Personal finance is managing your finance for achieving your short and long term financial goals.
It means the application of self-discipline on your income to plan and secure your future. Personal finance planning only will lead you to the ultimate financial freedom.
“Getting Rich is not a function of investing a lot of money ; it is a result of investing regularly for long periods of time.” Save for a better future!
A self guide towards financial planning. We ourselves can manage our finances, so here comes phase-1 describing about few topics. Stay tuned for the remaining topics in phase-2.
“Getting Rich is not a function of investing a lot of money ; it is a result of investing regularly for long periods of time.” Save for a better future!
A self guide towards financial planning. We ourselves can manage our finances, so here comes phase-1 describing about few topics. Stay tuned for the remaining topics in phase-2.
PROTECT YOUR FAMILY’S FINANCIAL SECURITY IN TOUGH TIMEScutickfinancial
https://cutickfinancial.com - Financial security is the comfort of knowing your family’s standard of living is secure even when a life-changing event occurs. It is also about having the means to achieve your most important goals, like owning a home or sending your children to college. Many of us are working hard to reach those goals. Some of us may have achieved them. But ongoing economic turmoil has been a rude wake-up call for all of us. We have seen events beyond our control decimate our savings and retirement accounts, knock down the value of our homes and diminish our job security
Admirable Worldwide is one-stop consultancy firm offering comprehensive solutions in Financial Planning and Consulting. We help individuals and corporates to achieve their strategic goals and objectives as well as increasing process efficiencies to optimize revenue and bottom line.
Financial Planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a house, saving for your child's higher education or planning for your retirement.
Financial Planning is about “Planning Life” and “Financial Prosperity” and involves 95% strategy and 5% products. It is the blueprint for planning and management of all financial affairs for your entire life and consider holistic view that enables you achieving your life’s goals. For further details, please visit "http://www.admirableworldwide.com/".
This document is an attempt to create financial literacy among salaried professionals who have begun their professional career. The intent of the document is to emphasize financial planning and create awareness about various asset classes. The sample financial plan is also available in excel format for you to experiment your financial needs. If your are interested in the excel based plan, please send an email to me.
Should you need any clarification/help, just send an email.
Happy learning!
If you are between 25- 45 yrs. of Age,Working & Serious about achieving success in your Financial Future, here are some guidelines.......... which can help you.
What to look for when buying Life Insurance for the first timePravesh Vasudeva
Purchasing life insurance is one of the most important financial decisions you will make. Not only does it protect the loved ones you will leave behind, it can be a useful tool well before then. While there are many things to take into account when purchasing life insurance, check out our list of some of the first six things to consider when buying Life Insurance for the first time in Canada.
Please reword these paragraphs in your own words and do not use th.docxmattjtoni51554
Please reword these paragraphs in your own words and do not use the same words as in the paragraphs.
Focus on Personal Finance, Ch. 1
· 1-The eight components of personal financial planning are obtaining, planning, saving, borrowing, spending, managing risk, investing, and retirement and estate planning. The obtaining component relates to acquiring resources through employment and investments. The planning component involves budgeting while considering future events that may impact an individual's financial position. The saving component creates a financial safety net for the individual that allows for large expenses that could be either planned (tuition) or unplanned (hospital bills). The borrowing component allows for financial smoothing. In situations when the individual does not have liquid cash available for current expenses, they can borrow funds and repay the lender in the future when they have cash available. The spending component is the use of the acquired and saved resources. The managing risk component involves the consideration of many different variables in order to mitigate risk exposure in a way that appropriately meets risk appetite. Each individual has a different risk appetite based on variables such as their age, income, health, etc. The investing component relates to allocating resources in a way that allows them to grow and produce return. Retirement and estate planning involves making decisions to secure a financially stable life after retirement.
I believe the most important component is risk management. Every individual must consider their risk appetite. If the individual is young with very few expenses, it would make sense for them to make investments that have a relatively higher risk exposure because they have a long investment horizon and can recover losses in the long run. However if an individual is nearing retirement and has many expenses, they cannot afford to take on excess risk and would probably prefer to plan for retirement and save. Each individuals risk appetite will affect how the approach the other components of financial planning.
