What is SIP ?

A Systematic Investment Plan or SIP is a smart and hassle free mode for investing money in mutual funds. SIP allows you to invest a certain pre-determined amount at a regular interval (weekly, monthly, quarterly, etc.). A SIP is a planned approach towards investments and helps you inculcate the habit of saving and building wealth for the future.

A SIP is a flexible and easy investment plan. Your money is auto-debited from your bank account and invested into a specific mutual fund scheme.You are allocated certain number of units based on the ongoing market rate (called NAV or net asset value) for the day.

Every time you invest money, additional units of the scheme are purchased at the market rate and added to your account. Hence, units are bought at different rates and investors benefit from Rupee-Cost Averaging and the Power of Compounding.

With volatile markets, most investors remain skeptical about the best time to invest and try to ‘time’ their entry into the market. Rupee-cost averaging allows you to opt out of the guessing game. If are a regular investor, your money fetches more units when the price is low and lesser when the price is high. During volatile period, it may allow you to achieve a lower average cost per unit.

Other Benefits of Systematic Investment Plans

Disciplined Saving – Discipline is the key to successful investments. When you invest through SIP, you commit yourself to save regularly. Every investment is a step towards attaining your financial objectives.

Flexibility – While it is advisable to continue SIP investments with a long-term perspective, there is no compulsion. Investors can discontinue the plan at any time. One can also increase/ decrease the amount being invested.

Long-Term Gains – Due to rupee-cost averaging and the power of compounding SIPs have the potential to deliver attractive returns over a long investment horizon.

Convenience – SIP is a hassle-free mode of investment. You can issue a standing instruction to your bank to facilitate auto-debits from your bank account.

SIPs have proved to be an ideal mode of investment for retail investors who do not have the resources to pursue active investments. There is no single mutual fund to call as ‘best fund’, as there are many well performing funds over a longer period of 5 to 10 years and invested through SIP mode.

SIPs have proved to be an ideal mode of investment for retail investors who do not have the resources to pursue active investments. There is no single mutual fund to call as ‘best fund’, as there are many well performing funds over a longer period of 5 to 10 years and invested through SIP mode.

Generally SIP returns of good mutual funds have been between 12-18%. The actual returns might differ for different investors. But for this discussion, let’s be conservative and assume the average SIP returns in 5, 10, 15 or 20 years to be 12% per annum.

Here is what a Rs 10,000 per month SIP in mutual funds can do over the years:

  1. 5 year SIP of Rs 10,000 monthly = Rs 8.05 lakh
  2. 10 year SIP of Rs 10,000 monthly = Rs 21 lakh
  3. 15 year SIP of Rs 10,000 monthly = Rs 41.93lakh
  4. 20 year SIP of Rs 10,000 monthly = Rs 75.6 lakh
  5. 25 year SIP of Rs 10,000 monthly = Rs 1.29crore
  6. 30 year SIP of Rs 10,000 monthly = Rs 2.1 crore

Wow, on a mere investment of 36 lakh rs in the course of 30 years with easy installments you will be able to amass 2.1 crore rs.

What is volatility index (VIX)?

It’s a measure of the traders’ expectation of the rate of change in stock prices in the near-term (Current month & a portion of the next month). It is also known as the fear index as it indicates the uncertainty amongst market participants. In India, the Volatility Index is calculated based on the calculation mechanism adopted by the Chicago Board Options Exchange (CBOE) by using the bid/offer prices of NIFTY ATM Options Prices.

What to make sense of the VIX levels?

  1. When Vix goes up → It means that traders are willing to pay more to get the right to buy the underlying. In essence, they foresee the risks increase in the near future. Try looking at it from an insurance buyer’s mindset. When the perceived risk is high, the buyer is willing to pay more to cover that risk.
  2. When Vix goes down → It means that traders are willing to pay less to acquire the right to buy the underlying. In essence, they foresee the risks to reduce or remain low in the near future. In insurance analogy, when the perceived risk is low and there is complacency, the willingness to pay for insurance reduces, the prices reduce.
  3. Sudden Spikes → Historically, India Vix has not spiked above 40 despite many sudden uncertainties in the market. However, when there is a fear of epic proportions, the levels have gone above and beyond 40. Such times are considered the riskiest and unpredictable when compared to other uncertainties that are part and parcel in the marketplace.

