This workshop aims To help you Refine your dreams To help you Achieve your dreams
What has been your short term goal? Finish your Course with good marks Get a good job Get a very good salary
What do you plan to do with your first salary? Fill the Worksheet titled “My First Budget”
The way forward… Check if your first salary has contributed in any way towards your dreams Don’t let even one day pass without doing something to make your dreams come true. Many dreams have remained just that for the lack of direction and action.
Convert the Dreams to Goals S - SPECIFIC M - MEASURABLE A - ACHIEVABLE R – REALISTIC T- TIME BOUND SMART
Achieving the Goals Planning - Today Implementation - Today Reviewing Fine tuning Achieving
Planning Know your beliefs Safest option in life is to get a secure job and stay Only doctors make a lot of money Sale! Sale! I buy always when there is a sale I will never understand how investing works They have a big house, they must be rich… There is not enough money for everyone to be rich People who make mistakes are stupid Fixed deposits are safer than stocks I will never be rich… Investing in stocks is gambling. Only crooks become crorepathis
Break the Myths What are Assets? Please fill the worksheet “What are Assets?”
Myth: Any investment with an element of risk is bad Other factors also to be considered while investing Returns Liquidity Valuation Visibility Taxation
Myth: I will get pension when I retire I am too young – I don’t need retirement planning. Expenses at the time of retirement Skill set for retirement Power of Compounding Please see the content – “Retirement Planning – The earlier the better
Calculate your Pension requirement using the“Retirement Planner Worksheet”
Belief: I don’t believe in Insurance Do you love your family members? Is it only till you are alive or till they are alive Please use the worksheet “Insurance Requirement Planner”
Myth: My house is my best asset Read the content “My House – Rent or Buy?” Cash flow diagram How can they be assets?
Myth: Gold jewels are an investment Cost of procurement, cost of disposal Growth in value only covers inflation Read the content “Is Gold Really an Investment?”
Implementing Pay Yourself First Love money – Be a Money Magnet Take care of your health Decide based on Cash Flow Why do you think Warren Buffet bought a used Rolls Royce 6 months ago? Why do you think Tata Steel bought Corus rather than build a company on its own? Why do you think Jet Airways leased its aircrafts when it began its business? Remember Income – Investment = Expenses
…Implementation Wealth Is not what you earn It is not the place that you live in It is not the way you spend It is the time period for which you can maintain a given life style, without a salary.
Prepare a Revised Budget Enter your expenses based on your priorities for goals Make a list of tasks / cost items which you are postponing for latter. Use the worksheet “My Revised Budget”