How to create a Financial Plan?
A financial plan is more than a wish list. After you’ve taken the time to express what you want from your financial life, you’ll need to create a strategy to help you achieve those goals.
Financial Planning
How preparing a personal budget helps you save more
The biggest challenge many of us face about investments is finding enough surplus funds. Most of the time we are engrossed in balancing our income and expenses. Drawing up a personal budget allows you to take control of your spending and find enough money to save and invest for vacations, retirement and your children’s education.
Financial Literacy can be fun!
In response to our previous post Financial Literacy should be made mandatory which talked about conducting workshops and roadshows in spreading financial literacy program in India, Ranjan Varma pointed out two most practical issues
Financial Literacy should be made mandatory
Financial literacy means knowing the basic survival principles involved with earning, spending, saving and investing. Earlier, our parents use to save more and spend less, today, young adults wants to earn more to be able to spend more, without bothering to save or invest.
You need to keep your tax records for 10 years!
The information age has not done away with the need to keep your paperwork handy. It has only felicitated mode of storage! Much of the paperwork is connected to your income tax returns filing. For you, that means you need to be more organized with paperwork and keep them handy in physical or electronic format.
IPL T20 and Investing – Interesting similarities
Similarity between IPL T20 and Investing! Don’t be surprised, the most popular form of Cricket and your financial planning and investment share a lot of common strategies.
Plan for continued income flow post retirement
The objective of retirement planning is to balance the income and expenditure during the post retirement dependency period. Till recently, most of the aged people lived with their families after retirement with or without any pension or any plan for self-dependence.
Phishing Scams, are you protected?
Phishing Scams have become so common now a days that many of us simply ignore them, however, some who are not aware about phishing fall prey. You think you are protected, but are you really?
April 1st, All fools day or Smart investor day?
April 1st marks the beginning of the new financial year. The ‘infamous’ day is also the one when we ought to set clear financial plans for the next one year. We can, of course, choose to celebrate April 1 as “All Fools Day” if we continue to commit the same mistakes that we did in previous years. Instead, we should convert it to a “Smart Investor’s Day” by learning from our financial mistakes. Given below are my confessions as well as resolutions for the new financial year as a retail investor.
Understanding your risk tolerance
Risk tolerance is the degree of uncertainty that you can handle in regard to a negative change in the value of your portfolio. While investing you may often have to do a risk-return tradeoff, the principle that potential return rises with an increase in risk. With so many different types of investments to choose from, how do you determine how much risk you can handle?