Personal Finance 2.01

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If you want to manage something, you must be able to measure it. In other words, if you can’t measure it, you really can’t manage it well.

Your personal finances also falls within the above concept. How do you know whether you are doing well with your personal finances or not?

So there are tools and calculators available which can help you with a self analysis and provide a road map for your finance decisions.

The following spreadsheets which I have done on Zoho , which has a suite of online web applications offering easy collaboration.

• Monthly Budgeting Worksheet
• Financial Freedom Calculator
• Networth Template
• Benefit of starting early

Zoho is really amazing and I found this excerpt about them:This is the only real “little guy” on the list. I’ve written about the fact that Zoho already has an online office suite that is better than anything from Microsoft or Google. While the product is really good, what has been equally important for Zoho is that it has proven that it knows how to execute. Microsoft got to where it is today because it was faster and more effective at executing than any of its competitors

The advantage of these sheets is that while you can toggle with your own case figures in the sheet online and they will return with the figures for your case in a jiffy. And you can also download them for free if you really like them! We’ll be happier if you spread the word to your friends.

Budgeting, Calculators, Financial Literacy Series, Website

Website

I saw this sheet on Zoho which tells you how far you can go on with the savings you have as against the inflation and your earnings from the saving.

Calculators

Our manifesto (lifted from “The Bootstrapper’s Bible” by Seth Godin):

We have initiative and insight and guts but not much money. We will succeed because our efforts and our focus will defeat bigger and better funded competitors. We are fearless. We keep our focus on growing the business- not on politics, career advancement, or other wasteful distractions.

We will leverage our skills for every department (content, marketing and support), yet realize that hiring experts can be the secret to our

success. We will be a fervent user of technology, to conserve our two most precious assets: time and money.

Our size makes us faster and more nimble than any company could ever be. We will be persistent, consistent and willing to invest in the marketing of the website. We will honestly evaluate our own performanceWe are a laser beam.

Opportunities will try to cloud our focus, but we will not waver from our stated goal and plan- until we change it. And we know that plans were made to be changed.

We are in it for a long haul. Building a business that will last separates us from the opportunist, and is an investment in our brand and our future. Surviving is succeeding, and each day that goes by makes it easier still for us to reach our goals.

We pledge to know more about personal finance than anyone else. We will read and learn and teach. Our greatest asset is the value we can add to our readers through our efforts.Most of all, we’ll remember that the journey is the reward. We will learn and grow and enjoy every single day.

Our uniqueness lies in us being an online weekly and we can build on that difference by becoming a preferred site because of our passion for financial literacy and a warm, personal touch. The USP of this site will be “one stop personal finance site with better user experience”

Action plan to market the site and to increase the traffic is as under:

Ø       Financial Literacy workshops and seminars at

·    Corporate Offices·    Schools and Colleges·    Professional Colleges·    Cooperative societies

Ø       Advertising with Bloggers

Ø       Media exercise

Ø       Posters, pamphlets and banners

Ø       Inviting free registrations on our directory for financial advisors

Website

India’s first online weekly on personal finance has it’s genesis in the passion to inform and share knowledge. But we also want it to be done in the most professional manner. So we built this business model for ourselves. Take a look and tell us where we can improve.

1.0 Executive Summary:PersonalFinance2.01 is

India’s first online weekly on personal finance. It will be an information and aggregator site on the subject of personal finance in

India. In other words, the site organizes information on personal finance in

India.1.1 Objectives:The simple objective of this site is to organize information on personal finance with an Indian perspective1.2

Mission:To increase the financial awareness levels of Indians at all levels.2.0 Company SummaryThe why, what and when of this site is as under:WhyAll of us can do well to improve our financial awareness levels. In

India, we have a long way to go. We buy insurance as an investment product. Less than 2% of our earning members participate in the mutual funds or stocks.What The simple objective of this site is to organize information on personal finance with an Indian perspective. Consequently if there is an increase in financial awareness and helps in taking better financial decisions, so be it. We have sections on financial literacy, all financial products, a directory for financial advisors and a forum for discussing personal financeWhen We started the first update on August 7, 2007.3.0 Products and Services The site is an information site and there are no products and services other than information. However Forum, Feeds and the Directory could possibly be clubbed under information services. Various sections on Mutual Funds, Insurance, Stocks, Bonds, ETF, etc could be clubbed as information products. And we don’t know how to classify Interviews, Editor’s choice and financial literacy articles4.0 Market Analysis Summary The big daddies of the internet like Yahoo and Rediff have a presence on the topic of personal finance. Their content is provided by some very professional sites/companies like PersonalFn and MoneyControl.Other sites active on this topic are

