Personal Finance - Introduction Ver 0.4

“Personal Finance” Introduction
Version 0.4 - Jan 2021
Compiled by [email protected]
Disclaimer

I am NOT a certified financial planner and make no claim that content of the presentation is 100% correct

Contents in this presentation are part of the my learnings on my journey to financial freedom. Hence the information in the
presentation could be incomplete in many aspects. Information shared in the presentation is for educational awareness only

Do not construe presentation’s contents as investment advice

Objective of presentation is to nudge people towards taking more active interest in their financial well being

Some of the material used in this presentation (images/lines of text, ideas etc.) are borrowed from other websites/sources
(under fair use policy for educational purpose). To the best of my knowledge, I have mentioned source of the same on
respective slides

Personal Finance is highly “personal” for each individual hence there is no single “right way” of doing it. You have you find
what plan works best for your needs

If you find any mistakes or misrepresentation of facts in the presentation or have suggestions for improvement, please drop a
email to [email protected]

If you do not understand personal finance management, it is strongly advised that you take help of good,
professional SEBI registered and certified “fee only” financial planners
For any corrections, modifications, improvements please write to

Ver 0.4 [email protected]
2
Layman’s Investment Approach

How much tax I will save?

Am I getting guaranteed returns?

How much returns I will get? Vs what is the risk?

Bitcoin is hot right now let me buy it!

Please give me some share market tips to bet my money

My cousin is an LIC agent, I have bought some good policies from him

My friend suggested me some mutual funds for SIPs, so I have bought them and continuing it

I actively trade in share market

I have some old mutual fund investments, should I book profits?

3
Some Investment Myths

Mutual funds can give 15%-18% returns per year

To make more money you need to take higher risks

Buy stocks and forget for 10-15 years for bumper returns

Share market has fallen so much it is risky to invest right now

Land and Gold are safest Investments!

Home loan is good as it is helping me save tax every year

Compulsory PF deduction is waste of money, government should allow to invest that money in
equities instead

4
Our Investment Mistakes

Selling profit making stocks and holding on to loss making stocks

Redeeming Provident Fund after changing jobs or for buying depreciating assets like car

Investing all money in single asset class - am invested only in equities because they give
superior returns or I don't like stock market risk and hence invest only in guaranteed returns

Every month I save something and invest - I am dong SIPs!!

5
Why do we want to invest money?

When people are asked what is the purpose of their investment
many have no clue or clear picture

When prodded further some give vague answers like “to fulfil future
expenses/ live a comfortable life in future/ fulfil my dreams etc.”

But do we now what exactly are future expenses/that comfortable
life/your dreams and how much it will cost you financially?

Do we now where do we stand right now on financial well being and
how far I need to travel the road to reach my destination?

6
Goal Based Financial Planning

Goal Based Financial Planning is a systematic way of bringing purpose,
clarity and direction to our investments

It helps identify our life goals and tie our investment to the goals

This framework allows us to assess where do we stand right now, help
quantify our goals and create a realistic plan to fulfil those goals

It also proposes systematic tracking, monitoring and provides for corrective
actions to ensure we minimize downside to our investment and move
towards meeting our goals

7
Step 1: Calculating our “Current” Net worth

It is a snapshot of your financial health as on “date of calculation”

Net worth is the difference between your existing assets and existing liabilities

If your assets are more than your liabilities, your net worth is positive (desirable). If your
liabilities are more than your assets then your net worth is negative (situation you want to
avoid)

Your Networth is subject to change depending on the increase/decrease in value of your assets
and liabilities (which can happen frequently depending on how much of your assets are market
linked or depreciating in nature and how much liabilities you take up at different stages n life)

Our long term goal should be to focus on increasing our assets that “appreciate in
value”, help generate appropriate “cash flow” and reducing our liabilities

8
Step 1: Calculating our “Current” Net worth
Assets (What I own): Liabilities (What I owe):
1) Cash in hand 1) Credit card outstanding
2) Amount in savings account 2) EMI purchase outstanding (phone, TV etc.)
3) Amount in Fixed deposits 3) Personal loan outstanding
4) Other Fixed investments (PPF, NSC, KVP, etc.) 4) Gold loan outstanding
5) Retirement corpus (PF, Super annuation etc.) # 5) Taxes for the year
6) Bonds and debt funds# 6) Car loan outstanding
7) Direct equity# 7) Education loan outstanding
8) “investment” component of ULIP insurance # 8) Housing loan outstanding
9) Real estate properties you own # 9) Any other loan or liabilities
10)Value of gold, silver and jewellery #^ **Please include both principal and interest outstanding for loans
11)Mutual Funds#
12)Vehicles@
13)Other assets
# current value as on date
^ consider value of jeweller only based on weight and at 18 or 22 carat for gold jewellery
@ Depreciated value as per age of vehicle
Networth = Total Assets – Total Liabilities

9
Important points to remember on “Net worth”

Please note that Net worth does not necessarily equal to “solvency value” as many asset types are either market linked
(shares, mutual funds etc.) or have low liquidity (house properties)

Very important to understand that many of your assets are actually liability of someone else - for e.g. your balance in bank
account is liability of the bank, your bond holdings are liability of the company, PF payment is liabilities of the PFRDA etc.

Hence there will always be a residual risk of some of these assets going bad during time of high risks or uncertainties
(bank failure, company defaulting on its bond payments, etc.)

Prudent risk management of your assets and liabilities is important part of personal finance

At any point in time, goal should be to have enough short term and medium term fixed assets like cash, bank
balance, FDs, liquid funds etc. to cover for your short and medium term liabilities, immediate life goals and
emergencies

Avoid online calculators for calculating networth. Preferably use an excel template to document your assets and
liabilities status each year (for e.g. at the end of each financial year), take a print out and document it in a file for
record

10
Step 2: Goal Based Financial Planning

Don’t invest with the goal of saving tax / making more money in future / being richer then your relatives or neighbours or trying
to beat the market

Do investments so that they can help you comfortably meet all your future life goals, your dreams and commitments

Relying only on risk profile based investment or thumb rules like “Age minus 30” rule of putting money in equity and fixed
income instrument like (bonds FDs etc.) is useless

Unless you identify your life goals and align your investment plan to it, you are doing investments randomly and without
concrete purpose

Every goal requires money for fulfilment and real risk in investment are:

Loosing your capital

Not able to meet your life goals

Buying real estate, mutual funds or doing SIPs etc. without linking it to your goals and without proper asset allocation is like
“putting the cart before the horse” or relying too much on hope to help you meet future goals. Relying on “Hope” is not a good
strategy

Entire financial industry is here to sell you products that help them meet their targets and earn their bonus – so do not overtly
trust them to help you meet your life goals!!

