how to have a great financial life:income,expense,assets,liabilities
TRANSCRIPT
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Money Awareness
Awareness empowersBemoney Aware
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Four cornerstones
Income Expense Assets Liabilities
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Example of Asset & Liability
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Building wealth
Building wealth is a simple matter of increasing your Builders (Income and Assets) and decreasing your Bleeders (Expenses and Liabilities) or INCREASING your Net Worth .
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Time is money
Both save Rs 2,000 per year at 12%. Ben starts at age 19 and stops at age 26, while Arthur starts at age 27 and stops at age 65.
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Time is money
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Secret of growing money
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Wealth building is like growing tree
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It's a choice
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Comparison of choice
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Yuppie Couple
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Life of Debt
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Good Loans Bad Loans
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Credit Card Debt - Hell
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Why is investing confusing?
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Investing is a plan
So one needs an investment plan,a very personal plan based on your preferences, needs. And your investment plan will then determine the different types of investment vehicles you will need.Your investment plan has to be unique just like you.
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Like Cooking a Meal!
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Risk Reward
No SUCH PRODUCT EXISTS
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Various classes
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Women
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Women and Money!
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Advice
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You - Take Responsibility!
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Life Stages
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20's, 30's, 40's
20sNeeds / Goals:Immediate: Fun,Further StudiesShort-term: Buying a car, MarriageLong-term: Retirement
Mind SetBe financially awareManage your expensesDevelop your own view
30sLife Stage: New parent, Break from workNeeds / Goals:Short-term: Vacations,Buying a home, carLong-term: Child’s education, Retirement
Mind Set
Be prepared for alternate work situationsManage the certainty of uncertainty Be involved in the family’s finances
40sLife Stage: Mid Career, Own assetsNeeds / Goals:Immediate: ProtectionShort-term: Children’s higher education, marriageLong-term: Retirement
Mind SetBe ready for retirementUnderstand your needsBe aware of your complete financial situationEnsure that you are the nominee in your husbands’ investments
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Rules for happy financial life