13 | April | 2011 | wealthymatters

Legacy Drawer

April 13, 2011 1 Comment

Dave Ramsey talks of the Legacy Drawer.It’s a drawer that houses all of the important information your family needs in case something happens to you.It might be the last gift you will give your family, so it’s worthwhile making it a good one.

The drawer should be somewhere in your home and contain everything your spouse or family needs to know if you aren’t around—anything that has to do with your financial life should be in that drawer. You must organize it in a way that anyone can find a specific document in 30 seconds. All files should be clearly marked, in order, and easy for a grieving family member to find. There’s no need to go into extreme detail when creating your Legacy Drawer. Simply include the appropriate documents in an easy-to-understand format, and you’re good to go!

Here is a list of things your Legacy Drawer should contain :- Read more of this post

Filed under Theory, Tool Kit Tagged with accident insurance, birth certificates, car insurance, Dave Ramsey, deeds, disability insurance, estate, executor, health insurance, insurance policy, Legacy Drawer, life insurance, monthly budget, PAN Card, passwords, PIN numbers, postaday2011, power of attorney, RandomBlog2011, safe deposit box, tax returns, term insurance, Will

Sources of Start-Up Capital

April 13, 2011 8 Comments

As Adrian from 7million7years puts it:

Start-Up capital almost always comes from the Four F’s:

– Founders – What does your personal ‘balance sheet’ look like? Do you own a house, car, etc. Many a business has been started by refinancing existing assets, borrowing money on credit-cards, and so on. Desperate times call for desperate measures.

– Friends/Family – These two groups will invest small amounts – from $100 to $10,000 each. Pull a few together and you may get enough. Usually, they are investing in YOU, so financial results are less important to them. But, if you have a business plan that reads well, and you have a wide circle, you’re ready to start asking!

– Fools – These are seed-stage investors who MAY invest in an idea, but they are VERY hard to come by. You probably need more than one co-founder (one-man businesses are usually seen as too one-sided), and you will need to demonstrate a business with good upside

Filed under Entrepreneurship Tagged with co-founder, founders, friends and family, personal balance sheet, seed-stage investors, start up capital, upside

Notice

April 13, 2011 Leave a comment

I’m going to hospital tomorrow.I’m scheduled for surgery on the 15th.Hence I will be gone for a while.

Thankyou for your prayers and good wishes.

Filed under Tidbits Tagged with hospital, prayers, surgery

The Miscellaneous Head

April 13, 2011 4 Comments

The best laid budgets go wary.No matter how experienced the budgeter there are bound to be some minor unplanned for expenses.Mind you I am not talking of emergencies such as surgery or even infrequent expenses like say replacing a home appliance or unexpected expenses such as repairing a car.I’m speaking of small expenses such as an improptu evening out with friends or forking for a kid’s school project , toy or outing.These are the sort of expenses which call for a miscellaneous head in our budgets.Budgeting too tightly means there is no flexability to accomodate these small expenses and soon life is bound to become a drag.

The way to ensure there is always a little something for the extras is to decide on a figure and open a small savings account.If you withdraw from this account,top it up in the next budgetary cycle.This way you can be impulsive without upsetting the budget or going overboard with impulse spending.