11
Step 2a: Identify your life goals that need money
Sample Goals (For illustration only):
Basic protection (Goals dictated Life stage Goals: Aspirational Goals/Dreams

by life’s uncertainties)  Higher education  Buying 2nd home / Farm house
 Safety and protection for self & for  Marriage  Start own business
family -  Buying home  Foreign vacations

Life Insurance  Buying Car  Foreign education for kids

Health insurance  Children’s Education  Financial independence and/or

Emergency Corpus (to deal with  Retirement Planning early retirement
sudden loss of job or income or any  Reducing Debt  Leaving a corpus for next
other eventuality etc.)  Long term Health care costs generation
If you do not now where you want to go it doesn't matter which road you take! Please
take time to think and write down your life goals!

12
Step 2b: Categorize & prioritize your life goals
1) Create a list of all your life goals. Please involve your spouse (if you are married) and / or parents in the discussion. Creating a
shared vision of the future with your spouse and Experience of parents will be very valuable inputs
2) For each goal , determine whether it is “need” or “desire” and what is the priority of that goal for you in life. Not all your goals are
of equal importance – decide what is really important for you and what is good to have.
3) There should not be any compromise on Basic Protection goals and Retirement Corpus. Fulfilment of these goals should be non-
negotiable if you and your family want to get “peaceful sleep at night”
4) Define the target date by when the goal is due or when you want to achieve it
5) General thumb-rule for timeline categorization of goals - due in next 1- 3 years categorize as “short term”, 4-7 years as “medium
term” and 7+ years as “long term”
6) We need to ensure our goals are SMART : Specific, Measurable, Attainable, Relevant and Time bound

13
Step 2b: Categorize & prioritize your life goals
Sample output: For illustration purpose only!!!
Goal Category Priority Target date Horizon (short
Need / Desire term/ medium term
/ long term
Buy term insurance Need Non negotiable On first salary/ NA

immediate
Buy house Need 3 2027 Medium term
Buy Car Desire 1 2023 Short term
Marriage Need 2 2024 Medium term

Foreign vacation Desire 5 2029 Long term
Retirement corpus Need 4 2040 Long term

14
Step 2c: Quantify and assess your life goals
1) Find out how much money is required to meet each goal as of today referred to as “Current Cost of Each Goal”
2) Now calculate how much money is required to meet each goal by the target date. This is called “Target Corpus”
3) Use reasonable inflation estimates to calculate how much money will be needed to fulfil that goal by target date
4) Retirement Corpus goal needs more planning and thought as your life expectancy and other additional variables make
calculation complicated
5) If your income sources do not seem to support all your goals then you need to do either or all of the below things
1) Reduce the goals under “desire” category
2) Reduce the quantum of your goal. For e.g.

Is a smaller home enough for my needs (vs big one that might be my desire) ?

Can do with hatchback car instead of Sedan?
3) Push the target date of your goal to a later date
4) Work on ways to improve your income in near future that can help u to save more and invest to support your goals
6) If you have too many goals, realistically check whether you can attain all of them with current and future visible income
source. You can always revisit your goals (add/delete/modify) as per change in your income and ability to save more in
future

15
Calculating “Target Corpus” value for each goal
Future cost of = Present cost of meeting that goal today * (1 + Rate of Inflation)^ Time
goal (Target Corpus)

Do not assume a standard rate of inflation for all your goals as inflation is different for different categories

Do not believe inflation numbers reported by Govt. They are at all India level and only factor specific categories which
does not truly reflect inflation faced by individuals in real life

As of creating this presentation (subject to change in future) following were suggested thumb rules for inflation values:

Retirement goal: minimum 6%

Education goal: minimum 10%

Life style goal: minimum 10-15% (depending on your life style)

Other goals: You can also do a bit of research and use the rate at which you think prices will increase

You can use “Future Value” Function in excel to calculate Target Corpus for each goal

16
Goal Category Priority Target date Horizon (short Current cost to Future cost to meet
Need / Desire term/ medium term meet the goal the goal (inflation
/ long term adjusted cost) -
Target Corpus
Buy term insurance Need Non negotiable On first salary/ NA 10 k (for 1 cr NA
immediate insurance)
Buy house Need 3 2027 Medium term 20 L for down 28 L
payment
Buy Car Need 1 2023 Short term 2 L for down 2.38 L
payment
Marriage Need 2 2024 Medium term 15 L 22 L
Foreign vacation Desire 5 2029 Long term 5L 7.75 L
Retirement corpus Need 4 2040 Long term 4 Cr 12.8 Cr

17
Step 2d: Create investment plan for each goal (1 of 2)
1) Calculate how much money is required to be saved and invested each month to help you accumulate “Target Corpus”
for that goal by the target date
2) This requires identifying asset class(es) and asset allocation for each goal
3) Your choice of asset class for each goal will depend on

Goal horizon (short term/medium term/long term)

Likely future “rate of return” of each asset class

Amount of risk you are willing to take with your investment

Ease of Liquidity of the investment at time of your goal fulfilment

Taxation
4) Please ensure you do not fool yourself and put your goals in jeopardy by assuming unrealistically high rate of returns.
For e.g. Many Mutual Fund distributors routinely create an impression that you can get up to 15%-18% returns from
equity mutual funds, which is not always true. Study shows that long term trend of returns from Indian equity markets
are trending downwards.
5) Please take conservative estimate of “rate of return” especially for long term goals. Even fixed income interest rates
have been trending downwards over long term.
6) Assuming lower rate of return in estimation would force you to invest more or cut down on the target corpus size for
that goal. Both options are better than making wrong assumptions at start and regret later!
7) Higher returns are linked to higher risk, hence do not run after them unnecessarily!

