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Written by Ramalingam K
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Tuesday, 10 January 2012 14:13 |
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Would you like to know the financial secret behind moving from where you are and where you want to be? Try to answer this question. “Where will you be financially five years from now? 10 years from now…? 20 years from now…?”
You may get answers like “I will be financially stronger”, “I want to be financially better”. Are these answers specific? If you don’t know where you want to go exactly, there is no focus. When there is no focus; there will be lot of distraction. Distraction either leads to mediocrity or destruction.
How to refrain yourself heading towards mediocrity or destruction? You need to set Specific, Measurable, Achievable, Realistic and Time bound Financial Goals. That is S.M.A.R.T. Financial goals.
Let me take you through step by step to set SMART Financial goals.
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Read more... [Where will you be Financially five years from today?]
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Written by Ranjan
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Tuesday, 03 January 2012 16:31 |
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What's the cost of having free lunch parties or free beer? Nothing, but a pot belly!! Jokes apart, let's do some maths to find out the cost of free advice. The following worksheet calculates the cost as Rs 1 crore, 5 lakhs, 47 thousand and more!(Rs 1,05,47,560/-)
Here are the assumptions. Imagine you invest Rs 15000 every month and that adds up to Rs 1,80,000/-. We have assumed the returns for 8% and 10%. Generally the commissions work out to just 2% of your investments and the difference between the returns @ 8% and 10% would be the cost of free financial advice. The difference of Rs 1,05,47,560 happens at the end of 30 years!
Here's the table: (We will also talk about the other costs like cost of buying a product you don't need, cost due to lack of holistic financial planning, cost of buying term insurance from an agent compared to buying it online, etc. Stay tuned for the updates on the cost of free advice)
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Last Updated on Sunday, 08 January 2012 00:55 |
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Read more... [How Free Advice can cost you Rs 1 Crore]
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Written by Ranjan
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Monday, 02 January 2012 21:54 |
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Another New Year, but 2012 is special as the year will be the dawn of a new era. To celebrate this special new year, we bring you a checklist of 12 items that helps you with complete management of your money. Let's call it the "RupeeManager Checklist"
The check list is divided into three parts. The first part is about "Getting Started". Next, we move on to use the right resources, tools or software. Part three is about taking "Action Steps".
Financial Planning is about multiple components. So, when you say that you need to do financial planning, it means working on multiple components like investment planning, mutual fund investments analysis, insurance planning, debt management, credit management, tax planning, cash flow analysis, etc.
Further, financial planning is a dynamic exercise. The scenarios change from time to time. Your asset allocation should depend on your life cycle stage. Your gold/equity/debt investments can do well one year and can be disastrous the next. (2011 was a disaster for stocks!). So we need to be continuously updated. Subscribe to our feed or/and get updates in your email inbox because you need to learn on what are the best investments and insurance products and how to invest in them.
So here's the 12 checklist for your complete personal financial management.
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Read more... [12 Checklist for Managing Your Money in 2012]
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Written by The RupeeManager Team
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Tuesday, 13 December 2011 15:30 |
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This post is about how can the NRIs make the most of the current rupee scenario
For every USD, for example, sent to India, you're getting more bang for the buck. For example, on 7th June, USD 1000 remitted to India was the equivalent of Rs. 44,800. Today, it is the equivalent of Rs. 53,490. This is one reason why remittances to India have sharply increased in the last few months. Now, as an NRI, here’s some of the things you can do:
- Time to prepay more of your loan by sending back just the same amount of EMI each month, as you'll be paying more rupees for the same amount of dollars.
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Read more... [NRIs can take Advantage of the Depreciating Rupee]
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Written by The RupeeManager Team
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Tuesday, 06 December 2011 13:18 |
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Let's assume that you are aware of the importance of financial planning and want to find the right financial advisor. However in this information age, you also think that getting information about financial products is easy. This leads to the critical choice between finding a financial advisor and doing it yourself.
This series points to some relevant links and articles on finding the right advisor or doing it yourself.
To start with you can visit this page about Advisors that has been posted by Ranjan Varma. You can also read previous articles on financial advice here
Beware of Experts
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Last Updated on Tuesday, 06 December 2011 13:36 |
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Read more... [Finding the right Financial Advisor or Do It Yourself]
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