Technology excites me with the way it helps us to do something in a better way. Technology fascinates me when it solves problems, big or small.
So, perhaps, this fascination has helped me build the following tracker application. I do not have any technical qualifications and it's difficult to teach an old dog new tricks. But as they say learning never stops and if you're keyed on to something, you figure out how to handle it.
Zoho Creator has featured the application on their marketplace and that has given me the courage to write it on my own blog. And also the 400+ downloads along with encouraging comments about the clean and simple interface.
To manage anything, it is recommended that you measure it first. So when we talk about personal finance, the "Do's" & "Don'ts" do not really register with most of us. The key is to "Get started" on managing your money.
So if you and I are serious about personal finance, there should be a way to track what is happening to this important resource.
Personal Finance Tracker is an easy and simple way to track your personal finance. You can measure and track your income and expenses, create your portfolio of your Investments, create alerts/reminders and go to your choicest financial calculators.
You can also see pictorial representations of your budget, investments and expenses. You can filter them for what you need to analyse.
You can further filter the chart on the basis of the category of expense, whom spent for, payment method, etc.
Similarly for the income chart, you can filter it out on the basis of various sources of income. You can see a pie chart for your budget categories as well as your expenses.
There's calendar view of your alerts and reminders too.
You can filter the calendar on the high, medium or low criticality of the alerts and the months of the alerts too.
And btw, if you think that only a techie/programmer can build all this, let me confirm that it's been done by me alone. But it wouldn't have been possible without the amazing Zoho Creator. It's really friendly and intuitive and you can build a complete web application even when you are not a techie. Even techies can use the interface to build more complex applications, I'm sure.
My Other Blog
Health & Wellness, Self Improvement, Self Development, Relationships, Mental Health, Wealth Management, Money Management
Showing posts with label personal finance products. Show all posts
Showing posts with label personal finance products. Show all posts
Sunday, March 8, 2009
Saturday, February 7, 2009
Financial Fate: Bringing Clarity to the Future
After going through the demo of FinancialFate software, I am completely bowled over. Here is a software which doesn't stop at monthly budgeting or organizing your portfolio and it actually helps you forecast and plan for the future.
This makes sense to me as financial planning is a dynamic exercise and it's important to visualise the various "what-if" scenarios. For example, if I enter a big amount for my entertainment expenses, there's this immediate warning that I'd go bankrupt after "n" years. The choice is mine, of course!!
The software is intelligent. After I entered my stocks portfolio, the software suggested an asset allocation plan based on my risk profile that I entered earlier!!
My wishlist for Monty would be a customized version for Indian users with Indian currency and customized to Indian tax laws.
Monty Hothersall, Co-Founder, Financial Fate, took out time to answer some of my questions. Here are Monty's answers:
1. What is FinancialFate?
Financial Fate is in-depth, long-range financial planning software designed for the do-it-yourselfer. It enables people to forecast and plan their personal finances and long-term cash flow projections.
2. People generally avoid Personal finance. What makes you think they will take to cash flow management and scenario mapping?
Eleanor Roosevelt once said, "It takes as much energy to wish as it does to plan." The problem is people had much rather plan a vacation than plan for retirement and college expenses. But a certain segment of the population, such as people that read your blog, are much more inclined to realize the importance of planning in order to achieve goals and spot problems on the horizon so they can be managed. People are always told to "crunch their numbers" or "do the math" when it comes to planning, but without a quality tool that provides realistic results, this extremely important advice is difficult for people to follow. And since cash flow is the lifeblood of personal finance, we created Financial Fate.
3. Everybody needs financial planning. What are your targets for the software downloads?
We expect hundreds of thousands of downloads over the next year or two. We might not get there, but it really helps when bloggers such as yourself are interested.
4. The software is Free! How do you make money? By providing financial education?
The software is free and will remain free for the consumer. Financial Fate will eventually generate revenue through three sources: an online version that is ad-supported, an online version that we co-brand with financial institutions, and a desktop version that we sell to financial planners. These revenue plans are scheduled to start around 2010.