18
Step 2d: Create investment plan for each goal (2 of 2)
1) If you are not comfortable with putting money in higher risk asset class like equity but want to stick with debt
instruments like FD, PPF etc, then please be prepared to either increase your investment amount or delay the target
date for fulfilment of the goal
2) General guideline for asset bucket depending on goal horizon:

Short term: Fixed deposits or any other low risk option

Medium term: Combination of fixed deposits, debt funds and equity (with rebalancing)

Long term: Multiple choice of asset classes you are comfortable with but ensure equity is a big component of
mix (at least to begin with and and has to be rebalanced later)
3) DO NOT FORGET – your investments will also have tax liability so net amount you will get after tax will be
lower. It is always wise to calculate post-tax returns while investing in any financial instrument. Hence
please use “post tax returns rate” as a guide for calculating monthly/lump sum investment amount
Use PMT Function in excel to calculate monthly investment amount for your goal:
https://www.livemint.com/money/personal-finance/calculate-the-amount-you-need-to-save-periodically-to-reach-a-goal-
1566929654982.html
Other good to know formulae:
https://www.businesstoday.in/magazine/money-today/investment/top-10-financial-calculations/story/231893.html

19
Step 2d: Create investment plan for each goal
Goal Category Priority Target date Horizon (short Current cost Future cost to Starting asset Starting
Need / Desire term/ medium to meet the meet the goal allocation plan monthly savings
term / long goal (inflation and investment
term adjusted cost) amount
Target Corpus
Buy term Need Non negotiable On first salary/ NA 10 k (for 1 cr NA NA NA

insurance immediate insurance)
Buy house Need 3 2027 Medium term 20 L for down 28 L 50% debt Debt: 13453
payment 50% equity Equity: 11996
Buy Car Need 1 2023 Short term 2 L for down 2.38 L 100% debt 5906
payment
Marriage Need 2 2024 Medium term 15 L 22 L 80% debt Debt: 32315

20% equity Equity: 7579
Foreign Desire 5 2029 Long term 5L 7.75 L 10% debt Debt: 541
vacation 90% equity Equity: 4187
Retirement Need 4 2040 Long term 4 Cr 12.8 Cr 5% debt Debt:14100

corpus 90% equity Equity:171582
5% gold Gold: 13500
Total
20
Step 2: Wrap up
1) Step 2a, 2b, 2c and 2d while being logical and simple are not going to be easy
2) “Target corpus” values for long term goals can be really unnerving when you calculate their value for the first time .
This is perfectly normal so do not lose your sleep on this right now
3) It will require your time and attention and multiple attempts before you come up with a reasonable plan that suits you. It is
perfectly normal to take 4-5 iterations to arrive at a realistic plan
4) If you are married please involve your souse in the exercise
5) Please make realistic assumptions on inflation when calculating future cost of the goal. Inflation rate is different for different
things for e.g. for food 6% inflation is alright but for education inflation rate is 10%+ . For life style related goals inflation could
be even higher at 15%+
6) Realisation of your current financial situation and the fact that some of the aspirational life goals may remain on paper is some
times heart breaking/depressing or can be motivating to push you towards finding additional sources of income (depending on
your thought process)
7) Depending on your life stage and existing investments you have already made you will have to map them and reconcile to the
plan to get an idea of where do you stand right now and whether you need more investments in some of the goals
Excellent articles on goal based financial planning, how to identify, document, categorize, prioritize and plan financial goals:
https://stableinvestor.com/2017/05/financial-goals.html
https://stableinvestor.com/2017/01/financial-planning-goal-based-investing.html
https://proactiveadvisormagazine.com/goals-based-investing/

21
Asset Class Options (illustrative)
Sr. No Asset Class Snapshot of available options
1 Debt Bank Fixed Deposit, Company Fixed Deposits, NCDs, Senior Citizen Saving
Schemes,EPF, VPF, PPF, Gilts, RBI bonds etc.
Overnight Funds, Liquid Funds, Ultra Short Term Funds, Money Market Instruments,
Dynamic Bond Fund, Credit Risk Funds, Fixed Maturity Plans (FMP) etc.
2 Equity Direct equity, Mutual Funds, ELSS, Arbitrage Funds, ETFs etc.
Within MFs plethora of ever evolving and many times confusing options – Large cap,
Mid cap, Small cap, Multi cap, Flexi cap, Balanced funds, Sectoral Funds, etc.
3 Gold Physical Gold, SGB, Gold ETF, Digital Gold etc.
4 Real Estate Land holdings, Row houses, Apartments, REITs etc.
5 Alternate Investment Funds REITs, Infra ITs, Private Equity (PE), Hedge Funds etc.
6 Others Art, Antiques etc.
** This is just a snapshot of the available options. Please do your own study on complete list of options.
22
Selecting Asset Class - Guidelines
1) Your choice of asset class and the corresponding product has to be driven primarily by your Goals. Each investment has to be guided by and
linked to your respective goals
2) DO NOT INVEST IN ANY ASSET CLASS PRODUCT YOU DO NOT UNDERSTAND. AVOID COMPLEX PRODUCTS
3) DO NOT BELIEVE SALES PITCH OF SALES MAN. PLEASE DO YOUR OWN DUE DILIGENCE BEFORE YOU COMMIT YOUR HARD EARNED
MONEY!!
4) No Investment is free of risk (including Govt bonds and Fixed deposits).
5) In chasing higher returns, you set yourself up for higher risks!
6) General purpose asset and product selection guidelines (in that order):

Goal horizon (short term/medium term/long term)

Likely future “rate of return” of each asset class

Amount of risk you are willing to take with your investment

Ease of Liquidity of the investment at time of your goal fulfilment

Taxation on that product
7) All things being equal, applicable taxation should be one of the last criteria in evaluating competing products , not the first one!!
8) Please understand that Tax can be applied or exempted at 3 levels:

When you invest the money

The periodic returns you earn on your money (for e.g. interest, dividend, rent income etc.)

When you encash the investment (in the form of capital gains)
9) Please understand all these aspects before you make decision. Return rate in your calculation should be post tax returns

23
Investing in Equity – a tale of two graphs (1/2)
Source: https://www.livemint.com/market/stock-market-news/sensex-s-roller-coaster-history-from-100-to-39-000-1554225243494.html
Long term equity market always goes up and hence is the best investment. Let me to put all my
money in equities !!!
24
Investing in Equity – a tale of two graphs (2/2)
Source: https://www.fundsindia.com/blog/mf-research/what-will-happen-to-markets-your-maths-teacher-has-the-answer/18213/attachment/sensex-thru-history
Returns from equity market are unpredictable in short run. They can continue to give low or negative returns for
extended period of time And f your goal target date falls during this phase you can loose up to 50% of your target
corpus value during market crash and hence will have to compromise on your goal!!! This is known as “Sequence
Risk”

25
Focusing on Risk vs Return

What will you do if you need to withdraw money when stock market is at the
bottom?

