial stages in your search; be honest and realistic about your goals while presenting yourself.

Following are some of the websites that you can check up for funds and scholarships:-
è www.educationobserver.com
è www.freescholarshipguide.com
è www.fastwebscholarships.com

For scholarships in India :-
è www.scholarshipsinindia.com
è www.educationsupport.nic.in


Your perseverance and patience are two other things that you will need to fund your dreams. So stay focused.

Resources:-
Careergraph, The Telegraph

With valuable inputs from:-
Arkadeep Sinha