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In US during the 1960-70s people would keep some cash in their metal coffee containers (coffee can) and would find it sometime in future when they really needed some money.
Bearing this concept in mind you should continue to bet on really promising companies with a long term perspective where out of the 20-30 companies you invest in probably 4-5 will grow 100X in 20+ years, thus really boosting your investments.
As there is some level of participation, periodic review and a strong weightage on your temperament more often an average person finds it difficult to stay the course and maximise their wealth.
For a common investor equity Index mutual funds (passively managed) is highly recommended. Purchase a mix of Nifty 50, equal weighted nifty 50, Nifty next 50, nifty midcap 150.
I would suggest that 10-20% of your take home income is invested in your RETIREMENT FUND only in equity mutual funds.
Rest of the money is invested in GENERAL INVESTMENT FUND in a ratio of 50% Equity MF and 50% Debt MF and the money in Debt MF is withdrawn to help you in your periodic expenses and only withdraw Equity portion when the market is high.
As part of the consolidated plan an EMERGENCY FUND which makes up 12*1 month avg expenses should be invested in liquid debt mutual fund.