5. What will it take to customize it for Indian tax framework?
Financial Fate's default assumptions are set using the U.S. tax code and the U.S. Social Security & Medicare programs. However, the user can adjust these assumptions in the software to closer resemble their own country's rules and regulations. It will not be perfect, but the user can view the output reports and make adjustments as needed. And eventually we plan to develop versions for other markets around the world.
6. What is the technology that you have used for this software?
The software is Java based which will give us the flexibility to create future online and desktop versions.
7. What are your strategies to reach out to the US consumer?
Public Relations. People are more likely to download software if a trusted blogger, journalist, professor, or employer tells them it's a relevant product and it's a need-to-have vs. a nice-to-have. In addition, many financial planners are currently using Financial Fate to help their clients plan. As for the future, we hope to distribute through co-branded platforms with banks and other financial institutions.
8. Do you plan an international version too?
Yes. An international version will require changes to the assumptions and currencies as well as some structural changes regarding the tax codes. These initiatives are slated for the 2010-2011 period.
9. Will you add more features like recording your portfolio, calculators in the software?
Definitely. We will add features that our customers desire. For instance, many have already requested more graphs to compliment the data reports. We appreciate this feedback and have it on our list of future enhancements.
10. You talk about financial education as means to achieve your goals. How do you propose to do that?
We will continuously improve Financial Fate's intuitiveness and ease of use. But we recognize that users will always need more regarding financial education and advice. We think online user forums may be one of the best ways to accomplish this.
All the very best, Monty.
My Timelines on Twitter
This makes sense to me as financial planning is a dynamic exercise and it's important to visualise the various "what-if" scenarios. For example, if I enter a big amount for my entertainment expenses, there's this immediate warning that I'd go bankrupt after "n" years. The choice is mine, of course!!
The software is intelligent. After I entered my stocks portfolio, the software suggested an asset allocation plan based on my risk profile that I entered earlier!!
My wishlist for Monty would be a customized version for Indian users with Indian currency and customized to Indian tax laws.
1. What is FinancialFate?
Financial Fate is in-depth, long-range financial planning software designed for the do-it-yourselfer. It enables people to forecast and plan their personal finances and long-term cash flow projections.
2. People generally avoid Personal finance. What makes you think they will take to cash flow management and scenario mapping?
Eleanor Roosevelt once said, "It takes as much energy to wish as it does to plan." The problem is people had much rather plan a vacation than plan for retirement and college expenses. But a certain segment of the population, such as people that read your blog, are much more inclined to realize the importance of planning in order to achieve goals and spot problems on the horizon so they can be managed. People are always told to "crunch their numbers" or "do the math" when it comes to planning, but without a quality tool that provides realistic results, this extremely important advice is difficult for people to follow. And since cash flow is the lifeblood of personal finance, we created Financial Fate.
3. Everybody needs financial planning. What are your targets for the software downloads?
We expect hundreds of thousands of downloads over the next year or two. We might not get there, but it really helps when bloggers such as yourself are interested.
4. The software is Free! How do you make money? By providing financial education?
The software is free and will remain free for the consumer. Financial Fate will eventually generate revenue through three sources: an online version that is ad-supported, an online version that we co-brand with financial institutions, and a desktop version that we sell to financial planners. These revenue plans are scheduled to start around 2010.
5. What will it take to customize it for Indian tax framework?
Financial Fate's default assumptions are set using the U.S. tax code and the U.S. Social Security & Medicare programs. However, the user can adjust these assumptions in the software to closer resemble their own country's rules and regulations. It will not be perfect, but the user can view the output reports and make adjustments as needed. And eventually we plan to develop versions for other markets around the world.
6. What is the technology that you have used for this software?
The software is Java based which will give us the flexibility to create future online and desktop versions.
7. What are your strategies to reach out to the US consumer?
Public Relations. People are more likely to download software if a trusted blogger, journalist, professor, or employer tells them it's a relevant product and it's a need-to-have vs. a nice-to-have. In addition, many financial planners are currently using Financial Fate to help their clients plan. As for the future, we hope to distribute through co-branded platforms with banks and other financial institutions.