Returns are not linear but lumped....poor in some years, average in some
years and good or exceptionable in some years

As an average retail investor you cannot “time” the market every time

Even if you time your entry, returns are not in your control as they are
decided by market participants and external factors out of your control

You can only focus on “target corpus” value and increase/decrease your
investments accordingly

26
Step 3: Periodic Monitoring and Rebalancing (1 of 3)
350000 Investment Expected Value Actual Value
300000
250000
200000
150000
100000
50000
0
0 10 20 30 40 50 60 70 80
Months

Investments will rarely follow the target line due to variety of factors (change in interest rate, market performance of equity
etc.).

Only solution available to overcome this problem is periodic monitoring and rebalancing as required

27
Flight path towards target goal corpus (illustrative)
100%
90%
80%
70%
60%
50% Equity
Debt
40%
30%
20%
10%
0%
2021 2022 2023 2024 2025 2026 2027 2028

As we progress towards our goal, we should start reducing exposure of the investment in volatile asset classes like equity

Periodically moving small portion of investment to debt through “rebalancing” and changing our investment asset allocation mix is
important as we progress to our goal

This is critical if we want to guarantee the target corpus money on the date of fulfilment of the goal

28
1) Just because we have made investments as per plan does not mean we will get results as per our original plan
2) Hence it is a good practice to periodically monitor progress of our investments and check status of actual flight path to our target goal
3) Multiple factors like interest rate movement, volatility in equity market returns, inflation, currency devaluation, tax law change, your income
tax slab change etc. all will impact how much our investments are earning and whether they are on track to meet your “target corpus”
value
4) Our primary goal and focus should be to ensure we reach our “target corpus” value despite all these surprises!
5) Hence it is critical that we rebalance the investment between debt/equity and other asset class whenever any asset class outperforms for
e.g. if due to boom in equity we get higher returns from equity part of the corpus, we should book some gains and move it to debt side.
Our goal should be to ensure we reach the “Target Corpus” value for each goal as we move towards it.
6) Periodic rebalancing also helps us avoid “sequence risk” in equity markets i.e. not leaving your corpus value to complete mercy of equity
markets. You may have done fantastically well in saving and investing money and are on track for reaching your target corpus value.
However if 1 or 2 years before your goal target date a market crash happens, your corpus can come down by up to 40%-50% and then
you will have no option but to exit at lower value or push your goal fulfilment date to future when positive market will increase value of your
corpus or remove money from elsewhere to compensate for the reduction in target value!!
7) Hence as we progress towards our goal, it is important we periodically move small amounts of money to fixed income instruments. Ideally
by the date of our goal fulfilment our entire corpus for that goal should ideally be into fixed income asset (retirement corpus could be an
exception to some degree)!! This will guarantee goal fulfilment as per plan!
https://primeinvestor.in/how-to-rebalance-your-portfolio/
https://freefincal.com/how-suhas-tracks-his-mf-investments-and-reviews-financial-goals/

29
Focusing on Budget vs Investments

Meticulously planning your monthly budget and tracking it is a
good habit to know how and where you are spending and
where you can save

However it is often cumbersome, difficult to follow and has
diminishing returns beyond a point

Alternative is to focus on how much you can save and
invest each month – the more you invest more you will be
forced to automatically cut down on unwanted expenses

30
Know what you (don’t) control
Future Value = Present Value * (1 + Rate of Return)^ Time
Below 3 variables determine your Future Value of your money

1) Present Value – how much you invest
2) Rate of Return – dictated by Market forces (equities, MFs, Land, Gold etc. Or by RBI (FD interest
rates) or Govt (PF, small savings scheme etc.)
3) Time horizon for which you invest
Most of us “focus” on estimating “returns” when making our investment decisions, which
ironically is out of our control!!!
What we should be focusing on instead is “how much we can invest” and for “how long we
can stay invested”

31
Value of Time in Investments
If you want to grow your money 10x:
 in 7 years you need 40% annual returns on your investment
 In 9 years you need 30% annual returns on your investment
 In 17 years you need 15% annual returns on your investment
For getting very higher returns, investors often chase risky

products which may or may not give returns but also can result in
loss of capital. Sensible option is to start early, take lower risk and
give your investments enough time to grow

32
Value of Time in investments - Magic of CAGR
1 Lakh invested in year 1 for 8% compound
interest rate gives

Only 2.16L in first 10 years

Reasonably good 4.66 L in 20 years

Excellent 10L in 30 years
Source: https://www.moneyworks4me.com/investmentshastra/how-the-magic-of-compounding-works/
 Benefits of compounding grow exponentially over longer horizons


Invest as early as possible

Stay invested

Keep doing incremental investment no matter how small, it all adds up in long run

33
Wealth is what you don’t see!
1) Consider two individuals A & B - A earns 1L/month and B earns 50K/month who is wealthy between the two?
2) If you answered A you may be wrong. To correctly answer the above question we need to now what are the expenses of A & B every
month. For e.g.

A earns 1L and his/her expenses are 80k. Hence A has 20K/month left to save and invest

B earns 50K and his/her expenses are 20K. Hence B has 30K/month left to save and invest
3) Now we can confidently answer that B is more wealthy then A!
4) How much you earn is not as important as how much you can save each month. Your savings and investment rate will
determine how much wealth you can create for yourself and your family
5) Someone living in a large house, driving expensive car, having the latest gadgets, flaunting an expensive lifestyle is not necessarily
rich or wealthy. In fact that person is giving away his/her hard earned money to others. Splurging money on depreciating items is
a sure shot way of remaining forever dependent on your next salary!
6) Worse, if that life style is financed through debt (like credit cards, EMIs etc.) is a sure shot of way of getting trapped into the debt
bubble and remain in negative net worth!
7) Remember Warren Buffett says — ‘If you are buying things that you don't need today, soon you will have to sell things you need.’
8) 300Cr expenses on children’s marriage for Ambani is not even 0.003% of his net worth. But that lavish wedding of 1Cr+ for yourself
can become problematic if it is 30%-40% of net worth! Live within your means!!
9) Entire world out there is desperate to sell you their products and services. DO NOT get brainwashed into believing you need
anything and everything latest and greatest. Understand what you “need”, not what you “want”
10) Money not spent today is money saved and can be invested towards your life goals that truly matter in the long run!
11) There is no harm in spending on things you like, but make sure you have earned and provisioned for all your main life goals before
that

Ver 0.4 [email protected] 34
Emergency Corpus
1) Minimum 6 months of expenses (if both members are earning) or up to 12 months of expenses if only 1
member is earning. Your expenses calculation should also include ongoing EMI payment component
2) Spread your emergency corpus across Cash in hand (up to 1 month expense), FD in banks (ideally two
different banks), money in liquid funds and some nominal gold coin/silver bars at home
3) Ensure FDs and liquid funds investment is in joint holding format only (either or survivor mode). This is to
ensure that if something happens to one member another member can withdraw the amount and attend to
emergency without hassles
4) Credit card is another useful option in some emergency situations (for e.g. if hospitalisation is required and
hospital is not offering cashless option)
Emergency Fund is not just for “job loss” scenario but also range of other unforeseen
circumstances like accident or sudden loss of loved one, health emergency, times of social
unrest or government induced problems, bank going under etc.