Focus on Personal Finance, Ch. 2
· 2-Budgeting and financial planning can make or break a relationship. Everyone hears about people that are fighting over money all the time, this is simply because the couple doesn't sit down and discuss their financial issues and talk about ways to fix it. When people can come together and put a budget together that can be agreed upon and have legitimate financial plans, this can release tons of stress in a relationship. There are all kinds of different people and the ways in which people deal with money are also very different, so coming up with a good financial plan and a good budget will help a relationship stand on a more solid foundation financially. This type of planning will also give both parties something to hold them accountable for if they stray off path.
Focus on Personal Finance, Ch. 11
· 3-Once we establish our comf.
PROTECT YOUR FAMILY’S FINANCIAL SECURITY IN TOUGH TIMEScutickfinancial
https://cutickfinancial.com - Financial security is the comfort of knowing your family’s standard of living is secure even when a life-changing event occurs. It is also about having the means to achieve your most important goals, like owning a home or sending your children to college. Many of us are working hard to reach those goals. Some of us may have achieved them. But ongoing economic turmoil has been a rude wake-up call for all of us. We have seen events beyond our control decimate our savings and retirement accounts, knock down the value of our homes and diminish our job security
Admirable Worldwide is one-stop consultancy firm offering comprehensive solutions in Financial Planning and Consulting. We help individuals and corporates to achieve their strategic goals and objectives as well as increasing process efficiencies to optimize revenue and bottom line.
Financial Planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a house, saving for your child's higher education or planning for your retirement.
Financial Planning is about “Planning Life” and “Financial Prosperity” and involves 95% strategy and 5% products. It is the blueprint for planning and management of all financial affairs for your entire life and consider holistic view that enables you achieving your life’s goals. For further details, please visit "http://www.admirableworldwide.com/".
This document is an attempt to create financial literacy among salaried professionals who have begun their professional career. The intent of the document is to emphasize financial planning and create awareness about various asset classes. The sample financial plan is also available in excel format for you to experiment your financial needs. If your are interested in the excel based plan, please send an email to me.
Should you need any clarification/help, just send an email.
Happy learning!
If you are between 25- 45 yrs. of Age,Working & Serious about achieving success in your Financial Future, here are some guidelines.......... which can help you.
What to look for when buying Life Insurance for the first timePravesh Vasudeva
Purchasing life insurance is one of the most important financial decisions you will make. Not only does it protect the loved ones you will leave behind, it can be a useful tool well before then. While there are many things to take into account when purchasing life insurance, check out our list of some of the first six things to consider when buying Life Insurance for the first time in Canada.
Please reword these paragraphs in your own words and do not use th.docxmattjtoni51554
Please reword these paragraphs in your own words and do not use the same words as in the paragraphs.
Focus on Personal Finance, Ch. 1
· 1-The eight components of personal financial planning are obtaining, planning, saving, borrowing, spending, managing risk, investing, and retirement and estate planning. The obtaining component relates to acquiring resources through employment and investments. The planning component involves budgeting while considering future events that may impact an individual's financial position. The saving component creates a financial safety net for the individual that allows for large expenses that could be either planned (tuition) or unplanned (hospital bills). The borrowing component allows for financial smoothing. In situations when the individual does not have liquid cash available for current expenses, they can borrow funds and repay the lender in the future when they have cash available. The spending component is the use of the acquired and saved resources. The managing risk component involves the consideration of many different variables in order to mitigate risk exposure in a way that appropriately meets risk appetite. Each individual has a different risk appetite based on variables such as their age, income, health, etc. The investing component relates to allocating resources in a way that allows them to grow and produce return. Retirement and estate planning involves making decisions to secure a financially stable life after retirement.
I believe the most important component is risk management. Every individual must consider their risk appetite. If the individual is young with very few expenses, it would make sense for them to make investments that have a relatively higher risk exposure because they have a long investment horizon and can recover losses in the long run. However if an individual is nearing retirement and has many expenses, they cannot afford to take on excess risk and would probably prefer to plan for retirement and save. Each individuals risk appetite will affect how the approach the other components of financial planning.