Can VIX is useful to make position in options?

It is very logical question, VIX is useful to me to create my option position. The answer is YES, by studying VIX we can ascertain the risk involved in stock market. In last 3 days as on 25 Feb the VIX was at high because of air strike done by Indian air force.

In a week period I.e. 1st March today VIX fall almost 20% from pick. So, market is showing some strength and almost every stock option fall drastically due to fall in VIX. Take any name reliance volatility was 29 and during day it reach to 26, so vix is common parameter to study overall market fear.

What is meant by Rights Issue?

A right is actually an abbreviation for the full form “Right of first refusal”. It is an option given to the existing shareholders to invest in a public issue of the company in proportion to their existing shareholding.

It is given as a privilege to the current investors to increase their holding in the company. You can think of it as a loyalty program of sorts. The option’s time value (subscription period) in India is between 15 – 30 days depending on the company. It cannot extend beyond 30 days as per the securities law.

The right to subscribe is non-transferable and if shareholders don’t do it within the stipulated time-frame, it expires. To lure shareholders to buy in the rights issue, companies issue shares at a discount to the market price. The long-term shareholders tend to subscribe for these issues if they don’t want their % ownership of the company to get diluted.

Why do companies do Right issue?

The main reason is to keep its shareholding structure unchanged!

Rights issues are a classic way to keep away from new activist investors, hostile acquiring attempts from competitors, corporate raiders etc. Unlike an IPO, a rights issue is a silent affair which does not attract any attention of the outside world.

A company that wants to do a rights issue must only issue a public notice in 3 newspapers (English, Hindi & regional). Usually, these advertisements are stuck in the notice board part of the paper which hardly invites any attention.

This source of funding is especially useful for companies that have a large promoter holding with a narrow shareholder base. Raising equity becomes easy and inexpensive through this route.

What is NAV in mutual funds?

Net asset value(NAV) is the value of a fund’s asset less the value of its liabilities such as operating expenses, marketing expenses, management fees, among other permissible expenses and charges per unit. NAV = (Value of Assets-Value of Liabilities)/number of units outstanding.

Let us assume I run a company. I have a factory, land property across the country, 100 Four Wheeler vehicle, 25 heavy pieces of machinery and I have borrowed a loan of Rs. 100/- from a bank. The company has 100 shares outstanding in the market.

The value of a factory is Rs. 1000/-, the value of a land property is Rs. 200/-, the value of 100 four wheeler vehicle is Rs. 100/- and the value of 25 heavy pieces of machinery is Rs. 500/-.

So my company’s total asset is = 1000 + 200 + 100 + 500 = Rs.1800/-

Since I have borrowed Rs. 100/- from the bank this is my liability which is to be repaid whether in the long term or short term.

So the company NAV is = 1800-100/100 = 1700/100 = 17

How to calculate the Fund NAV: The Mutual Fund invests the money in many different sectors and a bunch of companies to minimize the risk and diversify the portfolio.

Let us assume one large cap fund invests the money in 5 companies. So the companies NAV is different. To calculate the fund NAV you have to sum the respective company NAV and just average. Then you get the respective fund NAV. The companies in which the money is invested are Maruti Suzuki (NAV 400), Titan Company (NAV 300), State Bank of India (NAV 500), HPCL (NAV 500), and Interglobe Aviation ( NAV 300).

So, the Fund NAV is = ( 400 + 300 + 500 + 500 + 300 )/ 5 = 400.

What are open Ended and close ended Mutual funds?

A mutual fund is a professionally-managed trust that pools the savings of many investors and invests them in securities like stocks, bonds, short-term money market instruments and commodities such as precious metals.

Mutual funds are classified in a variety of ways. But the first classification is:

Open-ended funds: These funds buy and sell units on a continuous basis and, hence, allow investors to enter and exit as per their convenience. The units can be purchased and sold even after the initial offering (NFO) period (in case of new funds). The units are bought and sold at the net asset value (NAV) declared by the fund.

The number of outstanding units goes up or down every time the fund house sells or repurchases the existing units. This is the reason that the unit capital of an open-ended mutual fund keeps varying. The fund expands in size when the fund house sells more units than it repurchases as more money is flowing in.

