10 Steps that can help for Financial Independence

Kannan Srikandan Kannan Srikandan

Kannan Srikandan

AVP - Agile coach

发布日期: 2022年1月18日
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  1. Payback all your Existing loans (whether its vehicle / Car / Personal / Jewel etc.,) and Ensure you get full salary in hand for your Expenses
  2. Avoid investing on Electronic Gadgets , Flats , Brand new luxurious Cars etc.,
  3. Forecast your expenses for 12 months and prepare your budget on the list of necessary expenses ( House Rent, Kids school fees, House expenses like groceries etc.,) and luxurious ones (like Gadgets which are not immediately required).
  4. Plan to save atleast 30% of your salary on hand apart from your EPF (applicable to Indian employees) and invest them.
  5. Always prepare risk on your portfolio added primarily if you are investing in Stocks , Mutual Funds , etc., since the ROI is subject to market risks.
  6. Maximize usage of Tax Exemptions (primarily 80/C) which may help you to skip top Tax bracket (30%) to subsequent ones (10% / 20% slabs)
  7. Have medical insurance policies handy apart from the ones given in office. It will help you when you are not employed or taken breaks etc.
  8. Always invest in Gold as part of your portfolio with ETF / Gold Bonds instead of investing in physical gold. With Wastage and Making charges applicable, you lose at-least 20% of the value of gold you buy through this.
  9. For conservative investors or whoever wants to have a portion of your finance portfolio in Risk free mode, Use PPF ( max 1.5 LPA and for your spouse too carrying to 3 LPA). With 7.1% ( as on Jan 2022 which may increase once Covid-19 settles) Interest rate + 15 years period, your ROI should be around 9.5%-10% with zero Tax. Similarly Term / Time Deposits ( TD) from Post Office gives better Returns than Banks and are Risk free.
  10. While investing in Stocks , Always do pre-Analysis before investing. Warren Buffet always says a mantra , "I ready to wait for a particular stock for years even to get the price i expect it to come down to."

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