Don't complicate things.  Keep it simple and follow the order: 
  
 1. Risk (buy insurance) 
 2. Survival (build emergency corpus) 
 3. Invest (make the most of compounding) 
 4. Diversify (across asset classes) 
 5. Persist (through ups and downs) 
  
 Vehicles listed by you are just that.  Could change depending on incentives and life stage.

Sales Manager

Hi,   Please add financial things to know about or plan for if some one is starting a career or even their financial planning journey.  1. Taxation 2. Insurances(Term/Health/Vehicle etc) 3. Govt ba...

Welcome to Personal Finance's Private Community

Hi, 

Please add financial things to know about or plan for if some one is starting a career or even their financial planning journey.

1. Taxation
2. Insurances(Term/Health/Vehicle etc)
3. Govt backed investment options (EPF/NPS etc)
4. FDs, Government Bonds
5. Stocks, Mutual Funds, ETFs, SIPs
6. Credit card to maintain good Credit Scores

Financial things to plan at the start of career

Software Developer

Financial things to plan at the start of career- Grapevine

Hey grapevine, I am new to financing, just completed 1yr as software developer in India.
Please share some tips/suggestions regarding savings, tax exemption benefits, how to plan, old vs new tax regime.
Thanks 😁

Beginning of personal finance management journey

Me and my wife are 30 years old software engineer with no kids. Draw 7 lac a month please some yearly bonus. We invest 2 lac a month combined into equity market through mutual funds. 

Expenses: 1.5 lac a month including everything, lives in Bangalore in good society, owns a car, don't thing much before spending. 

Still after everything left with 3 lakhs every month in bank account. Not sure how to use that. We both don't have any fancy "shauk" where we can spend and hence don't have an urge to earn more. 

Any suggestions???

Post tax 7 lac a month. Double income no kids, but not sure what do with all the money.

Hey - we are also similar to you. Would strongly suggest finding something you’re passionate about. 
  
 For us (primarily me) - got a dog, took a 6 month sabbatical, travelled to 30+ countries in this time, left job to pursue startup idea, spend time with parents, learn language, improve fitness, learnt some coding, etc 
  
 It’s a pretty good position to be in - just explore I’d say

Strategy & Operations

I am a middle class boy. Working in Banglore. I am earning 1.5L every month from last 3 yrs. But still I don't have a penny saved. I have to give all my money to my parents. They have huge debts and to avoid extra expenses i am working from home. It is killing my social skill but i am prioritising money over my social skills. I see my friend going to trips all around the world and while me scrolling through Instagram all the time looking at their photos. Still using my college phone and not upgraded to i phone, Uninstalled all shopping apps for unnecessary shopping are some steps I took to save extra money. 
The point is sometimes i feel proud to help my family to come out of this situation, but in the other hand i am losing the most important time of my life. 

I really feel this time i pushing me back by 5 yrs and really don't know what to do...

I haven't saved a single penny in last 3 yrs

Product Manager

Hello community, 

Need help in the decision-making of the money that I have in my bank.
Currently, I have around 13lakhs in my bank account. I dont know what to do with that money. I dont feel safe in stocks and dont know any other options where to invest money.
Help would be genuinely appreciated 🙏.  Thank you

Age - 24.

Investment help

Software Engineer

So I am going to come in a tax slab from next month, probably will make 80k+ per month. In this case where I should invest for my future safety. As I am only male child of my parents, so it's my responsibility to earn and save so that I could bring happiness in their life.

Please guide me from your personal experience and challenges that you gone through in your past.

How to invest and save taxes

Test Engineer

1. Real estate (invested value)
2. Liquid cash
3. Other Investments (invested value)

The wealth should not be inherited.

I'm 30. No house, 10L in cash and 5L in mutual funds. No inherited weath.

How much wealth have you created yourself?

Seeing the comment section,I realise I am broke.

Frontend Engineer

Hey folks, I'm a recent graduate, got a job at a startup and the base will be <15, >10. Shifted to Bangalore (more like returning after 6 years, lived for 4 years before that). 

Since I'll be starting my full time journey soon, I want to know how you guys split your take home salary into needs, wants, luxury, savings, investing etc. 

Currently, I'm in a rented flat in HSR (my split is 7k) and will rent out/buy some home appliances. Food would be around 10k a month (no maid, all outside).

I just want to know your experiences on spending and handling money. Not that I'm bad at it, but this is the start of my journey and I would like to know how other people manage their money, so I'd know if I have to tweak some things. 
Do tell any strict DOs/DONTs, common mistakes.

How do you manage your money? (SDE version)

Intern

Hello all, so I'm a student still, I'll would be joining a company soon and I want to learn about what all tax systems we have and how do I manage them, I want to do them myself in future, where do I learn and what all should I be aware of to save as much as I can?

To start with, I come under 30% bracket, basic salary is about 50% of my base, HRA being 20%, PF 6% and Flexible 24%. I don't have any loans on my name and I'll have to live on rent. I'm also curious on which sections could I be saving and how.

New to Tax

How do you folks go about remembering what to do when with regards to basics of tax planning ? 

Things like using all the various tax exemption levers LTCG,investing in 80C etc 

PS:Noob alert !

Struggling with personal finance discipline!

I'm a fresh grad who started his job. Can someone suggest how can I start with my investments. Like where to study and how to proceed. I'm too confused about everyone talking about financials and I don't understand at all (I'm from a non financial background).

Any advice will be very helpful.