8. Do you plan an international version too?
Yes. An international version will require changes to the assumptions and currencies as well as some structural changes regarding the tax codes. These initiatives are slated for the 2010-2011 period.
9. Will you add more features like recording your portfolio, calculators in the software?
Definitely. We will add features that our customers desire. For instance, many have already requested more graphs to compliment the data reports. We appreciate this feedback and have it on our list of future enhancements.
10. You talk about financial education as means to achieve your goals. How do you propose to do that?
We will continuously improve Financial Fate's intuitiveness and ease of use. But we recognize that users will always need more regarding financial education and advice. We think online user forums may be one of the best ways to accomplish this.
All the very best, Monty.
My Timelines on Twitter
Tuesday, January 27, 2009
My Wishlist for a Financial Services Company
Financial services is a fragmented one in India. My rough estimate is that there are over 20 lakh agents & advisors trying to sell you a financial product.
And there is an information asymmetry there, with your advisor knowing more info about the product than what is known by the buyers.
Moreover, an insurance agent doesn't know about Mutual Funds and vice versa.
I think there is a huge business opportunity for a one stop, holistic financial services company.
What would be my wish list from such a company?
To differentiate between other competitors, which includes millions of agents/advisors, they must have:
What is your wish list for a Financial Services Company?
My Timelines on Twitter
And there is an information asymmetry there, with your advisor knowing more info about the product than what is known by the buyers.
Moreover, an insurance agent doesn't know about Mutual Funds and vice versa.
I think there is a huge business opportunity for a one stop, holistic financial services company.
What would be my wish list from such a company?
To differentiate between other competitors, which includes millions of agents/advisors, they must have:
- Well trained, professional financial planners on role call
- Providing personal finance education to the prospects through:
- e-books,
- fortnightly news magazines,
- online module on financial planning,
- seminars every week,
- seminars at the workplace of prospects (through tie ups with corporates)
What is your wish list for a Financial Services Company?
My Timelines on Twitter
Saturday, November 29, 2008
Personal Finance Softwares in India
The last post was on Personal Finance Softwares. These are very good efforts but I wonder if the people are ready to use these softwares.
Is it the classic case of a market for shoes where no one wears one?! Help with the following poll will be greatly appreciated. As a small gesture of thanks, I'll guide you to download the free one that I have built myself.
India's first online weekly on Personal Finance
Is it the classic case of a market for shoes where no one wears one?! Help with the following poll will be greatly appreciated. As a small gesture of thanks, I'll guide you to download the free one that I have built myself.
India's first online weekly on Personal Finance
Wednesday, August 27, 2008
Personal Finance Overview Session
I took three one hour sessions on Personal Finance as part of our Mass Contact Programme for our employees. I have been writing about personal finance on this blog, but it was the first time I actually spoke about the topic with a live audience.
And I was speaking to our Class IV employees to start with. I realized that I was a bit stiff in the first session and opened out in the second/third one. So much so that the audience applauded with claps spontaneously when I ended.
It really was a very interesting and learning exercise for me too!
Here's the presentation with points that were covered in the sessions:
And I was speaking to our Class IV employees to start with. I realized that I was a bit stiff in the first session and opened out in the second/third one. So much so that the audience applauded with claps spontaneously when I ended.
It really was a very interesting and learning exercise for me too!
Here's the presentation with points that were covered in the sessions:
Monday, August 18, 2008
68% of consumers conduct an online research before buying any financial product
PluggdIn has a post on the online research and buying habits for financial products in India.
The research says that 68% of consumers conduct an online research before buying any financial product. While the research is primarily aimed at comparing costs and details of financial products. 18% of financial products are sold online in India
I think it should be 68% and 18% of internet users (not consumers and financial products resp.)and readers should remember that the study is positioned more as a search ad success story.
The research says that 68% of consumers conduct an online research before buying any financial product. While the research is primarily aimed at comparing costs and details of financial products. 18% of financial products are sold online in India
I think it should be 68% and 18% of internet users (not consumers and financial products resp.)and readers should remember that the study is positioned more as a search ad success story.