Closed-ended funds: The unit capital of closed ended funds is fixed and they sell a specific number of units. Unlike in open-ended funds, investors cannot buy the units of a closed-ended fund after its NFO period is over. This means that new investors cannot enter, nor can existing investors exit till the term of the scheme ends. However, to provide a platform for investors to exit before the term, the fund houses list their closed-ended schemes on a stock exchange.

Trading on a stock exchange enables investors to buy and sell units through a broker in the same manner as transacting the shares of a company. The number of outstanding units of a closed-ended fund does not change as a result of trading on the stock exchange. The closed-ended funds are free from the worry of regular and sudden redemption and their fund managers are not worried about the fund size

What is share buy Back?

Meaning:

When a company issues shares to the public, it raises its capital and allots shares to the shareholders. Buyback is exactly opposite to this. In Buyback, the company purchases its own shares from the shareholders and pays them the money.

Advantages to the retail investors:

Increase in the wealth of the retail investor:

Whenever a company announces buy back, it is generally done at a price higher than the market price of the shares. Hence, buyback is profitable from the view point of a retail investor. Also, for an already existing investor, buy back will be more beneficial because as the company announces buyback, it is generally perceived as a good sign and hence there is a renewed buying in the share. This causes the price of the share to increase and hence it increases the wealth of the investor.

However, there are few things which must be kept in mind before giving your shares to the company for buyback.

  1. What is the % of the shares the company is willing to buy back? This matters the most because not all the shares held by the investor will be bought back by the company. Hence, the acceptance ratio matters a lot. If the ratio is low, then it would be prudent not to invest in the share only to get the benefit of buyback. Hence, the buyback will not be attractive option for a new investor who is thinking of purchasing the share after the company announces buyback if the acceptance ratio is low. But, for an existing old investor, who already holds the shares, the buy back announcement may be beneficial as he is already holding the shares because the company will be buying the shares at a price which is higher than the market price.
  2. What is the price of the buy back? If the buyback price is less attractive, then again it won’t be prudent to invest in the shares with the greed of buyback by the company. Les attractive here would mean that the existing market price and the price of buy back are not having much difference.

What is face value and market value of stock?

These terms are used for financial market and signify a particular meaning to the financial instruments. These terms have a different value for every financial instrument and should be taken into consideration. So let us know about every term in detail:

Face value: This is the value which represents the nominal value of the company. For stocks (original cost) it is generally at 10 and for bonds (par value) 100. This value usually remains the same for stocks and is of very much importance when a company decides to do most of the corporate actions (dividends, bonus, splits, etc). It changes if the company decides to split (the value goes lower) and when the company chooses a share consolidation (the value goes higher but usually not above 10). Both of these actions happen in the form of ratios, like 1:2 or 1:5 etc, with the left value denoting the initial amount andright the final value. The face value of a company does not change due to any other reason (results, news, change in government policies, etc.)

If the face value of a company is multiplied by the shares outstanding, then we get the equity capital. For bonds the face value is the amount of money the issuer provides to the investor when it becomes mature. The face value of bonds changes along with the interest/inflation rates. It may go higher (premium) or lower (discount). In the case of zero-coupon bonds the face value is always lower while purchasing.

FACE VALUE= EQUITY SHARE CAPITAL

NO. OF SHARES OUTSTANDING

Book value: The book value of a company is the net value which is in the books. It means it is the value a company will provide to the investors if the company goes bankrupt. This value is determined by selling off all the assets and paying off the liabilitiesand dividing the left amount by the number of shares. Although not very high in comparison to the market value, but if the market value of a stock goes below the book value then it is a good buy signal. Market value (coming up next) to book value is an excellent indicator in determining if the company is overvalued or undervalued. This value helps in making a few financial ratios also like price to book value, sales to book value, etc. The value changes only due to the results shared by the company, it doesn’t get much affected by the corporate actions, news, etc.

The book value for bonds refers to the current price for the remaining coupons plus the redemption value at the coupon rate. If we need to know the price in between the coupon dates then we will not consider the value of the next coupon.

