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Hi Fishes, I recently joined Pwc AC and was informed to update my checkpoint portfolio where we update all our investments. If we have some investments and if we do not declare them, will it be a problem or can I update it as Nothing to report. Recently I joined here so I'm having some confusion regarding this.
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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