Financial Wisdom for Young Indians | www.finerva.com

Myths and Realities of Personal Finance

The Finerva approach for Young Adults

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

Financial Wisdom for Young Indians | www.finerva.com

WRITE YOUR DREAMS IN THE WORKSHEET

Financial Wisdom for Young Indians | www.finerva.com

This workshop aims

• To help you Refine

your dreams

• To help you Achieve

your dreams

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

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”

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.

Financial Wisdom for Young Indians | www.finerva.com

Convert the Dreams to Goals

S - SPECIFICM - MEASURABLEA - ACHIEVABLE

R – REALISTICT- TIME BOUND

Financial Wisdom for Young Indians | www.finerva.com

Clarifications on Goals ???

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.

Financial Wisdom for Young Indians | www.finerva.com

Meditate

Financial Wisdom for Young Indians | www.finerva.com

Use the worksheet

“ My Smart Goals”

Financial Wisdom for Young Indians | www.finerva.com

Achieving the Goals

• Planning

• Implementation

• Review

• Fine tuning

• Achieving

Financial Wisdom for Young Indians | www.finerva.com

Thank You…

See you tomorrow with

your worksheets

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

Financial Wisdom for Young Indians | www.finerva.com

Break the Myths

• What are Assets?

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

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

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

Financial Wisdom for Young Indians | www.finerva.com

Calculate your Pension requirement using the “Retirement Planner Worksheet”

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”