Market value: This is the value at which the stocks trade in the stock exchanges. The definition is also equally valid for bonds at the bond market. This is commonly known as Current Market Price (CMP). The market value of the stock keeps on changing (almost every second) until the stock exchanges settle down. This change of prices is due to multiple reasons such as results, news, changes in government policies, corporate actions, etc. The market value faces a drastic turn when there’s a stock split (gets halved) or share consolidation (gets doubled). The market value tells the amount that the buyer pays and seller sells for every share that is purchased or sold. In cases of high volatility speculators earn good money. This value helps us in determining the capitalization of a company by simply multiplying it with the number of shares outstanding. A very high market value does scare a lot of investors/speculators but shouldn’t be bothered if we know how well is the company performing. Some companies due to either about to wind up or due to some other reasons have a very low market value and they are often called pennies (penny stocks). This value is not only used in financial instruments but in every possible thing like groceries, cattle, property, etc.

Intrinsic value: It is the actual value that the investor decides to pay/get for the investments. This is also the value which is commonly known as the discounted value of the future benefits.“It is the discounted value of the cash that can be taken out of a business during its remaining life.” This is the famous quote by the great investor Warren Buffet. Although it is tough to calculate but if someone knows how to, then that person will soon become the king of investments. If the intrinsic value is perceived to be lower than the market value then the investment is said to be overvalued and vice versa. This value is determined by qualitative and quantitative analysis. Therefore, this value is regarded as a part of the valuation and not the fundamental value or technical value. The intrinsic value is mostly calculated for stocks and other investable instruments (that provide capital appreciation).

So, while reading any financial reports or analyzing the value of a company, an investor should be careful about the type of value he/she is using as it can significantly affect the decisions to be taken.

Example on how to see these values

Red box = Market value

Blue box = Book value

Yellow box = Face value

What is meant by book value in shares?

Introduction:-

The Price to Book (P/B) Ratio is used to compare a company’s market price to book value and is calculated by dividing price per share by book value per share.

The price-to-book ratio measures a company’s market price in relation to its book value. The ratio denotes how much equity investors are paying for each rupee in net assets.

Book value, usually located on a company’s balance sheet as “stockholder equity,” represents the total amount that would be left over if the company liquidated all of its assets and repaid all of its liabilities.

Formula:-

Book value = Net Worth

Book Value per Share = Book Value / Total number of shares

P/B Value Ratio = Market Price per Share / Book Value per Share

Use of Book Value per Share:-

The book value per share may be used by some investors to determine the equity in a company relative to the market value of the company, which is the price of its stock.

For example, a SMG Ltd company that is currently trading for Rs. 200 but has a book value of Rs. 100 is selling at twice its equity. This example is referred to as price to book value (P/B), in which book value per share is used in the denominator. In contrast to book value, the market price reflects the future growth potential of the company

There are basically two methods to calculate the book value,

1. Liability Side Approach:

Under this approach the book value is calculated by adding The Share capital and Reserves & surplus which nothing but the Net worth of the firm.

Book Value = Net Worth (Shareholders’ fund)

2. Asset Side Approach:

Under this method we calculate the book value by subtracting the outsiders’ liabilities (Non current liabilities and Current liabilities) and the fictitious assets from the Total assets.

Book Value = (Total assets – Fictitious assets) – Outsiders’ liability

If you ask me, I personally prefer the Asset Side Approach to measure the book value.

Reason??

This is because when we calculate the book value by liability side approach; we don’t deduct the Fictitious assets value.

Fictitious assets are current assets which have no market value but just created out of some miscellaneous expenditures such as preliminary expenses, loss on issue of shares, discount on issue of debentures etc.

So considering them in book value makes NO SENSE.

Now to calculate book value per share just divide Book value by the total number of outstanding shares.

That is, Book Value per share = Book Value / No. of outstanding shares

What is P/E ratio?

What is P/E ratio???

Can it help me in valuing or knowing the true (Intrinsic Value) value of the stocks I am holding???

Well, that’s true to certain extent. PE ratio of a particular stock is much useful in finding whether the stock I am holding or planning to add to my current portfolio of stocks is worth the price I am paying for it.

Formula of PE ratio :

PE ratio of Stock X = Market Price of the Stock X/Earning per share of the Stock X

How to interpret PE ratio of a stock??

Suppose Mr X wants to interpret or understand the meaning of PE ratio of TITAN Company [this is the stock which made more than Rs 4000 crores(approx figure) for Mr Rakesh Jhunjuhunwala] Stock

I am taking Standalone (Means excluding the data of subsidiaries of TITAN Company) figures out here.

