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Personal finance young_adults

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Transcript

  • 1. Myths and Realities of Personal Finance
    The Finerva approach for Young Adults
  • 2. What are your dreams?
    DreamBIG
    Dream inCOLOURS
    Dream withSmells
    Dream how youFeel
    Dream what youthink
    Dream about thepeoplearound you
  • 3. WRITE YOUR DREAMS IN THE WORKSHEET
  • 4. This workshop aims
    To help you Refine your dreams
    To help you Achieve your dreams
  • 5. What has been your short term goal?
    Finish your Course with good marks
    Get a good job
    Get a very good salary
  • 6. What do you plan to do with your first salary?
    Fill the Worksheet titled “My First Budget”
  • 7. 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.
  • 8. Convert the Dreams to Goals
    S - SPECIFIC
    M - MEASURABLE
    A - ACHIEVABLE
    R – REALISTIC
    T- TIME BOUND
    SMART
  • 9. Clarifications on Goals ???
  • 10. Set Your Goals
    We are in this workshop concerned with the financial side of your goals.
    Convert your goals to financial numbers.
  • 11. Meditate
  • 12. Use the worksheet
    “ My SMART Goals”
  • 13. Achieving the Goals
    Planning - Today
    Implementation - Today
    Reviewing
    Fine tuning
    Achieving
  • 14. 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
  • 15. Break the Myths
    What are Assets?
    Please fill the worksheet
    “What are Assets?”
  • 16. Myth: Any investment with an element of risk is bad
    Other factors also to be considered while investing
    Returns
    Liquidity
    Valuation Visibility
    Taxation
  • 17. 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
  • 18. Calculate your Pension requirement using the“Retirement Planner Worksheet”
  • 19. 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”
  • 20. Myth: My house is my best asset
    Read the content “My House – Rent or Buy?”
    Cash flow diagram
    How can they be assets?
  • 21. 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?”
  • 22. 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
  • 23. …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.
  • 24. 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”
  • 25. Queries
    Feedback
  • 26. Thank You

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