Focus on Personal Finance, Ch. 2
· 2-Budgeting and financial planning can make or break a relationship. Everyone hears about people that are fighting over money all the time, this is simply because the couple doesn't sit down and discuss their financial issues and talk about ways to fix it. When people can come together and put a budget together that can be agreed upon and have legitimate financial plans, this can release tons of stress in a relationship. There are all kinds of different people and the ways in which people deal with money are also very different, so coming up with a good financial plan and a good budget will help a relationship stand on a more solid foundation financially. This type of planning will also give both parties something to hold them accountable for if they stray off path.
Focus on Personal Finance, Ch. 11
· 3-Once we establish our comf.
"If you are also one of these people who do not know why finance knowledge is important. So let's talk about why finance knowledge is important and how to become financially literate.
For Those Who Want to Prosper & Thrive in Retirementfreddysaamy
http://ekinsurance.com/financial/retirement/
Our core capital should be designed to outlive us. In fact, it’s important for you to start thinking about your money in terms of it outliving you, not the other way around. You don’t want to outlive your money.
Things you can do, apart from the obvious lifestyle changes that will help you take better care of your finances.
Visit http:/blog.guarented.com for more useful content.
Money management is more important than earning money. Money management tips may not be the same for everyone. It may vary considering your behavior of money management. You should know how to manage money wisely. Your well-deserved cash should be saved, contributed to, and spent prudently in a deliberate way to guarantee long-haul dependability and liquidity. This should be possible through viable cash the board.
Money management is more important than earning money. Money management tips may not be the same for everyone. It may vary considering your behavior of money management. You should know how to manage money wisely. Your well-deserved cash should be saved, contributed to, and spent prudently in a deliberate way to guarantee long-haul dependability and liquidity. This should be possible through viable cash on the board.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
when will pi network coin be available on crypto exchange.
6 step simple personal finance planning dont read if you plan your personal finance wisely
1. Vinod P March 28,
2020
6 Step Simple Personal Finance Planning: Don’t Read If
You Plan Your Personal Finance Wisely
finablow.com/personal-finance-planning
Do you believe that personal financial planning is a complex task ?. I think no, and many
of us believe the same. So try to please answer whether you did plan your personal
finance wisely ?.
If yes, you can stop here, and I think this article may not be for your attention.
In this article, we try to answer how to do personal finance planning wisely.
Why Personal Finance Planning Required?
Personal finance is managing your finance for achieving your short and long term
financial goals.
It means the application of self-discipline on your income to plan and secure your future.
Personal finance planning only will lead you to the ultimate financial freedom.
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3. Basics You Should Know Before Starting a Personal
Finance Plan
You need to be careful to follow the below-mentioned points when you plan your
personal and investments.
Spend less than what you earn
Share your Account Details with your Spouse or parents
Ensure the Saving accounts available Nomination Facility
Spend Less than What You Earn
The basic concept behind personal finance planning is to spend less money than you
earn. We can clarify it as our spending is equal to Earning minus savings.
Spending = Income - (Savings + Investment )
When you start personal financial planning, keep in mind that it should be a simple plan.
As we need to follow this plan in our day to day life, a complex one will not work.
Suppose you approach a Financial Consult for a financial plan, he advises you to follow
complex investments and insurance plans, it is believed that it is not a good financial
plan.
Share Your Account Details with Your Spouse or Parents
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4. As a part of our plans to manage personal finance, we may have many financial
transactions, Bank and Demat accounts and internet login credentials.
Most of the cases, one person only knows these credentials in a family. It is utter
foolishness. In case of an unexpected departure (death) of the person dealing all these
credentials, nobody can retrieve this information.
In some cases, the family members are unaware of what investment and savings he has.
To avoid these kinds of problems, we recommend you to prepare an Excel sheet or
Google sheet for all the account details.
Mention its corresponding online user credentials. Whenever it changes, it also needs to
update in this sheet and save it your computer or laptop.
You must provide access to your spouse or parents to these excel or google sheets. So it
is easy to retrieve all the account details, insurance policies and other investment stories
in your non-availability.
You also required to keep a file for all the documents relating to your savings,
investments and liabilities. In your absence, it is easy for your family members to find
your investments and other financial transactions.
