Personal Finance in Bullets
Here’s some of the personal financial planning wisdom that I have gathered over the years put into bullet points Spend what you have left after saving, not the other way around Save at least 10% of your paycheck, go as high as 30% if your income allows it Start saving as early as possible, preferably from the first paycheck Create a contingency fund, equivalent to at least 6 months expenses, put this in a liquid mutual fund Get life insurance (at least 5-10 times your annual salary, it won’t look that high 10 years down the road) Get medical insurance (go for at least 10 lakh limit) Don’t keep any high interest loans (credit card loan is an absolute no, repay car/bike loans as soon as possible) Home loan is okay if it is for your first home (taking loan for second home is like investing, there are other simpler ways to investment, see below) After all of the above, if you have extra savings, create a long term portfolio You should not touch this for at leas...