Fundamental rules - personal finance
Some of the fundamental rules one has to look upon when handling personal finance in the journey towards financial freedom are:
- Have health insurance covering all the family members and a term life insurance for the one whom the family is mainly dependent upon based on your debt and obligations.
- Keep aside an emergency fund that may last at least about 6-12 months of your monthly expenses (below age 50) and 12-24 months of your monthly expenses (above age 50).
- Invest in appreciating asset classes in a disciplined and consistent manner by understanding your risk appetite, various financial goals, and time horizon.
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Personal recommendations:-
- Reach out to Ditto Insurance for free online consultation on health and term life insurance.
- Let's Talk Money by Monika Halan (special focus on mutual fund investment).
- Financial Affairs Of The Common Man by Anil Lamba (special focus on various asset classes and its historical returns).
- Coffee Can Investing by Saurabh Mukherjea (special focus on portfolio creation and equity investing).
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