Bsmed Myths Of Pf

Financial Wisdom for Young Indians | www.finerva.com

Myths and Realities of Personal Finance

The Finerva approach for Young Adults


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


WRITE YOUR DREAMS IN THE WORKSHEET


This workshop aims

• To help you Refine

your dreams

• To help you Achieve

your dreams


What has been your short term goal?

• Finish your Course

with good marks

• Get a good job

• Get a very good

salary


What do you plan to do with your first salary?

Fill the Worksheet titled “My First Budget”


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.


Convert the Dreams to Goals

S - SPECIFICM - MEASURABLEA - ACHIEVABLE

R – REALISTICT- TIME BOUND


Clarifications on Goals ???


Set Your Goals

• We are in this workshop

concerned with the

financial side of your

goals.

• Convert your goals to

financial numbers.


Meditate


Use the worksheet

“ My Smart Goals”


Achieving the Goals

• Planning

• Implementation

• Review

• Fine tuning

• Achieving


Thank You…

See you tomorrow with

your worksheets


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


Break the Myths

• What are Assets?

• Please fill the worksheet– “What are Assets?”


Myth: Any investment with an element of risk is bad

• Other factors also to be considered while investing – Returns– Liquidity– Valuation Visibility– Taxation


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


Calculate your Pension requirement using the “Retirement Planner Worksheet”


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”

Bsmed Myths Of Pf

Economy & Finance

Transcript of Bsmed Myths Of Pf