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15 Personal Finance Hacks to help you Manage Your Money Better
Read the complete Thread if you are under 25 to outperform 99% people of your age 🧵
Read the complete Thread if you are under 25 to outperform 99% people of your age 🧵
1) Investing is Overrated 💸
Focus on maximising your income first, building a passive source of income.
Savings and Investing comes later. Let’s understand this better?
Focus on maximising your income first, building a passive source of income.
Savings and Investing comes later. Let’s understand this better?
You need to build an income stream that earns money while you sleep
You need to let your money work for you, your YouTube, Social Media could be more worthy than an Engineering or MBA Degree
Someone with 100K credible followers are earning 5-10x more than a typical graduate
You need to let your money work for you, your YouTube, Social Media could be more worthy than an Engineering or MBA Degree
Someone with 100K credible followers are earning 5-10x more than a typical graduate
In my case Brand Consulting, Partnerships, Overseas One Time Projects, Social Media have outperformed active income many times.
I actively monetise my knowledge and time. This Thread by @naval changed my life and career 4 years back
I actively monetise my knowledge and time. This Thread by @naval changed my life and career 4 years back
2) Savings Rate & Cash Flow 💲
You need to closely track your monthly Cashflow. How much you are earning, spending and investing
You don’t to track every rupee you are spending but allocate a specific budget for all 3 categories
You need to closely track your monthly Cashflow. How much you are earning, spending and investing
You don’t to track every rupee you are spending but allocate a specific budget for all 3 categories
You should know what’s Month on Month and Year on Year appreciation or depreciation in your overall Cashflow.
The day you start tracking this, your relationship with money will significantly improve and you’ll see positive changes.
The day you start tracking this, your relationship with money will significantly improve and you’ll see positive changes.
3) Separating Bank Account 📊
You need to open 3 Bank Accounts
a - Salary Account
b) - Spends Account (Day to Day, UPI)
c) Investing Bank Account
Transfer a fixed amount at the start of every month, Your primary bank account will look clean and you might avoid overspending
You need to open 3 Bank Accounts
a - Salary Account
b) - Spends Account (Day to Day, UPI)
c) Investing Bank Account
Transfer a fixed amount at the start of every month, Your primary bank account will look clean and you might avoid overspending
Remember, Investing comes first and spending money later
If you earn ₹1 Lakh a month and committed a savings (Investment) rate of 45%, so ₹45,000 should be transferred to another account without any delay
Same goes for pre-defined monthly spend limit, keep your accounts clean
If you earn ₹1 Lakh a month and committed a savings (Investment) rate of 45%, so ₹45,000 should be transferred to another account without any delay
Same goes for pre-defined monthly spend limit, keep your accounts clean
4) Investing 💰
Actually tricky, I recommend find an ideal balance between
Mutual Funds
Stocks
FD
PPF
Sovereign Gold Bonds
Pick an Index Mutual Fund and do SIP. Don’t directly jump into the stock market.
Research more about business, their past performance, financials.
Actually tricky, I recommend find an ideal balance between
Mutual Funds
Stocks
FD
PPF
Sovereign Gold Bonds
Pick an Index Mutual Fund and do SIP. Don’t directly jump into the stock market.
Research more about business, their past performance, financials.
5) Mutual Fund SIP (Index Funds) 📈
₹30,000 Invested Monthly in Mutual Fund via SIP, assuming Index has delivered 11% return can give you ₹1.37 Crore after 15 years
Where your invested amount was just ₹54 Lakhs, that’s the power of compounding in the long term.
₹30,000 Invested Monthly in Mutual Fund via SIP, assuming Index has delivered 11% return can give you ₹1.37 Crore after 15 years
Where your invested amount was just ₹54 Lakhs, that’s the power of compounding in the long term.
FDs aren’t bad, Don’t let influencers fool you. You should have some money parked in FD that earns you 6-7% returns
You could also get a Credit Card against FD that can help you in an emergency.
Earn Interest and Enjoy Liquidity
You could also get a Credit Card against FD that can help you in an emergency.
