I was in Rishikesh a few years back in the winters and one old resident told me, “The water is warm when the Sun has not risen. Try it”, with a straight face. Next morning, it was pretty dark when I waded into the “warm waters” of Ganga. Boy, Oh Boy! I did not expect the old man to be so cruel!! :)
But I had the bath of my life. It was invigorating and real fun! I came back and thanked the old man who had tricked me into that chilled out experience.
What’s that experience to do with Finance, you’ll say. Well, I’m an old man by some standards. (This should also mean that I’m young by other standards:). And I want you to have fun with Finance.
Let’s take a look at what Finance means and I’m sure you will find it Fun, Interesting, Nasty, gives an Advantage, Not Precise, Creative and Exciting.
Finance itself has a very wide meaning and it encompasses Business Finance, Personal Finance and Government Finance in general. Here we will focus on Personal Finance only.
Your questions in personal finance would revolve around the following:
- How much money will be needed by you at various points in the future?
- Where will this money come from (e.g. savings or borrowing)?
- How can you protect yourself against unforeseen events in your lives, and risk in financial markets?
- How can family assets be best transferred across generations (bequests and inheritance)?
- How do taxes (tax subsidies or penalties) affect personal financial decisions?
Your Personal financial decisions will involve paying for education, financing durable goods such as real estate and cars, buying insurance, e.g. health and property insurance, investing and saving for retirement. Personal financial decisions may also involve paying for a loan.
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Reviews, Tips, Calculators with an Indian perspective.