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Hello hello hello and welcome to a new episode of Fix Your Finance!
Today, we have Dev with us. He works as an accountant, while his wife runs a pre-school. In this episode, we take a detailed look at their income, expenses, savings, investments, and the financial goals they are working towards as a family.
Dev's investment journey has been quite interesting. He initially started with crypto, later moved towards the Indian stock market, and eventually started investing through SIPs and mutual funds. He was also putting money into an RD for his child's future education.
While his intention was absolutely right, we felt that the way he was allocating his money could be improved.
One of his major long-term goals is to build a corpus for his child's education. We discussed this in detail and suggested reducing the amount going into the RD to around 40% and allocating the remaining 60% across different investments such as gold, Indian mutual funds, US mutual funds and other suitable options.
The reason is simple while an RD provides stability, its returns can be significantly lower than a well-diversified long-term investment portfolio. Over a long period, even a small difference in the rate of return can create a very large difference in the final corpus.
But that's not the only goal we planned for.
Dev also wants to buy a house in the next few years, so we worked out how he can prepare for the down payment without disturbing his other investments and financial goals.
And then came another goal buying a car. We discussed how he can plan for it without letting a lifestyle purchase derail his overall financial plan.
Overall, Dev was already doing quite a few things right with his finances. The focus was mainly on giving his money a better direction and creating a clear plan for each of his goals.
In this episode, we discuss his investment journey, his child's education planning, buying a house, planning for a car, and how to allocate money across different investments for long-term wealth creation.
Now, let's fix his finance.
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GEARS BEHIND THE VIDEO:
📷 Camera: bit.ly/sonyZV1cam
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MY TOP 5 FAV BOOKS 📚
Ride of a Lifetime:
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The Millionaire Fastlane:
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Zurich Axioms:
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Masters of Scale:
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Just Keep Buying:
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#fixyourfinance #personalfinance #moneymanagement #moneymanagement
Disclaimer: Neither the guest nor I am a SEBI registered investment advisor. Information shared is only for educational purposes and not investment advice.
Music licensed by Epidemic Music.
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