Golden advice on finance 101
https://x.com/dmuthuk/status/1816365748308304066?t=yEjOuUx2sGe3opeQSbc1DQ&s=19
DaringTrain
Stealth
2 months ago
Nah.
- Why buy a house?
- Why have two bank accounts, two credit cards and two demat?
- Spend less than you earn - Brilliant!
- Equity "would provide" the best return over long run than all other asset class? Equity has provided best returns for India for the last Xx years. But it hasn't for Japan. You entry matters. Macro is uncertain, and this dude is not an RIA. So, he shouldn't forecast.
- Write a will - Sure, when you are 50+ What's the benefit of writing a will in your 20s and 30s?
- Have an advisor. The reward is worth the cost. I would add - Don't listen to random people on twitter. The reward is worth the opportunity cost.
LooseGoose
Stealth
2 months ago
Bruh, this generic advice is good enough for most people. If they can do even half of these things it would be enough.
Not everyone can time trades in a market, and it's pointless to do so in long term investing anyways. You can try maxing out your profits but it will come at the cost of stress and risk.
I can vouch for two banks , India is notorious for Bank failures. Best to have a backup for emergencies in case one account gets locked for whatever reason.
Spending less is the only hack that rich people really have and cultivate over time. That's why they are mostly misers :)
There are many families that have sole breadwinners who go out to earn, never a bad idea to have a will.
Do you know how much an average person earns in India?
1 year of saving, insuring everything you touch, etc . These are all for 30L+ people
