Talking to a group of people, I was waxing eloquent how taking control of their finances was so important. Until I saw a young guy frowning and thinking why he was wasting his time with me. Yes, I can read minds! 
In any case, What’s In It For Me (WIIFM) is an important question that needs to be answered.
“Important, Need to be more responsible” are good sounding words when we are speaking from a high, parental ground. Unfortunately, they don’t make an impact on a young guy!
To my mind, it’s important to put a tangible figure on the difference between good and bad money management. Let me give you my own example. Btw, it’s a bad example
I have been working with a PSU for 20 long years and had I been saving regularly right from 1990 when I joined work and investing them properly, I would be having a networth as shown in the following Excel sheet.
Click to enlarge
The assumptions are very simple. I invest 25% of my income every year and get a return of 10% annually. The investments are made every year and not every month. Every month investment will lead to a much higher figure!
Ideally/ theoretically, I should be having a Networth of approximately Rs 23-24 lacs. But, the actual Networth (excluding my House/Ancestral Property) is not even half of that.
That means that my less than ideal money management has resulted in a loss of over Rs 10 lacs. Yes, that’s a million rupee mistake!
I have woken up a little late. I am on my way to mend whatever I can. And I can share my learning with you and help you manage your finances in a better way.
Does it make sense to save yourself from making the “Million Dollar Mistake” (Oops, it’s our Rupee)? Do you think attending a Financial Health Check & Planning Workshop is a good idea?
Coming Soon! RupeeCamp "Financial Planning Workshop". "Join us"
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Well said and put-up. Figures hit on the head just like a hammer on a nail.
STARTING EARLY is THE most important step in investment.
Ranjan, keep up the good work.
-rakesh
Thanks Rakesh. A comment from an informed investor like you is a great encouragement!
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