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Details of Financial Planning Essentials for Software Professionals: Bits and Bytes to Money Management
On the face of it, drawing up analogies between computer programming and financial planning may seem far-fetched. But look closer. Both these tasks require setting of goals, considering of optional paths and having back up plans. Financial Planning Essentials has been written expressly keeping Software professionals in mind. As it acquaints you with financial concepts and products, it constantly puts you at ease by drawing parallels with topics that you are familiar with. It takes you seamlessly from square one, which is defining goals, to the ultimate objective, achieving them. It tells you how to cope with foreign exchange income and taxes along the way and leaves you with 5 simple yet all pervading golden rules of financial planning. Equipped with a comprehensive glossary to help you wade effortlessly through financial jargon, this book is the perfect place to begin your journey to financial success through planning and execution.
Table of Contents:
Chapter 1 – Getting Here:
- Reminiscing on how the IT professional got to where he is today, money spent by his parents to educate him, funding sources, sacrifices made, etc. Now that he is here, it’s payback time.
Chapter 2 – Aims and Aspirations:
- All of us want to be rich but getting there takes some planning. Just like an IT person needs to plan for a project, he needs to plan for each goal. Linking planning for an IT project to planning for goals.
Chapter 3 – Goals Defined:
- Crystalizing goals, attaching money value to them, understanding the impact of inflation on them.
Chapter 4 – Paths to Achievement:
- Understanding various investment options in terms of risk, returns and liquidity and which investment would help fulfill which goal.
Chapter 5 – Equity Investing
Chapter 6 – Mutual Funds
Chapter 7 – Debt Investments
Chapter 8 – Gold and Silver
Chapter 9 – Real Estate
Chapter 10 – Earning in Foreign Currency and Dealing with Taxation:
- This section will include tax impact on the IT professional’s income (domestic and foreign) and ways to reduce tax.
Chapter 11 – The project must be completed:
- Just like in IT in order to ensure that a project is completed, the company hires additional personnel and makes them sit on the ‘bench’ in order to be available if needed, in case of one’s personal goals there is insurance to help ensure that goals are fulfilled. About insurance-life and health.
Chapter 12 – 5 Golden Rules to Fulfilling Goals:
- Invest first then spend
- Start early
- Invest more each year
- Invest at a higher rate
- Use SIP
Chapter 13 – Case Studies from Financial Planners
Chapter 14 – Glossary