Thanks in advance

Advice on personal finance

Data Scientist

Every month my salary gets credited I barely spend 20% of it the rest of it is just sitting around in my bank account it's already above 5L. I keep thinking of investing it in stocks/mf but it's a lot of work 😔 

What do you guys do with your salary, it would be great if you can share your investment strategy and how do you keep yourself motivated to stick to it

What should I do with my money

Hi, I have recently graduated and now I'm going to start my career as a software developer. Can you suggest me with resources  for managing finances along with taxes and how to do investments or guide me how I can manage my expenses by giving some tips?
 
My base is around 14Lpa. 
My rent is around 25kpm. And monthly necessary expenditure of around 15kpm.
I am not that well-versed with taxes also. I'm learning about them. Currently I invest 3k in MF every month.
I would like to your suggestions and advises for the same.

Personal Finance Tips for fresher

Congratulations - you're off to a great start! Thats a tidy income to start off with. 
  
 My advise, cut out all the noise and random friendly advise from all and sundry and keep it really really simple till you hit a 50L investment corpus. 
  
 0. Buy a Term Insurance (vanilla, no riders) for 2 Cr. Annual Premium. Till 65 years of age.  
 0. Buy a Health Insurance cover for 10L.  Annual Premium. 
 0. If your parents aren't insured, buy a family floater cover for them now.  15L. Annual Premium.  This may become impossible as they age. 
 1. Start a monthly SIP in a single Nifty50 Index Fund (UTI : HDFC / ICICI / Nippon / doesn't matter).  From your data I'd say put in ~40K per month. 
 2. Start a PPF account and maximise annual investment - 1.5L pa.  
 3.  Invest all bonuses / increase in salary in the same Index Fund.   
  
 Watch the magic of compounding begin.  You'll see the impact of laying this foundation only post 20 yrs.  
  
 If your salary (and as a result your SIP) doesn't change, you should hit 50L in ~7 years.  Faster if you get good salary hikes and appraisals. 
  
 When you hit 50L, diversify into other asset classes (SGB + Flexicap MF + Real Estate for own use).  Do not create clutter by adding MFs and complicate life.  Keep investments simple as you scale: 
  
 30% - Index Fund 
 30% - Flexicap 
 20% - Gold (demat) 
 20% - Debt (EPF/PPF) 
  
 Rebalance asset allocation annually. 
  
 Never invest or choose instruments for tax planning. Tax optimisation leads to suboptimal instrument choices with your money (Insurance / Debt / etc). 
  
 Suggested Reading: Let's Talk Money, Monika Halan.  Easiest book to understand and follow.  
  
 Good luck!

Anyone here availing services of financial planners? Can you please share the experience, maybe some impact on financial health. 

As markets are near ATH, how do you plan to rebalance, especially when 2024 would be a crucial year for US/India general elections. 

I am good at investing, made significant gains in equity portfolio. Keep rebalancing whenever required. Now, looking for some professionals for give me a more detailed plan. Not looking for something vanilla offering.

Financial planning services?

The markets are at all time high where do I invest, pls suggest top 4-5 mutual funds, should I take term insurance or not, and tell me what credit cards should I take

144+6L, I’m starting my first job in June, pls guide me with the Do’s and don’ts of first salary and where do I invest

I got 100% hike. I joined an abroad company. Now my salary is 30 LPA. Any serious answers what should I do? I don’t want to be reckless with so much money.

100% hike. Now don’t know what to do with so much money 😂

Growth Manager

Just some personal finance gyaan, I follow these regularly 

1) Have 3-6 months of cautionary savings
2) Have up to 2x your monthly account in your bank 
3) Have 3 accounts (Salary, Investment & Spend)
4) Have a Bifurcation of Equity, Debt , Real-estate & Gold 
by age and follow that 
5) Have 2-3 credit cards (Set Breach limits) 
6) Think long term 
7) Reduce costs on all fronts - Saving account, demat, mutual funds , tax etc
8) Medical & Life insurance is a must 
9) Don't inflate your lifestyle after you income gets upgraded .Wait observe and decide if it's worth it
10) Always invest in things that would give you less headache 

Have added my investment bifurcation in comments

Boring - Personal finance Gyaan

Senior Associate

Maintaining track of investments, bank accounts/deposits, PPFs, trading, debentures, mutual funds, insurances/ULIPs, N number of form 16s, IT returns, then home loan/personal loan/car loan accounts, credit card accounts, paying bills, remembering usernames & passwords of each online account, nomination updated or not, meeting KYC requirements….phew!

How do you manage your financials? Do you even know your financial worth? 

(I work in the field of software engineering)

How do you know your financial worth?

Software Architect

I wasn't doing proper ITR, I was in the family biz for the last 6 years, recently joined a startup and they don't have any proper salary composition. My current salary is 35L in hand (2.9L per month). Apart from HRA how do I save in taxes? is there an app which does it for you?

Taxes 101? 40+ LPA

UX/UI Designer

I am 25, my in hand is about 1.10lakh. I have about 11 lakhs sitting in my savings account. Where and how should I invest my money.

Hi guts, I need real investment help.

I know it's not a big amount, but felt like announcing this. Here's my nw breakdown-

FD/Emergency fund: 5L
MF/stocks: 1L
Sitting around: 4L (can't get myself to invest it, the market seems very overvalued. Will try to invest this in small chunks over a duration)

Next target is 50L, it'll take much longer than this 😭

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