Pretty good starter webinar from Remote Indian community, check it out.
This was the webinar that I attended as mentioned in step 3 of my financial independence blog. I loved how no prerequisite is this and almost anyone can get started with their personal finance. Whether they are working full-time in an office, working remotely, working freelance or consultant or just starting work like students who are financially aware. Nonetheless, here are the quick notes that I punched out. Hope this helps out. If you have any questions or clarification you need, holler at me down in the comments!
Invest Early, invest often
- This leads to compound growth in your investment through the years.
- Start investing in anyway possible
- What kind of investments would you recommend? Stocks would be a risky one, while Gold bonds seems like a stable investment with Good returns (personal preference)
Having a emergency fund
- Money that needs to be saved up – (Estimate Monthly Fixed Expenses (Your budget) + EMI (or anything else you have) * 6 (For 6 months) That’s the list amount of money that you should save up.
- Shore up the fund in an FD which has a better rate of interest than Savings Accounts.
- If the Economic situation was better, we can go for a mutual fund.
Having Social Security
- Support Network (local colleagues)
- Health Insurance (Employer Coverage for self and fam)
- Cash Flow Consistency (Monthly Salary)
- Retirement Income (Provident Fund)
- Pay off your balance every month
- Use card for needs, not wants
- Never skip a payment
- Use credit card as budgeting tool
- Track your billing cycles
Recommended – Get a low limit credit card, limit your expenses, pay the dues/complete balance regularly, and track your expenses effectively.
Maintain a healthy Credit Score.
- Easy 0% interest EMI might have hidden charges and processing fees?
- Services like Paylater, have high late fees.
- If you are taking loan, make sure that the EMI that you are going to pay needs to be lower than 40% to 45% of your monthly salary. Just to be on the safer side of things.
Be careful on checking out loans.
- Check out processing charges, hidden fees, and repayment timelines
- You are able to negotiate everything we that.
- Your everything that you pay shouldn’t exceed, more than you 80% takehome. Other no savings (Pretty logical)
- Do your OWN research in any path that you choose forward. Check the gain the other person is getting from selling you X scheme.
- Demat account, Stock Trading account needed for Equity Investments (Check out annual fee + bokerage to these platforms)
- EMI Monatorium
A kind of an unorthodox blog post from my side, considering everything I do post has a lot of structure. But, I thought having this information out there would do more good than me keeping it locked up.
Check out the remoteindian.com community! and as always live in the mix, folks!