Mutual Funds

Rampant mis-selling is a reality, avoid falling for the trap of Mutual Fund suggestions or any other financial products from banks or distributors.
Buying from them will make them rich, not necessarily you. They get huge commissions on these funds

Returns from mutual funds are never guaranteed or linear in nature. Hence do not assume your Mutual fund investments will grow every year.
There will be periods of good performance, bad performance, average performance and even no performance!!

In any given year 50% of mutual funds will give lower returns then index (Sensex/Nifty/ any other index they are benchmarked against). This is
statistical fact! If your mutual funds are underperforming for a considerable period of time, please take a hard re-look if you want to switch to a
better fund (please take professional advice if you do not understand this area)

Using CAGR formula to calculate total returns from mutual funds is misleading if you are investing in them through SIPs or you do multiple
investments over a time horizon. Please use XIRR (average internal rate of return) to calculate the returns

Investment in SIPs help reduce market volatility risk only when investment corpus size is relatively small. As As your SIP corpus grows big, that
logic does not hold true

Industry performance payment is not linked to returns of your portfolio....it is linked to how much Asset Under Management (AUM) i.e. people’s
money they have been able to accumulate under that scheme

Whether your portfolio grows or not, fund house and distributors will continue to make money in the form of administrative charges
and trail commissions every month, even if your investment is in negative. Hence it is better to invest in mutual funds in “direct”
category

Relying only on investments in mutual funds or direct equities to meet your financial goals exposes you to “Sequence Risk”. Hence
“Asset Allocation” and periodic “Rebalancing” is very important
Mutual fund mis-selling: https://www.moneylife.in/article/how-to-find-your-way-through-the-mutual-fund-maze/62514.html

36
Gold – Tale of two charts
Source: https://goldprice.org/30-year-gold-price-history.html
Even though Gold s a global commodity and considered as hedge against inflation, returns from Gold in USA (left
chart) have been far lower than returns from Gold in India. One of the big reasons for this is the devaluation of
Indian currency against USD

37
Investment in Gold – viewpoints (1 of 2)
1) Gold is considered reserve currency of the world because it provides independence from financial world and also
from Governments!!
2) To that extent, investment n gold should be done to the extent of hedging your portfolio volatility risks (anywhere
from 5% to 15%)
3) Gold does not generate cash flow and brings its own risks, so suggest not to go overboard on gold
4) Jewellery is strict NO if you are buying it for investment - Big Yes if you want to make your wife happy.
5) Jewellery is made from 18-20 carat gold and has other alloys added hence purity is low. In addition, making
charges of Jewellery is very high (8%-25% of gold weight)
6) Gold purity in Jewellery from local market is highly suspect. Please go for hallmarking even if your jeweller tries
to talk you out of it.
7) when you sell jewellery you will only get money for weight and purity of gold in the jewellery...so you are already
losing money you paid for making charges. Breaking old jewellery and get new one created against it is even
bigger problem - your existing jewellery is measured only on weight (money you paid as design charges is sunk
cost) and new jewellery you are charged for gold design again. In addition not to forget the gold gram-mage
reduction claimed by jewellers as wastage. Buying jewellery is an emotional investment, not financial
investment!!!
8) If you want Gold as investment, go for gold coins/gold bars from top refineries only.

38
Investment in Gold – viewpoints (2 of 2)
1) SGB sold by RBI is not gold but bond linked to price of gold. It is the only Gold product that also gives 2.5%
interest per annum (taxable)
2) Buying Gold through ETFs is another option that offers easy liquidity, but has its own overhead costs
3) Digital gold options are now a days available from different vendors that allow purchase and storage of gold in
central vaults managed by them. Please read about terms and conditions to thoroughly understand them before
investing your money. As of the date of creation of this presentation, there was no legal framework available to
deal with disputes/challenges in digital gold purchase
4) Putting gold in locker is not as safe as you think - most banks insure only up to 1L worth of your goods in the
locker. So tomorrow if the bank branch gets robbed or your locker is found broken into, bank will only
pay you 1L (irrespective of the value of your locker contents)
5) In summary, investment in Gold is more suitable for

Safety and emergency use instead of active investment option

Provides independence from Govt (Think Demonetization) and Financial system (Bank failures, crisis of 2008)
or uncertainty (corona crisis etc.)

Gold does not produce any cash flow or regular income (SGB is exception to this, but returns are very small
and taxable). Gold price depends upon various factors out of our control

Hence do not go overboard with gold investments, but keep it in portfolio as part of overall asset mix for
diversification and hedging

39
Life Insurance (1 of 2)
1) Insurance is purely a hedge against loss of life of earning member of family. Please DO NOT mix it with
investment!!!
2) DO NOT fall for the “lollipop of guaranteed money”. ULIP policies give really poor returns when you factor in
impact of insurance and calculate XIRR. ULIP policies only make insurance agents rich, not you!
3) Do not fall for the marketing gimmick of Term Insurance with “return of money” or term insurance with upfront
payment.
4) They are fooling people by asking higher premium (by taking more money from you so that they can give it
back to you through the lollipop of “money back”) and the money you will get back at the end of policy would
be worthless as it would have lost its purchasing power due to inflation over 20/30 years.
5) Stick to plain vanila Term Life Insurance that provides for “sufficient” cover for your family expenses if
something were to happen to you. If you are not able to calculate sufficient cover, please take help of certified
financial advisor (do not fall for the number thrown to you by insurance company agent!!)
6) Do NOT get fixed on numbers like “1 Crore insurance”. Your insurance cover should be dictated by your all
liabilities and family’s future life requirements (living expense, children's education etc.)

