Mr. X needs to realize that money has no Emotions but it has the capacity to create powerful negative emotions such as Anxiety, Confusion, Anger, Depression, etc. in you. Take control of your Financial Life before its too late.

1. Story of Mr. X and Money

2. Story of Generation X
“How do you look at Personal Financial Planning?”
Yes, I have done it. My Father
manages my finances. I have a
good CA who guides me
about investments. I think I
know everything about it.
Monday, December 09, 2013
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3. Goals
“Mr. X, What are your goals in life?”
“Three years from now, what do you think you would have achieved?
Hmm getting good return, saving
taxes, buying a property, buying
an insurance policy, children's
education, buying a farm house
Mr. X had very general answer and seemed very confused!”
•
•
•
Are you really sure about your Life Goals?
Have you quantified your Financial Goals?
Do you have Clarity, Direction and Confidence about your
Financial Life?
Monday, December 09, 2013
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4. Mr. X Current Financial Situation
• Lack of Clarity about Life Goals.
• No control over Inflow and Outflow of money.
• Lot of Insurance Policies but Inadequate Insurance Cover.
• Ad-hoc Investments.
• Majority of Investment in Real Estate.
• Too Many Loans.
• No Clarity, Direction and Confidence about the Financial
Situation.
Monday, December 09, 2013
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5. Risk of having a Casual Approach
• Cash flow problem – Your income is
coming one way and going from the
other side when you consider
EMIs, Taxes, and overall expenses.
• Creating more liabilities rather than
assets?
• If something happens to Mr. X, his
family will be in tremendous Financial
Stress.
• Putting your goal in danger.
Monday, December 09, 2013
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6. Prevention is Better than Cure
Then why don’t people follow this saying when it
comes to their Money Management?
1. Short Sightedness - Inability to take a holistic perspective.
2. Instant Gratification.
3. Fear of Failure
4. Lack of Self- Discipline.
5. Unable to find a Good and Qualified Financial Planner.
Monday, December 09, 2013
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7. Money Beliefs
• Instant Gratification
– Many times we don't want to do anything which
gives us the guarantee of instant results.
– Managing your Money or Financial Management
is a Process and you can not expect immediate
results.
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8. Money Beliefs
• Fear of Failure
– We all fear failure; so even if sometimes we initiate the
process of taking control of our financial life, but our fear
of failure holds us back.
Monday, December 09, 2013
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9. Money Beliefs
• Lack of Self Discipline
– Self Discipline is required in any walk of life and particularly in
achieving financial well being.
– Still many people hold on to the idea that you can easily avoid facing
many difficulties and self responsibilities and still lead a
highly fulfilling existence.
– This idea dis-ease them at the time of taking
action towards taking control of their financial life.
Monday, December 09, 2013
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10. Action Plan for Mr. X
1. Select a Qualified Financial Advisor (Preferably a CFP, CWM)
2. Identify your Financial Goals
3. Build a Holistic Approach towards your Goals
4. Simplify your Financial Life!
5. Manage your Emotions!
6. Have a documented Financial Plan
Monday, December 09, 2013
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11. Money and Emotions!
• Mr. X needs to realize that money has no
Emotions but it has the capacity to create
powerful negative emotions such as Anxiety,
Confusion, Anger, Depression, etc. in you.
• Take control of your Financial Life before its
too late.
Monday, December 09, 2013
www.nirajnanal.com
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12. Monday, December 09, 2013
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