bsmed myths of pf
TRANSCRIPT
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Financial Wisdom for Young Indians | www.finerva.com
Myths and Realities of Personal Finance
The Finerva approach for Young Adults
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Financial Wisdom for Young Indians | www.finerva.com
What are your dreams?
Dream BIGDream in COLOURS
Dream with Smells Dream how you Feel
Dream what you think
Dream about the people around you
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Financial Wisdom for Young Indians | www.finerva.com
WRITE YOUR DREAMS IN THE WORKSHEET
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Financial Wisdom for Young Indians | www.finerva.com
This workshop aims
• To help you Refine
your dreams
• To help you Achieve
your dreams
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Financial Wisdom for Young Indians | www.finerva.com
What has been your short term goal?
• Finish your Course
with good marks
• Get a good job
• Get a very good
salary
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Financial Wisdom for Young Indians | www.finerva.com
What do you plan to do with your first salary?
Fill the Worksheet titled “My First Budget”
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Financial Wisdom for Young Indians | www.finerva.com
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 action and direction.
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Financial Wisdom for Young Indians | www.finerva.com
Convert the Dreams to Goals
S - SPECIFICM - MEASURABLEA - ACHIEVABLE
R – REALISTICT- TIME BOUND
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Financial Wisdom for Young Indians | www.finerva.com
Clarifications on Goals ???
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Financial Wisdom for Young Indians | www.finerva.com
Set Your Goals
• We are in this workshop
concerned with the
financial side of your
goals.
• Convert your goals to
financial numbers.
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Financial Wisdom for Young Indians | www.finerva.com
Meditate
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Financial Wisdom for Young Indians | www.finerva.com
Use the worksheet
“ My Smart Goals”
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Financial Wisdom for Young Indians | www.finerva.com
Achieving the Goals
• Planning
• Implementation
• Review
• Fine tuning
• Achieving
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Financial Wisdom for Young Indians | www.finerva.com
Thank You…
See you tomorrow with
your worksheets
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Financial Wisdom for Young Indians | www.finerva.com
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
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Financial Wisdom for Young Indians | www.finerva.com
Break the Myths
• What are Assets?
• Please fill the worksheet– “What are Assets?”
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Financial Wisdom for Young Indians | www.finerva.com
Myth: Any investment with an element of risk is bad
• Other factors also to be considered while investing – Returns– Liquidity– Valuation Visibility– Taxation
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Financial Wisdom for Young Indians | www.finerva.com
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
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Financial Wisdom for Young Indians | www.finerva.com
Calculate your Pension requirement using the “Retirement Planner Worksheet”
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Financial Wisdom for Young Indians | www.finerva.com
Belief: I don’t believe in Insurance
• Do you love your family members?
• Only till you are alive or till they are alive
• Please use the worksheet “Insurance Requirement Planner”