40
Life Insurance (2 of 2)
1) Do not lie about your existing health ailment or family history when applying for insurance. It can come back to
bite your family in the future if insurance company manages to find out these details at the time of claim. You
will not be around to fight with them at the time of claim, so remember that!
2) Do not go for Term insurance beyond your retirement age! You will be simply wasting money on premiums
3) Buying insurance online or through agent is a personal choice. Some agents are better than many others. Go
for agents only if you believe you trust them and they will be around to hand hold your family and help them in
claim process if something happens with you
4) Do not depend “only” on Term insurance to save your family from the unfortunate even of your loss of life –
claim may or may not be honoured So please work on building a financial corpus as well that they can fall back
on!
5) Ensure family is well aware of your life insurance polices and the claim process - especially if you have
brought the policy online
6) Excellent article on things to know before buying term policy:
https://freefincal.com/what-you-need-to-know-before-buying-term-insurance/
7) Excellent free e-book from Melvin Joseph (one of India first SEBI registered investment advisors) to
understand life insurance nuances and select a policy:
https://finvin.in/wp-content/uploads/2020/05/Life-Insurance.pdf

41
Health Insurance
1) Average life expectancy in India has gone up over past decades. So is the fact that there is explosion of life style
diseases. Correspondingly, Healthcare costs have also exploded in India
2) This creates a triple whammy for average citizen like us
3) Most of us would have a health cover as part of our employment. However many of us are not aware of the policy
details, extent of policy coverage and its suitability to our needs, and what is the process to avail it in case of
emergency
4) Policy cover provided by our employer may or may not cover all our health care needs (current or future). Also,
employee health cover lapses when we resign and have not yet joined another employee. Worse if we lose our job
suddenly, the health cover also stops
5) If any health related emergency comes up during this period (job transition time or during job loss), we will be exposed
to very high costs that can wipe away our years of hard earned savings
6) Hence it is important that we opt for a personal health insurance cover. However just buying a standard cover with
arbitrary coverage like 5L or 10L may not help us unless we understand our health care needs, policy coverage,
exclusions etc. requires dedicate time and attention as there are lot of parameters to factor in
7) This excellent free ebook from, Melvin Joseph (one of India first SEBI registered investment advisors) serves as a
perfect guide to understand health insurance nuances and select the right insurance policy that meets your
requirement: https://finvin.in/wp-content/uploads/2020/05/Health-Insurance.pdf

42
Home Loans (1 of 3)
1) Interest rate on Home loans in India is dependent on one of the 4 benchmark rates :
1) Prime Lending Rate (PLR),
2) Base Rate,
3) Marginal Cost of funds (MCLR)
4) Repo Rate
2) Repo rate is the latest one and better compared to other benchmark rates
3) Older home loans may be still on PLR /Base Rate/MCLR which DO NOT give very good rate transmission - meaning
when RBI reduces interest rates, banks may not reduce your rates immediately and/or proportionately (though they will
increase them immediately if RBI increases rates). Hence check with your home loan vendor and shift to “Repo Rate”
benchmark as soon as possible
4) If you intend to buy home insurance get it separately - Sales people try and bundle it with your home loan and payment
for the same is also amortized over the home loan period!!! which means you keep paying much more then actual price of
insurance
5) Don't fall for the sales hubris saying you have to buy home loan insurance compulsorily from the loan provider. Sales may
say it is mandatory but it is not. You can always push back and say you will complain to RBI
6) If you have a sufficiently high Term insurance cover that can also take care of home loan aspect if something were to
happen to you then you can avoid taking separate home loan
https://www.cnbctv18.com/personal-finance/plr-base-rate-mclr-and-now-rllr-repo-rate-linked-lending-rate-3722521.htm
43
Home Loans (2 of 3)
1) If you can afford higher EMI, please opt for a lower loan tenure right at the start. Bank will always push for longer loan
tenures as it helps them earn significantly higher interest income from you
2) Many well educated people in India have no idea of what their interest rate is or how much actual tax savings they are
getting from home loan. They routinely make statements that am saving tax on home loans....yes but how much??
3) Principal outstanding payment tax benefit is counted within 1.5 L bucket of 80C (which also has your PF, Insurance
PPF/ELSS and many more)...so you are hardly saving tax on that! And tax relief on interest paid is limited to 2L /
year... .With high value home loans of 50L- 1Cr the interest paid in initial years is so high that these 2 L exemption can
look insignificant (unless you have joint loan) !!!
4) Don't fall for pre EMI start directly with EMI
5) Periodically keep checking & comparing your existing home loan rate with rates being offered n the market. F there s
difference bigger than 0.5 %, please investigate if you want to negotiate better rate with your existing home loan provider
or shift to a competitor This will require some calculation and due diligence on your part. Most existing home loan
providers now allow for periodic Interest rate reset if you pay a small fee. Negotiate shamelessly on the money they
ask you to pay for interest rate reset.

44
Home Loans (3 of 3)
1) Always remember these points:
1) Banks love to earn interest from you and hence they always try to collect maximum interest amount from you in the
first few years. Generally the EMI paid by you in first year goes towards 95% interest payment and only 5% principal
payment. This ratio of interest vs principal component of your home loan payment gradually goes towards equilibrium
by the middle of your home loan tenure (i.e. your EM payment will go towards 50% interest reduction and 50%
principal reduction)
2) Interest on your home loan is calculated on outstanding of principal amount. Higher the outstanding principal amount,
higher is the interest you pay!
2) Any amount you pay as prepayments is directly adjusted (reduced) against your principal outstanding – which means with
prepayment you are not only reducing principal outstanding but also the interest on principal outstanding for free!!!
3) If you have higher cash flow each month beyond your expenses and basic investment needs t s highly recommended that
you check if you want to pre-pay your home loan. Home loan prepayment at the early part of your loan tenure
(typically first 3-6 years) can help you save very large amount of money that you would have otherwise paid to
bank as interest
4) Very important : When you do interest rate reset and/or prepayment always always always ensure you ask the
bank to reduce your loan term (i.e. keep the EMI amount same and reduce the duration). By default bank will push
for reduction in EMI and keeping the term same. This is because longer the term of the loan higher is the interest income
they earn from you!
5) There is no real benefit in pre payment of home loan towards last 2-3 years. Bank has already earned all interest from
you and hence you will not get any benefit by closing the loan in the last 2-3 years

