I've always lived paycheck to paycheck, but I want to start investing.
Where do I even begin? What advice would you give to a complete beginner in personal finance?
Install Varsity app and begin learning about finances, Also do SIPs in ELSS mutual funds, Whatever you do, do invest some funds for Emergency, like liquid cash. Also you can opt for some money in PPF but am not gonna suggest investing in it. Rest you need to diversify your investment like the previous comments mentioned.
Please invest after or in 23rd July. Possibly you would get more units for the same price.
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I'd recommend that you first check ELSS Mutual funds, I.e. tax saving funds. If you want to build on your knowledge, start with the website - Value Research, https://www.valueresearchonline.com/
First, keep aside min 3 but ideally 6 months of expenses in bank fd so that you have some safety for emergency expenses. Only then, consider investing in equity as I have seen many forced to sell due to lack of emergency funds.
Keep your investment thesis simple, start with a nifty 50 index fund ( see zerodha one if you want to merge tax savings under 80c). Decide whatever amount you can now and aim to increase by 10-15% yearly. Diverse into mid cap and small index funds later on if you want but I would recommend to stick to index funds as far as possible.
I have been investing 60% nifty index, 20% across mid and small cap index funds for over 10+ years and currently at around 20% CAGR as on date.
Based on the assumption that you can invest 20k a month, I would advise you to invest into a. Mutual Funds: at least 10k mainly into Equity/High Risk Funds assuming you can wait for minimum 5 years in the market (Install Kuvera: you can add my referral code: 2O17V) b. Keep 5k into Liquid funds for emergency needs, build a good corpus over the time c. 5k into corporate bonds (WintWealth app helps you to invest with a minimum sum of 1k). Reason why bonds and not FD bcz you can have more fixed interest.
You can customise the above based on the amount of investment you can make. Later once you get a feel of all of these, invest into Major companies shares like Tata, reliance, etc.
Let me know if you need more info.
Hello,
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