Quotes:
• Life goes on, as long as there is life • Happiness is a choice, we can choose to be or not to be
Finance:
• Ideally, our Fixed obligation to income ratio should be 30% or less (Eg. 1L income should have max 30k in EMI’s) • Follow the Income, spend it, save it banking method - 3 bank accounts (Never move money from save it to spend it account)
• Emergency funds - Should have six months to two years of our living cost value • FD or debt funds (short term)
• Health insurance, critical illness cover, personal accident cover • Term insurance (At 30’s or when there is a dependent on us, other plans like endowment , ULIP are crap)
• Three asset classes - debt, equity, real estate • Learn about managed funds at - Mint50 coverage, Value Research Data and Morningstar ratings
Evaluation of any investment oriented financial products must be based in the following parameters:
- Cost
- Return
- Lock-in
- Cost to exit early
- Holding period
- Taxes
Career:
• One, don’t fall into routine work. Always strive for a deeper understanding of what you do and try and stretch beyond what the ask is • Two, you need to plan for a career 10 years ahead of today and what are you going to do about it today