Ensure Your Accounts updated with Nomination
To plan personal finance, by considering the long term and short term objectives, we
may start many types of investment plans like SIP, investment in Stock or PMS etc.
At the time of the opening, please give serious consideration to provide your nominee
details in its records. It will help your family members to easily claim these funds in an
unfortunate event.
To start a good and simple personal finance planning, we need to follow some basic
steps. It may be the main components of their plan
These are the basic components.
(1) Prepare a Clear and Feasible Plan
(2) Keep an Emergency Fund
(3) Zero Liability or Settle all your Bad Credit
(4) Reduce your financial risk
(5) Invest for your long term financial goals including retirement
(6) Go for Proper Tax Planning
We can have a detailed discussion
1. Prepare a Clear and Feasible Plan
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5. You must require a feasible plan for your financial success. This planning process is
called budgeting. It is the first step in personal finance planning.
Without planning your earning and corresponding expenses, it is meaningless to follow
personal finance planning process of any kind.
We need to stick on the defined budget with ample flexibility. It means we need a clearly
defined saving and spending plan and if there is any short in your earning for the month,
we need to adjust all these plans.
Budgeting is the process of planning your income and expenses. You can use an excel or
google sheet to prepare it.
When you start the process of planning or budgeting, it must be kept in your mind that
once you get your monthly salary or income, the first step is to allocate for your
investment and the balance only you can use for spending.
Usually, we tend to adjust with the money left in our purse. It is common that if we have
more money in our hand, it may attract our attention to some sort of unwanted
products.
Here, we need self-discipline, but it is not against our pleasure moments in life to an
extent
2. Keep an Emergency Fund
This emergency fund is your Saving Account balance, meaning the money which you did
not spend. It is liquid cash available with you when an emergency arises.
Based on the liquidity, you can decide the form of this saving.
It may be kept in your savings account or even short term investment, as the money in
the Savings Account is easily accessible by ATM, and it will rend to spend more.
(i) How much You need to Keep as an Emergency Fund.
As this is an emergency fund, when you lose your job, or any other financial crises
happen, you can manage it with these emergency funds.
Based on the lifestyle and monthly minimum requirements, this amount may vary. We
recommend keeping at least your 5 to 6 months salary as an emergency fund.
Once you have these funds ready, it will increase your confidence in building a strong
foundation in your personal finance planning.
Most of the cases, the fear factor works in savings. Fear of tomorrow will pull down our
intention to save.
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6. 3. Zero Liability or Settle all your Bad Credit
You need to settle all of the bad loans immediately. Bad loans mean all those loans with
high-interest rates. It includes the credit card, personal loan etc. Along with your savings
planning, you need to have a clear goal to settle these loans.
If there is a chance to avoid using the credit cards, better to do it or manage it wisely.
We recommend that you settle these kinds of loans before you start a savings plan. Once
you are free from the bad credit, you can start the savings.
We can not say housing loans are bad loans. It creates an asset and the interest rate may
be less. Chances are there to claim a deduction from income tax liability.
4. Reduce Your Financial Risk
You can reduce your financial risk through insurance. Insurance is meant for the security
of your family also.
When it comes to personal finance planning, it is noticed that people are buying many
insurances for same purposes. Most of the insurance policies taken not for the insured’s
interest or requirement.
Here, what we recommend to buy only two types of insurance
(i) Term Insurance
(ii) Health Insurance
(i) Term insurance
We recommend separating insurance and savings. The purpose of both saving and
insurance is different. For fulfilment of your insurance needs, you can buy a Term
Insurance.
Term Insurance is a type of insurance which provides financial coverage to the
policyholder. It is a pure risk cover plan.
Suppose a person insured with term insurance, he needs to specify the period at the
time of buying a policy.
Suppose it is 20 years. If the insured dies within this selected period, the beneficiary will
receive the death benefit.
(a) How much should be the Death Benefit for the Term Insurance
Suppose You are the only person to earn income in your family, the sum of life insurance
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7. coverage will be up to 20 – 25 times of your annual salary.
For example, your monthly salary is INR 50,000. The required coverage calculated as
(50,000 X 12 ) X 20 = INR 120,00,000
You can use the variable as per your requirements like lifestyle and future commitments.
