Last Updated on December 29, 2021 at 5:16 pm
Venkatesh Jayaraman, a financial literacy enthusiast, has published an updated version of his ebook on personal finance for young earners and newbies. He has kindly consented to share the ebook with freefincal readers. This is is second such contribution.
Regular readers may be aware of his free ebook on Health Insurance published earlier. About the author in his own words: I was brought up in Chennai and move around Bengaluru, Chennai, Mysuru and Pune to cater my career requirements. But primarily live in Bengaluru and Chennai. Personal finance was my interest even before I started to earn. I found that many youngsters were mismanaging their hard-earned money, and few also had to borrow in the month-end for their food expenses. I used to discuss with them and enlighten on money management and personal finance.
I then extended this knowledge or advisory to new joiners, so that they can plan their finances well from the initial years of their earning and thereby put compounding to work at an early age of 25. I had been voluntarily doing this over the last few years until my work demanded frequent travels. I started investing stocks from the peak of January 2008, the right time to have learned many lessons on stock investment directly from the markets ?
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I tweet on Personal Finance, and Stock market and my Twitter handle is @EWFA_. My landing page with various eBook, Presentation, Compilation and notes is here: My Notes and Compilation on Value Investing. My YouTube channel is Empowering With Financial Awareness
Why this ebook on personal finance?
We study to earn and once in a job, we struggle a lot to earn money. But unfortunately, many of us have not learned in our academics on how to manage this hard-earned money and channelize this money for savings/investment. This is because we never had a course on personal finance as part of our academic curriculum. Financial illiteracy is large among the masses. Not many are aware of:
- The available options for Savings / Investment
- Tax regimes and the implication of different saving/investment options
- Various asset classes and
- Creating a financial plan that will take care of all their needs and prepare for retirement
This Financial illiteracy leads to many a wrong financial decision causing regrets in our later part of life – At a time, when we cannot change the impact of our past decisions. The knowledge in this book helps to:
- Make your own financial decisions
- Evaluate the advice of financial advisors
- Instilling financial discipline
The situation, needs, capability, risk appetite, expected returns and financial targets are unique for every individual. A few examples below:
- Situation: A person may need to support his parents, dependent sibling and his family, whereas another would need to support only his family. One can save more than others. Thus, the saving capacity of these persons is different.
- Need: The financial needs of a person with one child and two children are different
- Capability: One person could earn 10 lakh/annum, and another could earn 30 lakh/annum. This differentiates what each can afford to save or invest. Thus, there would be a difference in their financial targets needing a unique financial plan.
- Risk: A person could be in a joint family with 4-5 dependents, whereas another would have both parents and in-laws could be well off. The risk appetite of both these persons is poles apart.
The saving/investment product should be chosen with these considerations. The above factors are interdependent for some individuals, thus making their financial planning more complex. Thus, the financial products/instruments available in the markets are NOT “One fit dress for all”.
This work is intended to empower the readers with financial awareness, with the aim to:
- Create a financial plan aligning to your requirement
- Analyze and choose a financial product to achieve your financial plan
- Do the necessary course correction in mid-way of your investment journey
- Armed with these insights, it is YOU who will be evaluating your situation, needs, analyze the viability of a financial product/instrument and park your money for attractive returns.
IT IS YOUR MONEY, YOUR BRAIN… YOUR GAIN ?
HOW THE CONTENTS IN THIS BOOK STARTED?
Background of work dates back to 2012. I used to advise or guide new joiners in personal finance, whoever was interested. This I did by sharing small capsules of learnings over mail. The recipients would debate on that topic with queries or sharing their personal views and experiences. The topics that you see in the eBook was covered with a group of 10+ new joiners over a span of some 15-18 months. It was randomly made with topics that group expressed interest to know. The main encouragement for me was that most of them put the learnings to actions or had a healthy discussion for learning more. Since most of the contents were ready, I continued this initiative with another 3 circles for the next 2-3 years. Below is the glimpse of those emails below.
I did have a thought, to share these learnings in an eBook. However, could not find time to copy the contents from nearly 300+ emails. During December holidays in 2018, I copied all contents to a word file. I put a lot of filler topics so that it was coherent as an eBook.
Disclaimer: This knowledge would not be a substitute for professional advice by financial planners. However, will help you get right the high-level concept of financial planning, bring financial discipline, understand different investment options available and the tax treatment for such investment options.
Table of Contents
Screenshot of the table of contents is shown below.
Download the ebook on personal finance by Venkatesh Jayaraman
Please share your thoughts on the book and feedback to the author so that he can incorporate these suggestions in future editions of this book.
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