Last Updated on December 28, 2021
Dear reader, starting this week I would like to cover the basics of money management and goal-based investing for absolute beginners in the form a video series: ₹e-assemble. Each week I will discuss one step. The first step covered in this post is: goals, dreams and nightmares. Each step will take between 30 minutes to a couple of hours to implement. Assuming it takes about a week to implement each step, in about 1-2 months, your money management will become simplified focussed and on auto-pilot. As always I look forward to your support, encouragement and feedback.
Announcement 1: You Can Be Rich Too with Goal Based Investing, my first book is now available at at a 35% discount for Rs. 258. It comes with nine online calculators. Get it now.
Announcement 2: Gamechanger, my second book is now only Rs 149 (25% off). Get it or gift it to a young earner
Why ₹e-assemble? Well, when I want to name something, I simply ask my wife (and I don’t question her). Reassemble means “put something back together”. It can mean this for someone who is unfocussed with regard to money or it can mean rupee-assemble (put something together for the first time) to a young earner. Good or bad, as long it sticks, I am happy.
Why should money management be set on auto-pilot? Becuase you and I have (or should have) better things to do than to worry about money! Our true wealth is health and time. How well we use that little time we have with us and spend it on things that we love will define our happiness and contentment.
Step 1: goals, dreams and nightmares
Remove all distractions and human contact. Get some alone time to think about your life.
Where am I today?
Where would I like to be 5 years from now, 10 years from now?
What are my responsibilities (goals)?
What are my dreams?
What are the nightmares that can prevent me from achieving my goals and attaining my dreams?
Listing this is the first step. It does not matter whether they involve money or not. The list will give us a roadmap and we can begin preparations for each step. Once we complete, money-management will be on auto-pilot.
If you are a couple, I would suggest doing this exercise separately and then consolidate together. If you fear arguments might break out, better to do it together and hear, listen to what the wife wants/says. Better to let the stronger sex call the shots.
Here are some examples of goals, dreams and nightmares. The idea of each step is to make the next step obvious.
Yup! That is a green board I finally purchased and asked my wife to write (my handwriting is horrible, and I only write math in my classes).
Note 1: Before you look at the video, I must confess that I enjoy talking to an audience better than to a DSLR. It is hard for me to stick to a script and I tend to say things in the heat of the moment. If there are people listening, I tend to think fast on the fly. I need to learn to do this before a camera. Hopefully, practice and patience can heal most things.
The die is cast! Hope you like it!
Note 2: A gentle reminder that this series is meant for absolute beginners. If you think it is good enough, do consider sharing it with someone who might find it useful.
Update: The youtube video has synch issue towards the end of the video. So I have now added a Wistia version.
Announcement 1: You Can Be Rich Too with Goal-Based Investing, my first book is now available at at a 35% discount for Rs. 258. It comes with nine online calculators. Get it now.
Announcement 2: Gamechanger, my second book is now only Rs 149 (25% off). Get it or gift it to a young earner
The ultimate guide to travel by Pranav Surya is a deep dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for ₹199 (instant download)
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Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or Linkedin or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation for promoting unbiased, commission-free investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter what the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
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You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.Your Ultimate Guide to Travel
This is an in-depth dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for Rs 199 (instant download)