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Good that you have realised it early. No, you’re not late(still in the 20s 😊) people realise much later in their life. You can divide your finance into 3 bucket
1. Risk coverage - this bucket is only for risk coverage. This includes majorly term insurance and medical insurance and takes care of you & family in case of any mishaps. Premium increases along with your age, so better to start early
2. Emergency fund- Keep a fund of 3-6 months of your monthly expenses in a liquid asset like bank account, liquid mf, FD(i usually don’t recommend fd but for emergency fund u can use)
3. Investment - this bucket is purely for making money. There are many categories where u can invest your money. If you’re starting up, I would suggest to start MF sip( doesn’t matter how small, discipline is the key, i started with 2k out of my 24k salary) , once you start understanding, u can go ahead with direct equity, small case, etfs, bonds, metals or even crypto(small percentage) or chose your o continue with MF, just don’t buy instruments like ULIP/ endowment policies from some society uncle who pretend to be a financial advisor
Coming to what percentage, maximum that u can, observe ur expenses, budget it, add some percentage margin of safety, invest the remaining.(ppl say 50%+ but it depends)
Agreed with most of above suggestions from Oracle1.
However, with emergency fund, I won't park money fully into linked FDs. Reason being, they work in a stealthy way. You can't directly withdraw from FD. Only when the account balance falls below a certain level is when it does auto swipe from FD into linked account. So, let's say if I have to make an immediate payment thru card swipe (say for a hospitalization) it won't allow that because the balance in main account is less although above the limit for auto swipe to activate.
I'd rather suggest keeping a combo of separate savings a/c along with a liquid fund (for redemption within 24 hrs).
Those invest in equity go upwards.
Those in the EPF/NPS remain where they are.
But those immersed in EMIs sink downwards.
Short-term wants are less important than long-term needs; make sure you invest enough in equity assets to avoid panic in future.
Short-term needs are more important than long-term wants; make sure you have enough cash/debt assets to avoid panic today.
• Have 1yr of emergency fund.
• Buy Term/Health Insurance.
• Save 50% of your income.
• For goals > 5y Invest In Index.
• For goals < 5y Invest In debt.
• Rebalance yearly.
• Avoid loans.
These seven reduce about 99% of financial problems.
Simple and boring but not easy 🧘🏻♀️
Bonus Tips 🤩
• Equity
- Core: Index Funds by @utimutualfund
- Active FUN: Flexicap by @PPFAS & Some Coffee Can
• Debt
-Liquid by @QuantumAMC/@PPFAS
-UST by @IDFCMF
• Platforms: @MF_Utilities / @Kuvera_In / Zerodha
Keep things simple, make life happier:)
Thanks for adding your inputs, it'll help.
1 question for you :
Is Groww good too as a platform?
It's good to educate yourself but if you're serious about goals and planning, please engage a good investment advisor (Fee-only).
Thanks guys for your replies !! It was helpful !! Will look into it more.
Yes groww is good...I personally like it