@sammie2019
I am giving the name here, because there are so many options in that category, that it again causes action paralysis of which one to choose
You could not be more correct about the action paralysis.
I started earning about a year ago and did not get time to think much about my finances because of some pressing personal issues.
Now that I have started to think about my finances the biggest hurdles are :
- Term Insurance: So many options, I'm still researching, called a few of them. Hard to make a choice. HDFC, Aegon, ICICI, Max, all look the same with minor differences and premium amounts. Also all of them suggest different cover amounts. I tried doing a comparison myself by talking to them. Just for me even more confused.
- Debt Funds and Mutual Funds: Started with a Kuvera account that seemed to be most recommended. I have put some part of my savings in a Liquid Fund and an ELSS, still not confident of my choices. But I had to start somewhere so put small amounts to begin while I continue reading up.
Some how the reading never ends and more reading leads to more confusion and more action paralysis.
- Regd FDs, /@lily_pilgrim introduced me to SBIs MOD FDs that allow partial withdrawals.
- Since I was very confused last year and didn't have time to think, I put all my 80C savings in PPF without thinking much. Not a great idea in hindsight, but better than doing nothing.
And for general account management, I only kept a little over one month's expenses in my salary account and moved the rest to another secondary account till I could begin to think what to do with it. Part of it transferred to FDs, part of it to ELSS, PPF, and debt funds. Now there's just 2 months expenses worth in the secondary account.
I'm still confused about which large cap funds SIP to be from long term perspective.
Other details:
25F, working since a little over a year.
Major upcoming expenses: Marriage 2-3 years down the line probably
Medical Insurance cover provided by Co: 8L
Term Insurance Provided by Co.: 30L
Help!
Edit: Thank you so much for this! Looking forward to the rest.