Personal Finance Acronyms
Many times you would have come across personal finance acronyms on leading personal finance group on Facebook “Asan Ideas of Wealth” and couldn’t make head or tail of it. Here is list of personal finance acronyms/catch words and their expansion/meaning.
- CRATON – Corpus Ready At Time Of Need. In simple words money should be available when your goal arrives.
- MDBSC* – My Dull and Boring SIP’s will Continue (*t&c apply). This means keep running your SIPs till its review is due.
- RIPFPI – Remember, Its Personal Finance, hence Personalized It. This means what works for one will not work you, you need to personalize the solution.
- KISS – Keep It Simply Simple. This means dont over complicate your personal finance plan, and let it be simple.
- Nike – “Just Do it”. This means after you have taken pains to chalk out the plan, just implement the plan instead of ratifying it.
- Hero Honda – “Fill it, shut it, forget it”. This is similar to KISS, This means plan it in such a way that it doesn’t require excessive evaluation to keep it running.
- PFRNOTINCTB – Personal Finance Rule Number One: There Is Nothing Called The Best. This acts like a barrier from over planning. It acts as a reminder that you can never get best possible solution, best in past may not be best in future too.
- PWFCFTG – Please Wait For Clarifications From The Government. This is newer entrant which warrants the person to wait till clarity emerges instead of jumping the ship prematurely.
- EMOE – Either Money Or Experience / Earn Money Or Experience. This is result of any financial actions you undertake. For example: My dabbling in Nifty Alpha 50, didn’t make much money but gave me great deal of experience. Here is article I wrote about it.
- QSQT – Quarter Se Quarter Tak. This view is often to take a dig at people who focus on short term things. ex: Pigs(read this to know more), MSM aka Presstitutes. Long Term investors need not focus too much on quarterlies.
- LMTS – Last Minute Tax Saver. This refers to people who start their tax planning efforts always in the months of Jan, Feb and March. They are also considered as vulnerable savers because in a rush they buy worthless products like endowment plans etc..
- NMNH – No Money, No Honey. A bad situation one faces in financial matters and on the foundation which the entire field of goal based investing stands on. NMNH in investing is some times good as it stops the urge of you to spend in markets. NMNH during retirement is the thing that forces many to invest and beat inflation. In simple words one is investing to avoid NMNH situation.
There are also some industry standard terms, for that you can go through Getting Started with Mutual Funds to get birds eye view of mutual fund industry.