(1/7)
🖐🏻 financial habits that I started in my young 20s that has helped me big time-
(short thread🧵)
🖐🏻 financial habits that I started in my young 20s that has helped me big time-
(short thread🧵)
(2/7) 1. Maturity is when you take care of your finance 🫡
As soon as I got my first salary, I ensured I never ask for money from my parents.
Secondly, I started learning about how to manage personal finance- how to invest, save taxes etc when I was 23.
As soon as I got my first salary, I ensured I never ask for money from my parents.
Secondly, I started learning about how to manage personal finance- how to invest, save taxes etc when I was 23.
(3/7) 2. SIPs are the best EMIs-
While I had just started learning, I didn’t wait forever to begin.
Yes, you will never be too confident to start.
I started with SIPs in ELSS schemes, some small chunk in PPF and some in Index funds.
“Pay yourself first”
While I had just started learning, I didn’t wait forever to begin.
Yes, you will never be too confident to start.
I started with SIPs in ELSS schemes, some small chunk in PPF and some in Index funds.
“Pay yourself first”
3. As you start becoming an asset from being a liability it is important to secure ur family (Term insurance)-
Took a insurance worth 20x my salary,SIPs started monthly in a way that entire premiums finish while I am done with my training period.
Added critical illness cover 2
Took a insurance worth 20x my salary,SIPs started monthly in a way that entire premiums finish while I am done with my training period.
Added critical illness cover 2
(5/7) 4. The other unexpected expenses covered-
While my hospital gives me health cover, I still got a cover worth the cost of bypass in my city (roughly 10 lakhs)
It hardly costed me 12.5k per year
No much tests or hassles.
Also kept emergency fund of 6 months of salary in FD
While my hospital gives me health cover, I still got a cover worth the cost of bypass in my city (roughly 10 lakhs)
It hardly costed me 12.5k per year
No much tests or hassles.
Also kept emergency fund of 6 months of salary in FD
(6/7) 5. Owned a piece of equity-
While I kept learning, I shifted gradually from MFs to direct equities.
Now this is like owning a baby.
Took care of it, kept reading.
Travelled my first international trip to Switzerland with profits from markets.
Had some 20x, 3-5x stocks too.
While I kept learning, I shifted gradually from MFs to direct equities.
Now this is like owning a baby.
Took care of it, kept reading.
Travelled my first international trip to Switzerland with profits from markets.
Had some 20x, 3-5x stocks too.
Now this may sound very simple
It indeed is, but I can’t emphasise it more that how it has made me self sufficient
More than that the “single life and training period” is “being busy with minimal expenses”
You save more without actually realising it
Put your money to work and see
It indeed is, but I can’t emphasise it more that how it has made me self sufficient
More than that the “single life and training period” is “being busy with minimal expenses”
You save more without actually realising it
Put your money to work and see
Thanks for the read.
Wishing you good financial and physical health 😇✨
Wishing you good financial and physical health 😇✨
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