Money Management for My Friends

 These are advises for my friends to be used at their own discretion : 

  1. Always try to save up to 50% of your salary in the beginning and later at least 30%
  2. Always try to build an Emergency Fund which is equal to a minimum of 6months of Salary which can be kept in Sweep-in FD or Liquid Funds.
  3. Buy a Term Insurance for you and your spouse at an early age for financial protection.
  4. Buy a Health Insurance for you and your family.
  5. Learn to invest in Mutual Funds (Most recommended), but if you do not believe in the Stock market then the next alternative options (Only Alternative) - Real Estate, or best would be to upgrade your skills (As investing in self is the best investment). 
  6. Never save money in Savings account as the returns you receive is about 3-4% but the inflation is anywhere above 5% always. 
  7. Donate at least 5% of your salary for a better cause. 

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