Lets say you are investing in an instrument that gives you 8% p.a.
How long will it take to double your investment:
72 /Rate of interest i.e. 72/8 =9 years.
7 POWERFUL PERSONAL FINANCIAL HACKS that you wish you knew yesterday.
THREAD: Thumb rules that will make you better in managing your personal finance.
Collaborated with @AdityaTodmal
Lets say you are investing in an instrument that gives you 8% p.a.
How long will it take to double your investment:
72 /Rate of interest i.e. 72/8 =9 years.
Now you can compute the interest rate.
i.e. 72/ 7years = 10.29% p.a.
114/rate of interest p.a. = No. of years required to triple your money.
Eg: lets say you are getting 12% p.a. in an instrument.
Your money will be tripled in 114/12 = 9.5 years.
70 / expected long term inflation = No. of years by when your wealth will be worth half of what it is today.
Your total wealth is Rs. 1 cr. & long term inflation rate is 5%.
70/5 = 14 years.
Subtract your age from 100 to find out, what % of portfolio allocation should be towards equities.
Eg 1: Age 30
Equity : 70%
Debt : 30%
Eg 2: Age 60
Equity : 40%
Debt : 60%
Set aside a corpus of at least 3x your monthly income for emergencies such as loss of employment, medical emergency, etc.
You can set aside this in liquid funds.
If you are sole bread winner for the family, and somewhere in the age bracket of 30, life cover should be 20x of your annual package.
Eg: Annual package of Rs.12lacs.
Sum assured: 12 lac *20 = 2.4crs. prems would be ~20k.
Divide your income into:
50℅ - Basic Needs - Groceries, rent, EMIs if any
20℅ - Wants - Vacations, Hobbies
20℅ - Investments - Equity, MFs, Debt, FD, etc
10% - Upgrading Skill sets
Atleast aim to save 20℅ of your income, more the merrier.
Following these wont take you anywhere in the short run, the magic happens in the long run due to compounding.
https://t.co/d19J5eAdzr
Power of Compounding
— Nikita Poojary (@niki_poojary) September 18, 2021
\u201cCompound interest is the eighth wonder of the world. He who understands it, earns it \u2026 he who doesn't \u2026 pays it.\u201d Albert Einstien pic.twitter.com/9bk2lkjvjD
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