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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About the Author
M. Pattabiraman is the co-author of two books: You can be rich too with goal based investing and Gamechanger. “Pattu” as he is popularly known, publishes unbiased, promotion-free research, analysis and holistic money management advice. Freefincal serves more than one million readers a year with numbers based analysis on topical issues and has more than a 100 free calculators on different aspects of insurance and investment analysis, including a robo advisory template for use by beginners. Contact information: freefincal {at} Gmail {dot} com He conducts free money management sessions for corporates (see details below). Previous engagements include World Bank, RBI, BHEL, Asian Paints.Content Policy
Freefincal has original unbiased, conflict-of-interest-free, topical reports, reviews, commentary and analysis on all aspects of personal finance like mutual funds, stocks, insurance etc. All guest authors and contributors to the site also do not have any conflict of interest. If you find the content useful, please consider supporting us by (1) sharing our articles and (2) disabling ad-blockers for our site if you are using one. No promotional content. We do not accept sponsored posts and link exchange requests from content writers and agencies. This is our privacy policy Our website is non-profit in nature. The revenue from the advertisement will only be used for hosting charges, domain registration charges, specific plugins necessary for traffic growth and analytics services for search engine optimisation.Create a "from start to finish" financial plan with this unique open-source robo advisory software template
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Do check out my books
You Can Be Rich Too with Goal-Based Investing
My first book is meant to help you ask the right questions, seek the right answers and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now. It is also available in Kindle format.Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
My second book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at low cost! Get it or gift it to a young earnerThe ultimate guide to travel by Pranav Surya
This 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)Free Apps for your Android Phone
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Thanks a lot for starting a video log.
Can you do something about lag between video and audio?
Keeping an eye for this series.
Thank you. I have now uploaded a wistia version. The out of synch is a youtube bug.
It was hard to recognize you. You have lost so much of weight!!
🙂 so have you
Great Stuff Pattu, Very useful.
Thank you