If there is one thing today in India, which is still a highly guarded secret is money. Everyone is in a rat race for it but it has always been a topic that is not discussed openly. We live in a society where a person making more money is looked down upon than a person making less money assuming both are at the same level otherwise and money is through legal channels. As if talking about it will result in someone taking away their money. That is not the case with the United States of America or any other developed country.
Veteran comedian and AIB founder, Tanmay Bhat has started a show 'Clueless' on his second YouTube channel, Honestly by Tanmay Bhat, where he invites guests and friends along with a finance expert and initiates the money talk. It is shocking to know that even highly educated and successful people have very little knowledge about savings and investment avenues.
Not talking about wealth management has often resulted in disasters. People either spend it furiously or invest in avenues that yield returns less than a bank savings account. Do not converse with anyone you meet but with persons you trust, your close friend, or a family member. An ideal situation would be to hire an expert on wealth management experts. The fees will be nothing in front of the return which you will get in the future. It is important to have a proper plan for future savings and investments.
Most people follow:
Income - Expenditure = Savings
Instead, they should follow this:
Income - Savings = Expenditure
Spend whatever is left after saving some portion of the income irrespective of the level of income. For example, an ideal distribution would be in 70-30-20 ratio.
50% - Expenditure
30% - Long Term Savings
20% - Emergency Fund
Subscribe to the blog for more stories on how to manage and grow your money.
Veteran comedian and AIB founder, Tanmay Bhat has started a show 'Clueless' on his second YouTube channel, Honestly by Tanmay Bhat, where he invites guests and friends along with a finance expert and initiates the money talk. It is shocking to know that even highly educated and successful people have very little knowledge about savings and investment avenues.
Not talking about wealth management has often resulted in disasters. People either spend it furiously or invest in avenues that yield returns less than a bank savings account. Do not converse with anyone you meet but with persons you trust, your close friend, or a family member. An ideal situation would be to hire an expert on wealth management experts. The fees will be nothing in front of the return which you will get in the future. It is important to have a proper plan for future savings and investments.
Most people follow:
Income - Expenditure = Savings
Instead, they should follow this:
Income - Savings = Expenditure
Spend whatever is left after saving some portion of the income irrespective of the level of income. For example, an ideal distribution would be in 70-30-20 ratio.
50% - Expenditure
30% - Long Term Savings
20% - Emergency Fund
Subscribe to the blog for more stories on how to manage and grow your money.
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