45
Retirement Planing (1 of 2)
1) Retirement planning should start on the very day you start earning. If you have not done it, you are already
too late and have a significant amount of work to do to catch up
2) Inflation, life style costs and healthcare costs are growing each day and living a good life during retirement is
going to cost a lot of money
3) Unfortunately, at that time you will not have a regular source of money like salary to take care of you and
your spouse
4) Traditional social insurance i.e. - parents investing in kids throughout their life and hoping kids will take care
of parents in retirement and old age is breaking down in India. Hence Hoping your kids will take care of you
is not a very reliable strategy
5) Also, with rapid change in technology landscape many of us will find our skills to be outdated and will either
take early retirement or forced into early retirement. There are already discussions on multiple forums of real
retirement age shifting to 50 yrs for various job roles
6) This is double whammy as we get less time to earn (10 yrs less) and will need larger retirement corpus to
see us through a longer period of life (10 yrs more) when we may not have active sources of income to see
us through the twilight of our life
7) Traditional sources of retirement savings like PF, PPF etc. cannot be relied upon as the only source of
retirement corpus. Rising inflation is already reducing purchasing power of money. Hence we all have to also
invest in higher risk assets like equity if we want to ensure our corpus is protected from inflation
46
Retirement Planing (2 of 2)
1) Start saving and investing from day 1 for retirement corpus. If you start early, you can reap the benefits of compounding over
longer time horizon. Remember compounding returns grow exponentially as time duration increases!!
2) Do not set arbitary goals like 1 Cr retirement corpus. It may sound a big number today, but if your retirement is decades away
then 1 Cr at the time of retirement will be very small amount to cover your retirement expense!!
3) Please give good thought and consideration in calculating your retirement corpus requirements. Please consider at least 6%
inflation rate for retirement corpus calculations. If you are used to higher life style, please use a higher rate
4) As a thumb rule, please save and invest a minimum of your current living expenses in retirement corpus. So if in current year
you are spending 2 L on basic living expenses, please ensure you contribute at a minimum the same amount to retirement
corpus. If you can do higher contribution, even better!!
5) Do not over estimate returns like 15-18 %when calculating your retirement corpus. Take conservative estimate of 10% to keep
it real
6) DO NOT touch the money in your retirement corpus throughout your life unless you are in real difficult situation and do not
have recourse to any other source of money. Withdrawal of PF funds or redeeming retirement focused MFs to buy a car or a
fancy gadget is criminal sin in the world of financial planning!!
7) There are multiple retirement products available like EPF, PPF, VPF, NPS, ELSS, Direct Equity, Superannuation funds, regular
income plans etc. Please do your due diligence before investing your money on any product
8) Do not get fooled by products which claim to give you amounts like 50,000 per month during retirement. If your retirement is
more than 15+ years away, then 50,000 will be a paltry amount to cover your life expenses in retirement!! Please do your
calculations on time value of money and inflation impact!!
9) It is critical that we build passive sources of income that will generate cash as we reach retirement age. This can act as
secondary source of income to supplement the retirement corpus
47
Risk Management
1) Risk is not knowing what you are doing
2) Risk is different for each asset class. No asset class (including your money in bank or Govt
bonds) is without risk! Once you understand the degree of risk and its potential impact on
your goals, you can take a judgemental call
3) Investing in equity markets is risky, but not doing so is even riskier because of the long term
negative impact of inflation on your savings
4) Do not assume something is low risk or high risk just because some vague article on news
portals say so. Do your own due diligence (read the fine print of the product)!
5) Reading those boring prospectus or offer documents are boring but worth it if you want to
keep your money and investment safe. Alternatively you can always consult a certified
financial advisor

Importance of joint accounts, nominations and
will
1) If a family member passes away, current process to close their accounts and withdraw money or investments
is really painful
2) This becomes critical if the spouse passes away or worse if both parents pass away
3) To the extent possible ensure you have joint accounts for key investments. There are different options
available in joint accounts. From emergency perspective “Ether or survivor” is better suited option among
available joint account options. Please learn more about them and find out which option works best for you.
4) Nomination for every bank account, Bank FDs, Bank locker (yes separate nomination is required) and ALL
investments (including retirement funds) is next critical step
5) Creaton of Will is also extremely critical especially around retirement age unless you want to leave open the
potential of future problem of dispute on your property
You may have made great investments and wealth but if that is not accessible
to your loved ones when they need it, it is of no use!

49
Life book
1) Document your Financial investment in “Life book”, print it and update it in a file every six months to a year
2) Minimum details should be included refer templates or create your own
3) Should have all required details for your spouse or children (when they grow up) to know your investments and keep track
of it
4) In digital world it is critical as there are no financial account statements available
5) Investments are spread across banks, locker, mutual funds, demat, physical holdings etc.
6) Track periodically and audit once in 6 months or a year
7) Do joint audit with your spouse. Mark one day in a year on your calendar, call it “financial date” and treat it sacrosanct
8) Important don't keep life book in digital format only...please take a printout and keep details in file in a place that your
spouse/family members are aware of. Laptops and phones or online storage all have passwords. If something happens to
you no one will be able to access the details.
You may have made great investments and wealth but if that is not accessible to your loved ones when
they need it, its worthless. So please take this seriously!!
Sample Template link: https://www.bemoneyaware.com/blog/money-book-finances-record/

50
Tracking and protecting your finances
1) Investments are spread across banks, locker, mutual funds, demat, physical holdings etc.
2) In digital world it is critical to track your finances as there is no single financial statement of account available that gives
you a complete picture
3) Track periodically and audit once in a year. Do joint audit with your spouse. Mark one day in a year on your calendar, call
it “financial date” and treat it sacrosanct
4) Electronic Consolidated account statements (e CAS) is published by NSDL and CDSL (as per SEBI mandate) over email
once every month (if you have active transactions) or once every months. You can also get details from their website.
5) It contains all your investments across demat account and ALL mutual funds. Also has recent transaction history,
information on how much returns each MF has delivered, whether MF has nominations etc.
6) New age platforms also give some of these options including to track your life goals and progress against them (available
in MFUonline, Kuvera, Groww and others )
7) Mutual funds that are struggling for considerable time 2 year plus should be reviewed for potential switch
8) If you are in direct equity investment, please make sure you get rid of your loss making shares and ride the profit making
ones (retail investors do the exact opposite...don't make that mistake)
9) Use average internal rate of return (XIRR) method to measure performance of investments that are done over time...for
example accumulation of shares at different time periods, Mutual Funds and SIPs
10)Tracking progress against the goal is most important ..dont lose sight of that

