Session 1 Preparation Printversion
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Transcript of Session 1 Preparation Printversion
1
FINERVA Cognizant Technology Solutions 28 SEPT 2007
Three Power Steps to
Financial Success
SAVE INVEST PROTECT
COGNIZANT TECHNOLOGY SOLUTIONS | 28-SEPTEMBER 2007
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
Success is Achieving Set Goals
Set Goals
Save Invest
Protect Achieve Goals
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
We are Here
• Fundamentals of Financial Planning – 1
• Fundamentals of Financial Planning – 2
• Income Tax Management
• The Way Forward
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
Fundamentals of Financial Planning – 1
Dreams– Dreams give energy– Dreams are worth aspiring for– Dreams give a reason for Living– Dreams stimulate the Child in us.– Please fill the Worksheet for Dreams
Please fill the worksheet : Dreams
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
Goals
– Goals are worth achieving
– Goals are worth the effort you put in
– Goals stimulate the Whole Body and Spirit
– Please fill the Worksheet for Goals
Please fill the worksheet : Goals
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
Goal Setting
Goals remain Dreams
without Goal SettingGoals remain Dreams without
Goal Setting
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
Understanding Where We Are Now
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
Understanding Where We Are Now..
• Please take the Test on Assets
• What they actually mean– Asset – One that generates a POSITIVE Cash Flow– Liability – One that generate a NEGATIVE Cash Flow– Income – The Positive Cash Flows– Expenses – The Negative Cash Flows
* From the concepts of Robert Kiyosaki
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
The Cash Flow Concept
Asset Liability
Income
Expense
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
The Net Worth Chart
• The Net Worth is the Difference between the Total Assets and Total Liabilities
• Based on the concept of assets and liabilities, please fill in your Net Worth Chart
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
The Cash Flow Chart
• The Cash Flow Chart is given to you, please enter details as applicable to the present situation.
• What you have done now is prepare a Budget
• Have you also found how and where your savings are going?
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
Cash is King
• Thinking about Personal Finance from the Businessman / Investor Point-of-View
– Why do you think Warren Buffet bought a used Rolls
Royce 6 months ago?
– Why do you think Tata Steel bought Corus rather than
build a company on its own?
– Why do you think Jet Airways leased its aircrafts
when it began its business?
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
Successful Budgets Are...
• Well planned
• Realistic
• Flexible
• Clearly communicated
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
CONTROLLING YOUR SPENDING
• Budget and stick to it• Learn to say “NO”• Learn to go “Dutch” with friends• Don’t have too many credit cards• Use a line of credit not a loan• Stop impulse buying – Carry a shopping list• “Do you really need it?”• Don’t go shopping• Control dining out• Don’t carry cash• Pay down debt ASAP so you can do other things
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FINERVA Cognizant Technology Solutions 28 SEPT 2007
Take Away
• Concept of Assets & Liabilities based on
Cash Flow
• Personal Net Worth
• Present Budget