You can avoid this insurance in case you have a large corpus invested and the interest or
profit generated from these investments can save your family when you are not around.
(b) How many Term Insurance Plan required in Your Home
We can say that it requires all of your family members who all are earning.
Suppose you are married, both your wife and you earn income, it is required to have a
separate term insurance plan for both.
(ii) Health Insurance
Health insurance ensures the medical or surgical expenses incurred for the insured
person during the validity of their policy.
The cost of medicines and hospitalization is increasing dramatically. If you are concerned
about the well being of the members of your family, it is required to have health
insurance.
It needs to cover all of your dependents.
The amount of health insurance is determined by your financial ability to pay the
premium and ability to pay the medical bill from your savings.
We can say that minimum health insurance of One Lakh to One and a Half Lakhs rupees
per person is required.
5. Invest for Your Long Term Financial Goals including
Retirement
Many types of investment options available to us and all these are directly associated
with risk. Risk and return move parallel. Before starting your investment, it requires you
to assess your risk profile.
We need to decide the risk appetite first. It means the depth of risk that you can accept.
Based on this, we can decide the percentage of allocation in a different type of risky
investments.
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8. Investing is an important step in the process of planning personal finance. Investment
planning is normally to fulfil a particular objective. It may be for the education of the
children or marriage of daughters etc.
There are many types of investment opportunities for a long time. It may be investing
your hard-earned money in shares, gold or real estate.
(i) Shares
Investing in shares required expertise in selecting the best shares for the long term. It
necessitates analysing the risk contour of the investor.
There are many free and paid online tools available or consulting with reputed Financial
Consultants also will help to get advice.
(ii) Mutual Fund
Investment in mutual funds is the right one if you don’t want to get involved in the
selection and interpretation of the individual stock and securities.
A mutual fund is a common pool of fund with a diversified portfolio to maximise profit.
All these funds are run by expert fund managers, and it is crucial to be confident of his
expertise before investing in the mutual fund.
Even Systematic Investment Plans (SIP) are also available in the market with the
affordable denomination to start the habit of saving.
(iii) Gold
Gold is an integral part of our portfolio. We have an emotional attachment to it.
Buying gold ornaments is not recommended for investment. It may attract several
deductions when we transact in future.
If you wish to invest in Gold, the best scheme is the Sovereign Gold Investment plan.
(iv) Real Estate
Investment in real estate is not a good investment plan in connection with your personal
finance planning.
You can invest in land as in most of the cases, the price of the land will increase in the
long run.
Buying homes or apartments as an investment apart from your residence is not a good
idea.
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9. It incurs annual maintenance and other paper works.
6. Go for Proper Tax Planning
If you make a considerable amount as your earning, you require to do genuine tax
planning. Remember, it does not mean tax evasion.
For tax planning in association with your personal finance planning, we know only
Section 80C., But there are several sections available in the Income Tax Act 1961, for
reducing the tax liability.
They are given below.
Read: e-Filing ITR: 4 steps to File Your Income Tax Online
1. 80CCD – National pension scheme
2. Section 80D: Payment of health insurance premium
3. Section 80E: Repayment of an education loan
4. Section 24: Interest payment of a home loan
5. Section 80EE: Interest payment of the home loan for first-time buyers
6. Section 80EEA: Interest payment of the home loan for first-time buyers
7. Section 80EEB: Interest paid on loan taken for the purchase of an electric vehicle
8. . Section 80G: Donations to charitable institutions
9. Section 80GG: Rent paid for accommodation
10. Section 80TTA: Interest from Saving Bank Account
11. Section 80TTB: Interest from deposits in case of senior citizens
12. Section 54: Long-term capital gain on the sale of the residential house
13. Section 54EC: long-term capital gain on the sale of land, building or both
14. Section 54F: long-term capital gain on the sale of a capital asset other than a
residential house
Conclusion
All these personal finance planning processes described based on our practical
experience. This planning process depends on your own needs. A readymade plan will
not work for everyone. You can plan your entire finance based on the steps by giving
personal considerations to it. If you feel that it is a complex one, then you can consult
with experts available in your city. Please comment below if you need any clarification
regarding the steps mentioned above.
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