Personal Finance in 5 simple steps

1. Personal Finance in 5 simple steps Hello Reader! Welcome to the Fynprint. I am Neil Borate. I was Editor (Personal Finance) at Mint and I have covered personal finance at Mint and elsewhere for almost 10 years. As I begin my journey with Fynprint, I want to distill the lessons I’ve learned about personal finance into 5 simple steps. 1 - Create an emergency fund. This should cover 6 months’ of expenses at the very least. This money can be kept in an FD, liquid fund or money market fund. 2 - Map your goals and invest in instruments that are optimized for them. For example, pick hybrid funds for goals which are less than 5 years away. For longer goals, you can stick with pure equity mutual funds. 3 - Get yourself life and health insurance. Life insurance (term insurance) should be enough to cover your family for several years and take care of major goals or loans. Health insurance should also be large enough to take care of rising medical costs. Eg: A policy of at least 10 lakh base and a super-top ranging from 10 lakh to 90 lakh depending on your ability to afford it. 4 - Asset allocation. Going all out on a single asset like equity is like eating just one type of food all day. It will make you sick. Create a portfolio of equity, fixed

2. income, overseas equity and debt. Goal-based investing automatically takes care of some asset allocation but don’t forget to also add assets like gold and global stocks/ETFs. 5 - Buy a house to live in, not to invest in. Home buying is a consumption decision, not an investment one. Be very careful of buying real estate as an investment. It is big ticket, illiquid and full of costs and hassles. That’s it. Personal Finance can be distilled into just a single sheet of paper. The endless pages of newsprint, the endless talking heads on TV channels and clickbaity influencer reels - these are all entirely unnecessary. So what then will we cover at Fynprint? We will get into the details of each product, question and dilemma that you face. As the name suggests, we will read and tell you what the fineprint says. In doing so however, we will remain true to the principles stated above. Look forward to going on this journey together with you. Source:- https://thefynprint.com/personal-finance/personal-finance-5-simple-steps?id=68 a4ae63199e74312ddd6556