Saturday, August 16, 2008
Updates on India's first online weekly on personal finance
Latest updates on website on personal finance
- Tips on the way to Financial Freedom
- Coffee With Sundar on Personal Finance
- What are exchange traded funds etf and how they are different from Mutual Funds
- India’s first eBook on personal finance: Monday is Moneyday
- Indians prefer keeping 65% savings in the Banks
- Top Five Equity Linked Saving Schmes (ELSS) which also save Tax
- Baby Steps for a newbie Stocks Investor
Wednesday, August 6, 2008
How to succeed setting up a Personal Finance portal
Only two days have gone by after I wrote about the personal finance space gathering momentum, and there's another portal PaisaWaisa that has been launched!
PaisaWaisa offers comparison and expert advice in diverse areas like Tax filing, Loans, Insurance, Credit cards, Banking and Real Estate.
Tax filing looks to be an attractive option where a lot of web start ups are trying their hand.
But again, while the entry barriers are very low, the execution remains the key to success. I saw this sad story on Pluggdin, where FilemyReturns, an online tax filing company which has even raised VC funds, has a shoddy user experience. Not even the login is working properly!
This leads me to think on what are the "essentials" on succeeding in this space. Here's a list (WIP)
PaisaWaisa offers comparison and expert advice in diverse areas like Tax filing, Loans, Insurance, Credit cards, Banking and Real Estate.
Tax filing looks to be an attractive option where a lot of web start ups are trying their hand.
But again, while the entry barriers are very low, the execution remains the key to success. I saw this sad story on Pluggdin, where FilemyReturns, an online tax filing company which has even raised VC funds, has a shoddy user experience. Not even the login is working properly!
This leads me to think on what are the "essentials" on succeeding in this space. Here's a list (WIP)
- Knowledge: It's easy to be attracted to the personal finance space by the numbers and the potential of earning millions. But unless you have real knowledge of this space,the initial enthusiasm can drift to lack of motivation to carry through.
- Team: The managerial team should have the passion to succeed as well have some experience in building web portals
- People: Once you get the Beta launch right, it's time to build people who will have to execute. You need trained people to look after Accounts, Sales, Business Development, CRM, HR, etc. This really is the key. I would make this part the most important one.
- Distribution: Some of the personal finance portals might have a model on selling products. They need to have a pan India presence and have Advisors / Financial Planners as Affliates all over the country.
- Financial Literacy: The financial literacy levels in India is abysmally low. The portals can do well to make an effort in educating the people on the importance of holistic management of their money. The target market has to be developed so as to succeed in this space.
- Kaizen: Since this is a new and fast maturing market, continuous review and research on what they are doing right/wrong is important. You need to constantly measure and evaluate your customer response and look at ways on improving them.
Saturday, August 2, 2008
My Manifesto for becoming a personal finance professional
This is my 450th post on this blog. I started this e-scratch pad as a hobby 1.5 year back. But now this blog is threatening to control me. Not that I mind!!
I also realize that I can and do better posts on this blog than what I have been doing. Obviously that needs much more research time, mulling over the thoughts to organize them and perhaps picking up the brains of some MSM journos.
In the meantime, here's my manifesto for this blog. I don't know when I'll actually implement them. (like political parties, maybe if and when they are voted to power, I would love some votes here :)
India's first online weekly on personal finance
I also realize that I can and do better posts on this blog than what I have been doing. Obviously that needs much more research time, mulling over the thoughts to organize them and perhaps picking up the brains of some MSM journos.
In the meantime, here's my manifesto for this blog. I don't know when I'll actually implement them. (like political parties, maybe if and when they are voted to power, I would love some votes here :)
- I will know more about Personal Finance than anyone else in India.
- I will continuously search and research on the personal finance space.
- I will build a e-learning module on personal finance
- I will also build an offline module on personal finance.
- I will build a database on financial products in India which can be searched, filtered and compared.