MyIris, India InfolineHowever a search on “personal finance

India weekly” throws up our site as the first search result!The most important question to ask is “What this site offers to survive in the web sphere where such big daddies/players are active?”   However Big daddy sites do not necessarily provide better user experience.  5.0 Strategy and Implementation Summary Our uniqueness lies in us being an online weekly and we can build on that difference by becoming a preferred site because of our passion for financial literacy and a warm, personal touch. The USP of this site will be “one stop personal finance site with better user experience”An action plan to market the site and to increase the traffic is as under:Ø       Financial Literacy workshops and seminars at ·    Corporate Offices·    Schools and Colleges·    Professional Colleges·    Cooperative societiesØ       Advertising with BloggersØ       Media exerciseØ       Posters, pamphlets and bannersØ       Inviting free registrations on our directory for financial advisors 

6.0 Personnel Plan We need not more than 10 people passionate about the project and divided into three skill setsØ       Content Champions: One more guy other than me would be enoughØ       Marketing Champions: Two-three peopleØ       Support Champions: Two-three people

Website

Elizabeth Potts Weinstein, CFP®, JD, the “Money Maven,” helps women achieve their most important life goals through strategic financial planning, coaching, and education. For a free Special Report, How to Avoid the Top 10 Money Mistakes, go to http://www.thewealthspa.com. Read her article on the basics of financial planning.

When I create financial plans for my clients, whether they have a net worth of negative, or seven figures, there are a few tips I give to every client. These basic fundamentals are requirements for every individual and family, regardless of your current phase of life or situation.

Check out below to make sure you have these basic fundamentals in place, before you even start worrying about investment portfolios or retirement plans.

Emergency Fund. You should have cash set aside to pay for emergency expenses, or cover you living expenses in case of job loss or the collapse of a business. These funds need to be easily accessible, and have little to no risk (so not stocks you plan to sell). How much you need exactly depends upon how many people in the family earn income, your tolerance for risk, and your living expenses. Most people should have three to six months of living expenses set aside in this cash account.

Liability Insurance. You may not need life insurance, but everyone needs as much liability insurance as they can afford. Liability insurance protects you and your assets from lawsuits, for your (alleged) actions or non-actions. For example, from a car accident slip and fall on your sidewalk. Liability insurance is part of your automobile, homeowner’s, renter’s, and even in a separate umbrella insurance policy. If you don’t have many assets, this insurance is still valuable. First, if you loose a lawsuit, they could go after your future assets and income. Second, the insurance pays not just for the damage, for the lawyer to defend you. The more insurance you have, the better lawyer the insurance company hires for you.

Healthcare Directive or Power of Attorney for Healthcare, and Power of a Attorney for Financial Purposes. You may not need a full estate plan (will or living trust), but everyone, even 18 year olds, need to plan for their incapacity. If you are in a coma or unable to make decisions for yourself, you will need a person designated to make those decisions for you. This person or persons will be able to make decisions about your healthcare and handle your finances. These documents are necessary to protect your family, keep your loved ones from fighting, and protect yourself (especially for when you wake up).

Take Action!

Take one action step on either setting up your Emergency Fund, obtaining Liability Insurance, or getting your Healthcare Directive. That may be opening an account, calling your insurance agent, or contacting an attorney.

Financial Literacy Series

Ramit Sethi has done this survey on finance and gender which provides useful insights even though it is based on US respondents, some of the insights have universal applications

Slide 14 says that 75% of us ignore financially unpleasant information. Do you agree?

Financial Literacy Series

India’s stock market regulator, the Securities and Exchange Board of India (Sebi), has proposed changes to mutual fund fees that would make it cheaper for investors to own them, depending on who they bought it through. Rachna Monga from Mint has this detailed reportIf Sebi has its way, investors could walk into the office of a mutual fund firm, buy any of its funds and walk out without paying any kind of entry fee (or entry load as companies term this).

As of now there is no incentive for investors to do so as the mutual fund firm charges an entry fee from all investors, irrespective of whether their purchase is direct or routed through a distributor. The entry fee ranges from 2-2.25% of the amount invested and is charged by equity funds. Mutual fund companies waive the charge only for large investors who invest more than Rs5 crore.

Read the full story

Investing, Mutual Funds

It is said that if you want to manage something, you must be able to measure it. In other words, if you can’t measure it, you can’t manage it. Your personal finances also fall within the above concept. How do you know whether you are doing well with your personal finances or not?So there are tools and calculators available which can help you with a self analysis and provide a road map for your finance decisions. We bring to you the best calculators and tools available on the net for Indian users. PersonalFn Tools and Calculators: Applications from PersonalFn MoneyControl Tools and Calculators: Applications from MoneyControl These tools and calculators help you in finding the following: ·               Your Investment IQ ·               Your risk analysis ·               Your asset allocations ·               Your Human Life Value ·               When can you become a Crorepati ·               Your budgeting, planning process ·               And many more.And we’ll add to this list when we find more.

 

Financial Literacy Series, Personal Finance, Planning

Welcome to the site map of India’s first online weekly on personal finance. I’ll be delighted with some feedback.

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Forum:A place to ask your questions or to help the other guys with their doubts

Directory: Find an advisor in your area. And if you are an advisor yourself, you can register

Calculators: The best way to manage your finances is to measure them.

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