Where to start personal finance education

POSTED BY Namrata ON January 5, 2013 11:42 pm COMMENTS (2)

Hey Manish,

I am working in an IT Company but I have no knowledge of managing personal finance. Can you please tell where to start? What path to follow?

 

Also in one of your posts I saw you mentioning about a mailing list women@jagoinvestor.com . Can you please tell how do I join that?

2 replies on this article “Where to start personal finance education”

  1. my first answer did not go through so am resending it:

    step -1. . Buy Manish’s book and read

    0. while you wait for it list down your financial goals: short term goals (less than 5 years) and long term goals (more than 5 years)

    1. Get yourself online term insurance for at least 15-20 times of your annual income
    after you have children you can increase the cover.
    2. get enough mediclaim cover even if provided by employer
    3. keep 3-6 months of expenses in a savings bank with FD sweep option

    4. Use the financial health check cum goal planner i have in my website and find how how much minimum you need to save

    5. Use the asset allocation tool and risk analyser tool found at moneycontrol.com
    to know your risk profile and asset allocation (explained in the book)

    6. choose % of equity mutual funds and % of debt or bond instruments (FD debt funds) you are comfortable with
    7. You could use step by step guide to choosing a mutual fund available in my website
    to choose a mutual fund for your goals

    8 open a ppf account

    9. monitor your goals closely and review at least one a year.
    10. learn what rebalancing a portfolio means

    These are some non-exhaustive general steps Manishs book will help you achieve these and fill in the gaps

  2. step -1. . Buy Manish’s book and read

    0. list down your financial goals: short term goals (less than 5 years) and long term goals (more than 5 years)

    1. Get yourself online term insurance for at least 15-20 times of your annual income
    after you have children you can increase the cover.
    2. get enough mediclaim cover even if provided by employer
    3. keep 3-6 months of expenses in a savings bank with FD sweep option
    4. go to

    http://freefincal.wordpress.com/financial-health-check-3/with-optimized-goal-investor/

    check your financial health, input data for all your goals and find how how much minimum
    you need to save
    5. Use this asset allocation tool and risk analyser tool found there

    http://wealth.moneycontrol.com/jtassets.php

    to know your risk profile and asset allocation
    6. choose % of equity (stocks) and % of debt you are comfortable with
    7. You could use

    http://freefincal.wordpress.com/step-by-step-guide-to-choosing-a-mutual-fund/

    to choose a mutual fund for your goals
    8 open a ppf account

    9. monitor your goals closely and review at least one a year.
    10. learn what rebalancing a portfolio means

    These are some non-exhaustive general steps Manishs book will help you achieve these and fill in the gaps

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