51
Protect Yourself from Fraud (1 of 2)
1) Don't blindly sign on papers given by agents. You have no idea for what purpose it might be used!
2) Data protection and data privacy are a joke in India. So don’t blindly share your sensitive details like Aadhar, PAN,
Account details etc. over whatsapp/email to agents. You have no idea where it will get forwarded and used without your
knowledge
3) Do not believe any phone calls or sms asking you for sensitive details on the pretext of helping you ‘unblock’ your
account/card or offering to give you money or any other pressure tactics. In matter of finance, deal only and only with
bank/company officials even if that means a physical visit to branch
4) Attest carbon copies of your sensitive documents only after mentioning the purpose and the date so that you reduce
chances of misuse
5) If you care to check the default maximum transaction values on your cards/accounts transfer/online purchase etc., they
are often in excess of your requirement (some times even Lakhs/per transaction/day!)
6) Put limits on maximum transaction on your debit and credit cards and online transfers and online purchase transactions.
This will limit potential downside if your cards and accounts get compromised.
7) If you have multiple credit cards, try and reduce them to 2. You may not be able to monitor or use all the cards and any
fraud on non-monitored card can adversely impact your credit score

52
Protect Yourself from Fraud (2 of 2)
1) Disable international card usage on your debit/credit cards if you are not a frequent traveller
2) Disable third party transfer of funds through net banking for accounts where it is not needed..for e.g. if
parents are not tech savvy and don't use online transfer please disable it
3) If you are still using magnetic tape based cards, please ask the bank to replace it with chip and pin card
4) Monitor bank accounts, mutual fund accounts and Demat etc. Regularly. Even ensure you check
contents of your bank safe deposit locker at least once a year. Please ensure you also have complete
inventory of stuff you have stored in locker that you can verify once a year
5) Anything suspicious in your accounts, please raise it immediately with banks or fund houses
6) Fraudsters are getting smarter every day and continue to invest new techniques in social engineering.
As a simple rule, DO NOT share any sensitive data on any incoming phone calls (no matter what the
calling number is or who the caller claims to be). Always update required information in your net banking
account or visit the branch in person.
7) Do NOT google bank customer care numbers. Google results can be gamed. Always go to the website
of the bank and find customer care numbers from there to call them

53
Yogic Wealth – Wealth beyond finances

In his book “Yogic Wealth”, author Gaurav Mashruwala tries to share very valuable wisdom and as given to us by our scriptures.

As per the book, our scriptures talk about four types of wealth:

Physical wealth ( our physical health)

Social Wealth (relationship with spouse, family, friends, acquaintances and society in general)

Emotional Wealth

Financial Wealth

When all the above are in harmony, is when we will have a blissful life!

Financial wealth is of no use if any of the other 3 dimensions of wealth are out of sync, hence in focusing on financial wealth, let us not lose
focus on the other 3 categories of wealth

Let us pledge to ensure we earn wealth ethically, through right means and give it the due respect and focus

Wanting to become wealthy is not a crime, but using non-ethical means to reach there is!

As per our scriptures, it is said that “Ma Lakshmi is Chanchal” meaning she can change her mind anytime and leave us if we do not respect
her blessings

So let us not get overtly arrogant of our wealth or get consumed by it. Let us not link our wealth to our status or our ego or let it rule our
thoughts and actions

Hunger for wealth will make us beggars, respect for wealth will make us worshippers!

Always learn to give back to society in your capacity! Let us use the wealth bestowed upon us for larger good as well!
Book Name: “Yogic Wealth” Author: Gaurav Mashruwala

Key Takeaways (1 of 2)

Many times other people will appear to make more money than you through their investments Do not get
jealous about it or lose your sleep on that

Remember your financial plan is linked to your goals (and not theirs). As long as your investments are on
track to help you meet your goals in life do not get worried or change your investment unnecessarily to what
others are doing

Seek financial help whenever required but do not “outsource” your financial well being to others

We all need help in different walks of life. If you are struggling with personal finance or need guidance, do
not hesitate to take help of good, professional SEBI registered and certified “fee only” financial planners

Do not fall for the trap of investment suggestions given by your personal relationship bank manager or some
insurance agent or MF agent no matter how appealing the product is. Always do your due diligence check
the relevance of product to your goals. Most of these agents/relationship managers are here to improve their
financial life (by meeting their targets) and not yours.

55
Key Takeaways (2 of 2)

Personal finance as the name suggests is personal...it will be different or each person depending on
their life stage, life choices and goals

Please train your mind to differentiate between “Need” and “Wants/Desires”

Inflation is a reality and you will need exposure to equity to beat the inflation effects and ensure your
purchasing power in future does not erode rapidly

Your life goals purpose and its duration should decide which asset you need to buy and for how long

Returns from assets are out of your control so focus on “Target Corpus” instead of “Target returns”

Periodic rebalancing of the portfolio is highly recommended to ensure you reduce the risk of not
reaching your target corpus

Please develop secondary skill and alternative source of income

Learn to give back to society

56
Appendix

57
Importance of Secondary income source
To Be Updated

Financially Independent, Retired Early (FIRE)
To Be Updated


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“Personal Finance” Introduction

Version 0.4 - Jan 2021

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Networth = Total Assets – Total Liabilities

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Basic protection (Goals dictated Life stage Goals: Aspirational Goals/Dreams

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Buy term insurance Need Non negotiable On first salary/ NA

Buy Car Desire 1 2023 Short term

Marriage Need 2 2024 Medium term

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Buy term Need Non negotiable On first salary/ NA 10 k (for 1 cr NA NA NA

Marriage Need 2 2024 Medium term 15 L 22 L 80% debt Debt: 32315

Retirement Need 4 2040 Long term 4 Cr 12.8 Cr 5% debt Debt:14100

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4 Real Estate Land holdings, Row houses, Apartments, REITs etc.

6 Others Art, Antiques etc.

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Below 3 variables determine your Future Value of your money

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For getting very higher returns, investors often chase risky

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 Benefits of compounding grow exponentially over longer horizons

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For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

Mutual fund mis-selling: https://www.moneylife.in/article/how-to-find-your-way-through-the-mutual-fund-maze/62514.html

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

For any corrections, modifications, improvements please write to

Sample Template link: https://www.bemoneyaware.com/blog/money-book-finances-record/

For any corrections, modifications, improvements please write to