Earn Interest and Enjoy Liquidity
Don’t forget to read more about traditional Investing instruments such as PPF, Sovereign Gold etc
They help you with Tax Benefits, long term wealth creation, compounding and protect you from volatility of the stock market
They help you with Tax Benefits, long term wealth creation, compounding and protect you from volatility of the stock market
₹1,50,000 Invested annually for just 15 years will give you ₹40,68,209 Post 15 years at 7.1% Interest Rate in PPF
6) Should you Invest in Gold 🌟
I have a decent allocation of Gold in my Portfolio, mostly buy SGBs
They’re backed by RBI and earn 2.5% Annual Interest and Capital Gains are Tax Free
You can also try Gold ETFs, avoid Digital Gold (3% GST and Hidden Charges)
I have a decent allocation of Gold in my Portfolio, mostly buy SGBs
They’re backed by RBI and earn 2.5% Annual Interest and Capital Gains are Tax Free
You can also try Gold ETFs, avoid Digital Gold (3% GST and Hidden Charges)
7) High Interest Savings Account 🤑
Pick a Savings or Salary Account that gives you better rate, good customer service and excellent digital experience
I use IDFC First Bank, 4-6% Interest Rate on Savings Account and LTF Credit Cards
HDFC and ICICI are also good choice
Pick a Savings or Salary Account that gives you better rate, good customer service and excellent digital experience
I use IDFC First Bank, 4-6% Interest Rate on Savings Account and LTF Credit Cards
HDFC and ICICI are also good choice
8) Learn Taxation and Planning 🧾
Declare your upcoming investments for this FY to the HR Portal to avoid Excessive TDS deduction
You can declare your rent (HRA), Home Loan, 80C Investment, Insurance etc and submit the actual proofs at the year end.
Declare your upcoming investments for this FY to the HR Portal to avoid Excessive TDS deduction
You can declare your rent (HRA), Home Loan, 80C Investment, Insurance etc and submit the actual proofs at the year end.
9) LIC and Bank RM 👹
Bank Relationship Managers and that LIC Uncle can’t be your Financial or Investment Adviser
They earn 5-30% commission on your money, simply calculate and compare on a spreadsheet
99% times you’ll find Mutual Fund SIPs will outperform all of them
Bank Relationship Managers and that LIC Uncle can’t be your Financial or Investment Adviser
They earn 5-30% commission on your money, simply calculate and compare on a spreadsheet
99% times you’ll find Mutual Fund SIPs will outperform all of them
10) Crypto, P2P, Startups, Invoice Discounting ❌
Many FinTech platforms these days are offering new investing solutions, mostly unregulated
That means you could lose money, I don’t invest in something I don’t understand
They’re highly volatile!
Many FinTech platforms these days are offering new investing solutions, mostly unregulated
That means you could lose money, I don’t invest in something I don’t understand
They’re highly volatile!
11) Credit Cards 💳
They’re good for people who know how to manage money and financially disciplined. They earn you
•Reward Points & Cashback
•Interest Free Credit
•Airport Lounge
•Free Insurance
Get a Card that offers 2-4% Cashback, saves money on Shopping & Travel
They’re good for people who know how to manage money and financially disciplined. They earn you
•Reward Points & Cashback
•Interest Free Credit
•Airport Lounge
•Free Insurance
Get a Card that offers 2-4% Cashback, saves money on Shopping & Travel
12) Insurance🛡️
Very Important, Medical Inflation is real. Ensure you and your family is properly covered.
Buy a proper Health & Term Insurance, if you’re under 25 your premium would be very minimal
Remember, most Indians are just one hospital bill away from going into poverty
Very Important, Medical Inflation is real. Ensure you and your family is properly covered.
Buy a proper Health & Term Insurance, if you’re under 25 your premium would be very minimal
Remember, most Indians are just one hospital bill away from going into poverty
13) Emergency Funds 💵
Given the uncertainty of jobs these days, medical emergency etc
It’s extremely important to build an emergency fund of 6-12 months advance to protect your Bills/EMIs
That money should be accessible to you asap even if you are earning low return on that
Given the uncertainty of jobs these days, medical emergency etc
It’s extremely important to build an emergency fund of 6-12 months advance to protect your Bills/EMIs
That money should be accessible to you asap even if you are earning low return on that
14) Network & Upskilling 🤝
Your network is your net worth
Build great relationships with people around, that’s how you eliminate resume from your life
Keep upskilling yourself, both of these can help you with the next amazing job or business opportunities
Your network is your net worth
Build great relationships with people around, that’s how you eliminate resume from your life
Keep upskilling yourself, both of these can help you with the next amazing job or business opportunities
15) Quality of Surroundings 🚀
The kind of friends and people you spend your time with plays a very important role in overall growth & development
Enjoy your life to the fullest but at the same time be highly aware of time and opportunity cost.
The kind of friends and people you spend your time with plays a very important role in overall growth & development
Enjoy your life to the fullest but at the same time be highly aware of time and opportunity cost.
And that’s all, Thanks for Reading
Appreciate you RT on this Thread to help me reach more people, Follow @Ravisutanjani for more! Best
Appreciate you RT on this Thread to help me reach more people, Follow @Ravisutanjani for more! Best
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