India's first online weekly on personal finance
Friday, August 1, 2008
A few things that your family should know about your finances
A few things that comes to my mind are:
India's first online weekly on personal finance
- Your assets. Compile all your financial information, including:
- The value of all your personal and financial property.
- The type of assets you own, retirement accounts, real estate, and life insurance policies.
- How those assets are owned: jointly with your spouse or another individual, in your name only, or in your trust's name.
- Account numbers and locations. Note all of your account numbers, their balances, the telephone numbers of the institutions where the assets are held, and any designated beneficiaries.
- Important records. Your loved ones should know where to find other important records, such as the bills you typically pay each month (e.g., telephone, electricity, insurance, subscriptions, and Internet access).
India's first online weekly on personal finance
Tuesday, June 24, 2008
Personal Finance Workshops: The 6 modules
I told Sundar in the interview that I was planning some modules for a personal finance workshop. These workshops/ seminars will be focused towards heads of households hoping to make better financial decisions and avoiding financial mistakes in the future. Here are the details and I would love to hear suggestions.
Workshop Content:
Module 1: Money and Family: Understanding yourself
Module 2: Living Within Your Means
Module 3: Saving and Investing: The Road to Freedom
Module 4: Emergencies, Credit and Home Ownership
Module 5: Insurance: Your Security Cover
Module 6: Taxes, Educational & Retirement Planning
Mission
To empower people, through financial principles and practical help, make successful financial decisions and becoming financially independent.
Workshop Content:
Module 1: Money and Family: Understanding yourself
- Money and Family,
- Financial IQ and risk profiling
- Financial Goals
- Budgeting
Module 2: Living Within Your Means
- Maximizing Income
- Savings and Smart Spending
- The Cost of Consumer Credit, and Other Financial Traps
- Debt Elimination
Module 3: Saving and Investing: The Road to Freedom
- Principles of investing
- Starting Early and the magic of compounding
- Rupee Cost Averaging
- Bonds, Stocks, ETFs, Real Estate and Mutual Funds
- Asset Allocation Strategies and Pitfalls
Module 4: Emergencies, Credit and Home Ownership
- Emergency Funds
- Building Credit
- Rent vs. Buy Decisions
- Borrowing Capacity, Mortgage Options and Down Payments
Module 5: Insurance: Your Security Cover
- Principles of Insurance
- Term, Endowment, Money back, ULIPs
- Insurance on You, Your Spouse: Life, Disability and Health
- Insurance on What You Own: Home and Auto
Module 6: Taxes, Educational & Retirement Planning
- Understanding Tax Terms, Tax exemptions for Education, Retirement Savings, Home loans, Child and Dependent Care
- Tax Deductions, Retirement Tax Planning
Tuesday, March 18, 2008
India's first eBook on personal finance
A lot of people feel "threatened" when dealing with money and most people phase out when money/ savings/ investing/ tax/ stocks/ insurance/ funds are discussed. After tackling them over the last one year on my blog and website , I hope to construct an easy-to-digest, friendly e-book that people want to read and understand!
This e-book is only 21 pages and will not take more than an hour to go through. No matter who you are and what you earn, my feeling is that this one hour can help you understand money and change a lot of things for you, for the better!
Personal Finance is about managing your own money. There are scores of books and courses to manage the finance of your business or a Company. Then there are books on finances of the Government (Monetary, Fiscal Economics).
But are there enough for managing your own finances? Which is equally, if not more, important for all of us. And moreover it's simple and not rocket science!
Wednesday, February 13, 2008
Database of personal finance products in India
This is the sample database where you can filter, search and see the record summary of a financial product in India. This is an attempt to simplify things and I have kept the database to the minimal.
So you have just the three things that are critical to your decision to buy: Returns, Security and Expenses(How much the agent gets as commission)And if you need the details, there's the "More details" link in the record summary!
This is the skeleton and it needs to be fleshed out. Questions? Ask.
So you have just the three things that are critical to your decision to buy: Returns, Security and Expenses(How much the agent gets as commission)And if you need the details, there's the "More details" link in the record summary!
This is the skeleton and it needs to be fleshed out. Questions? Ask.
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