Earning more money doesn’t make us rich. Many millionaires have gone bankrupt. Having the right financial skills helps lead a stress free life even with limited financial resources. Financial Skills helps us in:
- Eliminating discretionary spending and increase Savings
- Taking better decisions on Investment Risks to increase Returns
- Understand Financial products can save us from falling prey to misspelling
5 – Action Formula for Financial happy Families
PROTECT YOUR FAMILY
Have 150 times of your monthly Income as life Insurance Sum Assured to protect your family.
INVEST IN 3 BUCKETS
INVEST IN 3 BUCKETS – SHORT TERM (LIQUID MF or RD), Medium TERM (FD or DEBT FUNDS), LONG TERM (NPS, EQUITY MUTUAL FUNDS)…
HAVE ONLY ONE FINANCIAL GOAL – “GROW YOUR NETWORTH EVERY YEAR”
SAVE TAX THROUGH EPF/ELSS/NPS and HOME & EDUCATION LOAN. But keep the EMI to 25% of Monthly Family Income
TREAT YOUR SAVING ACCOUNT AS SPENDING ACCOUNT, KEEP MINIMUM BALANCE. KEEP THE MONEY IN ACCOUNT WHERE YOU DON”T HAVE IMME…
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