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I received my pre-hire survey Oct 21(Fri) but my bank KYC is not verified yet. I just submitted my bank KYC in EPFO portal. Now my query is do I need to wait till my KYC is verified in EPF portal? Or can I submit the survey with attaching a note: As Submitted KYC and pending verification.
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Wherever you are, make a plan that can work for you. Figure out likely go forward comp and expenses. Adjust as you can. Determine how much you can save what you are likely to earn (easiest is to invest in market following index funds like VTI or VOO) and have a target net worth you want to get to. There are some books / articles / websites that can help.
Coach
You're in your late 40s with debt and no investments?
The way compound growth works, that's pretty punishing.
Are you US based? What's your average monthly expenses?
If I were you I'd focus on doing everything I could to lower those. Sell cars, pay off debt, etc. you're very likely going to be in a position where you won't be able to continue your standard of living in retirement. So you'll have to reduce it.
Financial literacy is rarely taught, esp. in the US. It’s better to start even in late 40s than not at all and if the market keeps up, there are gains that can still be made even starting out small
Coach
Make a budget and stick to it
Build an emergency fund first. Know how to use it.
Fill up your tax advantaged accounts first (after the emergency fund)
Once your tax advantaged accounts are being funded appropriately, divide your remaining investments into short term (bonds or HYSA) and long term (index funds). Set those contributions to auto-invest on a regular cadence. Then don’t check the balances on those accounts at all.
Keep it simple.
Mentor
Above all else, make a budget.
Save at least 20%. Max out your 401k with Traditional contributions (not Roth)
Choose the index stock fund for at least 75%
With catch up contributions after 50 you can save over $30k a year here with tax benefits
If you follow this you’ll be fine. You won’t retire early, but you’ll have some choices later around traditional retirement age.
If you can save 30%+ that will give you more choice and freedom earlier.
Subject Expert
Read Ramit Sethi's I Will Teach You To Be Rich and William Bernstein's The Four Pillars of Investing.
Do some financial planning. Make yourself a list of SMART financial goals, write an investment policy statement, write a budget, make a projection of how your assets will accumulate, compare the projection with the goals, and iterate until it fits together.
Then really execute your plan, and stick to it.
Plus one for Ramit’s book! His podcast is good too.
What type of debt and how much do you have left? Do you already have an emergency fund?
Are your stocks single stocks or ETFs/mutual funds? Also, depending on your CD rates, you might better off with a HYSA or money market account
Share some numbers and you might get more tactical advice
I’d put all your spare $ into ETFs like VOO, QQQ, VTI. Don’t bother with single stocks
How are you doing on tax advantaged accounts (401k, HSA, IRAs etc)? After an emergency fund those are the best places to start, so you get the tax breaks and the investment gains.