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Financial Learnings From The Team('s F&F!)

Typically at the Deciml office, we try to keep work out of our lunch break (we said what we said!). 

Every now and then, however, we’re in brainstorming mode and the ideas just flow right through lunch. 

During one such afternoon, we asked our teammates to share some of the solid pieces of financial advice they have gotten over the years to share with all of you!

Here are our top picks and where the advice came from – 

1. Stay Emergency-Ready

“Get this advice from my father, on. a. daily. basis”

Emergencies can crop up in an unexpected (and uninvited!) manner. You cannot foresee an emergency, but you can prepare for it – whatever it may be. 

Saving and investing are the two key ways to do this – yes. But, it could help to have a monthly budget dedicated to emergencies aside from your saving and investment funds. 

This money is literally going to be your security blanket when faced with difficult financial, personal, or medical situations.

2. Millionaires aren’t luckier, nor smarter

“Heard it from some millionaire on TV. “

More of a statement, but the takeaway from this one is important. Making your money work for you does not solely imply that you are being smart or tapping into your luck – it means a lot more than that. 

The ‘Millionaire Mindset’ is about setting goals for yourself, and then putting in every ounce of your effort into realizing those goals. 

So sit with yourself, define your goals and dreams, and chart out a path that allows you to reach those goals.

3. Practice Self-Control

“My older brother literally said this to me yesterday about my impulse spending. Did I show you my new shoes though? “

If you’re a young investor without debt, try to keep it that way. This means removing the concept of ‘impulse spending’ from your mind entirely. 

Take no action that might contribute toward pushing you into a state of debt – this is essentially what the objective of this advice is – to make sure that young investors are making smart financial decisions and not letting the impulse of today cast a shadow on your financial future.

4. You’re never too young to plan for retirement

“This is often my Dadu’s opening statement when he’s about to sit me down and give me a class in finance.”

Ah! Retirement. The utopia we are all waiting for. And a utopia it shall be – if you start planning for it sooner rather than later. Investing in options like mutual funds and insurance is a provision you are making toward your retirement. 

And the longer you stay invested (now where have you heard this before?), the more you’ll benefit from the wonder of compounding, and the higher returns you will see. 

Consistently plan and replenish your efforts toward the time when you need money but won’t necessarily have an income stream.

5. Tax-Saving investments go a long way

“No brownie points for guessing that my CA friend advised me about this.”

First, file your taxes regularly. There are no two ways about it – if you are earning more than ₹2.5 lakhs, you are legally obligated to pay income tax. 

So start investing in plans and schemes that help reduce your taxable income – and do it diligently and regularly. If there are options that can potentially reduce the amount of your income that will be taxed – find out what they are and invest in them NOW.

6. Guard your health, and protect your wealth

“It sounds like something Dwight Schrute would say, no?”

Health insurance goes a long way. Unexpected medical emergencies can be so stressful in general – why add the stress of monetary strain to that? Invest in a good health insurance policy. 

Our own personal take on this one is this – when you are in a position where you are financially comfortable, do help out the local help employed in your homes and equip them with such policies as well – everyone deserves to be safeguarded when it comes to their health! And of course, use insurance options and investment schemes to protect your money (even from yourself and that impulsive urge to shop!) so you have it readily available in your hour of need.

7. Keep an eye out for bad advice

“A friend of mine said this to sound wise… and… well… he did.”

A lot of people will offer you a lot of advice. With the internet and social media, it has become almost too easy for false information and news to circulate online. 

Keep an eye out for this! Identify the sources of information that are accurate and can offer you valid research and data to support their claims. 

This is a good one to keep close to your heart in general as well, but it is particularly important when looking for insights about financial decisions that you are about to make. Information is a friend – misinformation is a downfall.

These are the top 7 pieces of advice that we found amidst our team – we hope they help you as much as they’ve helped us! 

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