Here EPS is Rs. 15.48 and Market price of the share is Rs. 1,091.05, so accordingly PE ratio be 1091.05/15.48=70.48 . This PE ratio or commonly also known as PE multiple shows that investors are ready to pay Rs.70 for each rupee of profits company earns.

Please note that EPS=Profits earned by company/No of shares of the company

Now take another example of Rajesh Exports(A peer group company of Titan)

It’s PE ratio would work out to be 685.35/15=45(Approximately). It shows that Investors are ready to pay Rs 45 for each rupee of profits earned by Rajesh Exports.

Your next question would be why People are ready to pay Rs. 70 for TITAN and Rs 45 for Rajesh Exports. It is mainly due to the investors expectations about the future earnings and growth in those earnings of the company.

People are more optimistic about future of Titan’s earnings as compare to the earnings of Rajesh Exports.

Can PE RATIO help me in finding the valuation of a stock ?????

Yes, it can..

Now talking with a generalistic view, stocks above 50 PE ratio can be considered as overvalued and below that can be identified as undervalued securities.

But if the size of business opportunity for a company is big then it is advisable to buy that share even though it is trading above 50 PE.

Like TITAN Company was is now trading at 70 PE, so if an investor would have invested in that share at 50 PE even then he would have made mind blowing gains in it also i.e around 40% appreciation, and this is purely due to the size of business opportunity existing for TITAN at 50 PE ratio even.

Note: there is no perfect value of PE parameter around which we can determine the exact valuation of a company’s share.

What is Forward Price-To-Earnings

These two types P/E ratios: the Forward P/E and the trailing P/E.

The forward (or leading) P/E uses future earnings expectations. It helps provide a clearer picture of what earnings of the company will look like.

Predicting forward P/E requires estimating the expected earnings per share , which in itself is subject matter of judgement on the part of Investors and it can vary substantially from person to person.

When trying to figure out whether a company’s price, and its forward P/E ratio, are “fair,” an investor should try to figure out what assumptions have been made regarding the company’s fundamentals.

Trailing Price-To-Earnings

The trailing P/E relies on past EPS of the company and is derived by dividing the current share price by the EPS over the previous 12 months.

Some investors prefer to look at the trailing P/E because there is lack of objectivity in another individuals earnings predictions.

But Trailing P/E suffers from a major drawback and is the earnings of company(EPS) can not be expected to grow at the historical growth rates of company’s profits.

Specifically in the case of cyclical industries or commodity based companies whose profits can not be predicted with assurance, trailing PEs can not be used for valuation of shares.

LIMITATIONS OF THE PE RATIO

A. Comparability: One should only use P/E as a comparative tool when considering different companies in same sector. P/E can not be used to compare companies working in altogether different sectors. Like we can not compare PE multiple of Infosys and TATA steel as one is an IT company and other one is in steel sector.

B. Considering P/E solely: Rather than treating the P/E ratio as a derivative of the fundamental characteristics like EPS, Growth rate, Return on Equity(ROE) that drive the intrinsic value of a share, they treat it as a characteristic unto itself, capable of being evaluated on its own terms.

For example, you might hear someone say that a stock is trading below its 20-year average P/E, and that therefore it is cheap. Or they might compare one stock’s P/E to another; for example, “This stock has historically traded at a 20% higher P/E than that stock, but today it is trading at a 30% higher multiple, so it is expensive.” These sorts of statement implicitly assume that P/E ratios have a kind of life of their own.

But this kind of thinking is ultimately just a way to avoid the harder work of understanding whether something has changed at the company, specifically whether there have been changes in the fundamentals(like EPS, EBIT, SALES, COSTS, DEBT) that drive the stock price.

While understanding P/E ratios it seems pertinent to mention PEG ratios also.

PEG ratio= P/E ratio/ Growth rate

Now there is a fraction of analysts who feel that P/E ratio does not consider growth rates(provided the share has been valued ignoring growth rates in earnings of share) while finding whether the share is under or over valued actually.

So PEG ratio is the one which removes this inherent drawback of using P/E ratio and gives us a better estimate of value of the share.

Generally a share available at 1 or 1.5 PEG is considered a good investment and above that shares are reckoned as expensive or overvalued.

What are some books every investor (beginner or professional) must read?

