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Quick qstn - I'm receiving HRA of 24075 from my employer but I would like dhow the rent paid as 96k p.a (while filing ITR). Even if I do so, I was only able to get exemption of 24075 from gross. Checking if we can speak to payroll department to increase Actual HRA since I'm actually paying more rent than compared. Will I be able to do so ?Deloitte Newco EY Accenture Genpact KPMG
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Hi I'm in tableau Ctc is 9.6, fix 7.8 yoe-1yr I want to become a product manager or into product marketing /strategy I was hoping to get an mba, but in india placements are like 15-20 range and fee is like 20+ Plus my 12th %=55% Science (Bsc+Msc) Placements in clgs have 10th and 12th % criterias, taking this into consideration i dropped the plan What do you think i should do? Option is to switch to business analytics after taking some short business courses or mba? Deloitte USI Accenture IBM PwC
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First thing you need to do is build an emergency fund. Thats most important which everyone forgets and regrets. Ideally we need 12 months reserve but you start with 6 months, this is how you should: 1 month expense as cash, 2 months cash in bank & 3- 4 months in liquid fund. FD can also be considered.
Secondly is insurance: Term , life & accidental do it asap as sooner as better. Add super top up insurance very important.
Investments: Invest only in passive funds that is index funds. They have less expense ratio & gives you better return in long term. Use small case to buy stocks with great long term value.
Now comes the intresting part you have to invest in yourself no investment can beat that. Try to get better offer in 1-2 years like from 8 to 16 lpa+.
I'm 23 & i started investment a year back. What i learnt is money attracts money. I live in simple formula saving more than 50% of salary, then invest & forget. Build multiple streams of income, YOU DON'T HAVE SAVING PROBLEM YOU HAVE INCOME PROBLEM, EARN MORE MONEY :)
I CAN EVEN BET YOU MOST PEOPLE HERE DON'T KNOW MUCH OF INVESTMENT. EVEN I'M NOT GONNA SHARE MY ALL SECRETS IT TOOK ME 1 YEAR TO UNDERSTAND AND CRACK THE CODE.
SIMPLE ADVICE DON'T INVEST IN ANYTHING ELSE OTHER THAN INDEX FUND IN MUTUAL FUNDS & JOIN TWITTER AND FOLLOW ANONYMOUS ACCOUNT.
Sure, Thank You 😃
I’m glad that you are thinking about this right from the first day. Kudos to you!! Below are my 2 cents..
Buy Term insurance and some good health insurance for you and dependants.
Then follow 50/30/20 rule..start with SIP no matter what the amount is. It will bring you discipline. if you have knowledge on equities, invest in some blue chips..stay away from FD..some bond funds are better than FD..you can do PF too.
I guess someone has already suggested some bluechips like Asian Paints, HUL, Reliance and there are many if you do some research by looking at the historical data.
That applies to the bond fund as well. There are many but pls do your research and find the best one that suits you!
One advise is never look for quick money and unrealistic returns.
Invest in different asset classes even if the investment is less. Never dump your entire capital in one asset class.
Example: public provident fund, SIP, Gold bond and Mutual fund(do a thorough research before choosing a Mutual fund)
First of all Congratulations. Though I'm not aware of your CTC, let me see if I can put my thoughts here.
First and foremost, you'll have to determine your "basic needs/expenses", this does not include splurges. Once you have got a ballpark number with you. You need to determine the needs of following:
1. Term Insurance (will give you 80c benefit as well)
2. Health Insurance (will again give you some benefits)
3. Start investing in your retirement corpus through various investments like PPF, MF, Gold etc. It is ok to start small (lets say 5-10k) per month but disciplined.
4. Saving for any planned goals for future like First Bike, First Car, First home etc etc.
5. If anything is left after above, splurge a portion of it on yourself, to keep you going :)
These are some of the things that I can think of at the top of my head. You can get more ideas from Google and hear more ideas from others.
Thanks for the valuable advice 😃
Books: Psychology of money(relevant in 2022)
Investments :
1. PPF 14 Yrs lock in ( for tax exemption in 80c also capital gain on ppf is non taxable. Stable 7.1% return no risk)
2. Since we get monthly salaries, invest with discipline in SIP's( stable ones with 10-12% interest, investing on 3-4 will be wise or even less is better). Note: ELSS sip's which have lock in of 3 yrs can also be considered in 80c for tax exemption.
3. Whenever there is a dip in the stock market , purchase fundamentally strong stocks like asian paint, hul etc( dont think of selling, be there for long term). Start aggregating good stocks at early age and reap the rewards later :)
One u start 6-12 months down the lane, you will build the right market accumen to take calculated risks and expand your portfolio as per your goals.
Also, i know a lot of the people dont recommend FD but i strongly feel everybody wants to have some emergency fund which u can get access to in 1-2 days without hassle and since its an emergency fund u dont want it to be volatile. So having 6 months expense as a FD is a good idea in my opinion :)
Be consistent in wherever investing you’ll do for long term compounding gain. Nifty index funds, small cases, mutual funds are few options to study and consider.
Nifty etf