Here we would like to summarize books related to investing that every investor either beginner or professional must read

  1. Intelligent Investor:

It is a widely acclaimed book by Benjamin Graham on value investing. Written by one of the greatest investment advisers of twentieth century, the book aims at preventing potential investors from substantial errors and also teaches them strategies to achieve long-term investment goals.

Over the years, investment market has been following teachings and strategies of Graham for growth and development. In the book, Graham has explained various principles and strategies for investing safely and successfully without taking bigger risks. Modern-day investors still continue to use his proven and well-executed techniques for value investment.

To buy one online now – click Here

The current edition highlights some of the important concepts that are useful for latest financial orders and plans. Keeping Graham’s unique text in original form, the book focuses on major principles that can be applied in day-to-day life. All the concepts and principles are explained with the help of examples for better clarity and understanding of the financial world.

Combination of original plan of Graham and the current financial situations are the reason behind this book’s preference today’s investors. It is a detailed version with several wisdom quotes that are likely to change one’s investing career and lead to the path of financial safety and security.

To buy one online now – click Here

2. One up on wall street

Penned by the famous mutual-fund manager, Peter Lynch, this book elaborates the many advantages that an average investor has over professionals and how they can help them reach financial triumph.

To buy one online now – click Here

How To Use What You Already Know To Make Money in The Market explains how your knowledge alone can assist you beat the pros of investing. From the viewpoint of America’s most triumphant money manager, investment chances are extensively accessible. Whether supermarket or work place, you can find goods and services everywhere. You have to select these organizations in which to invest, before they are found by skilled analysts. You will find more interesting knowledge on investment. Thus the book has become one of the best seller and treasure among readers. Moreover, this book provides time less recommendation on money business. This book has discussed the tips, ebb and flows on building it big in the investment market.

To buy one online now – click Here

3. The man who solved the market

The first and fascinating look into the mind of Jim Simons, the shy billionaire who revolutionized Wall Street.

A compelling read‘ – Economist

Captivating‘ – New York Times book review

To buy one online now – click Here

Jim Simons is the greatest moneymaker in modern financial history. His record bests those of legendary investors, including Warren Buffett, George Soros and Ray Dalio. Yet Simons and his strategies are shrouded in mystery. The financial industry has long craved a look inside Simons’s secretive hedge fund, Renaissance Technologies and veteran Wall Street Journal reporter Gregory Zuckerman delivers the goods.

After a legendary career as a mathematician and a stint breaking Soviet codes, Simons set out to conquer financial markets with a radical approach. Simons hired physicists, mathematicians and computer scientists – most of whom knew little about finance – to amass piles of data and build algorithms hunting for the deeply hidden patterns in global markets. Experts scoffed, but Simons and his colleagues became some of the richest in the world, their strategy of creating mathematical models and crunching data embraced by almost every industry. Simons and his team used their wealth to upend the worlds of politics, philanthropy and science. They weren’t prepared for the backlash.

In this fast-paced narrative, Zuckerman examines how Simons launched a quantitative revolution on Wall Street, and reveals the impact that Simons, the quiet billionaire king of the quants, has had on worlds well beyond finance.

To buy one online now – click Here

Special Mention – Rich Dad Poor Dad

April 2017 marks 20 years since Robert Kiyosakis Rich Dad Poor Dad first made waves in the Personal Finance arena. It has since become the 1 Personal Finance book of all time translated into dozens of languages and sold around the world Rich Dad Poor Dad is Roberts story of growing up with two dads his real father and the father of his best friend his rich dad and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you 20 Years 2020 Hindsight In the 20th Anniversary Edition of this classic Robert offers an update on what weve seen over the past 20 years related to money investing and the global economy Sidebars throughout the book will take readers fast forward from 1997 to today as Robert assesses how the principles taught by his rich dad have stood the test of time In many ways the messages of Rich Dad Poor Dad messages that were criticized and challenged two decades ago are more meaningful relevant and important today than they were 20 years ago As always readers can expect that Robert will be candid insightful and continue to rock more than a few boats in his retrospective Will there be a few surprises Count on it Rich Dad Poor Dad Explodes the myth that you need to earn a high income to become rich Challenges the belief that your house is an asset Shows parents why they cant rely on the school system to teach their kids about money Defines once and for all an asset and a liability Teaches you what to teach your kids about money for their future financial success

To buy one online now – click Here