Hey guys!
I will be starting my first job next week.
So far I have never had to manage money, pay bills etc. Parents took care of everything. Besides, I’ve been abroad for a while so I’m not sure how things work in India. I’ve lived alone in Europe before - did my laundry, cooked, cleaned etc. - but never really had to 'pay bills' because it was all inclusive. So I do have some idea but I’m not sure if that carries over to how the system works in India - so I'll assume a blank slate.
I now want to educate myself so I can be fiscally efficient (manage my direct tax bill the best I can) and be financially responsible i.e. how to budget for the present and save/plan/invest for the future.
Basically I want to learn how to be an independent adult in India. I will have my own income. I will be living with flatmates I just met.
I could ask mum and dad (and I will) but I don’t think they’ve thought about this in a structured manner. I need advice or names of books/videos etc. that can show me the big picture and then specific/detailed advice/guidance about the sub-components.
From the top of my mind, I would like advice/guidance on:
X is the most important/fundamental/necessity - so learn about X first.
For X you need to do 1, 2 and 3.
For 1, read a, b and c. For 2, read e, f and g…
After X, Y is important. For Y you need to do….. and so on for Y and Z.
Thank you for your help
I will be starting my first job next week.
So far I have never had to manage money, pay bills etc. Parents took care of everything. Besides, I’ve been abroad for a while so I’m not sure how things work in India. I’ve lived alone in Europe before - did my laundry, cooked, cleaned etc. - but never really had to 'pay bills' because it was all inclusive. So I do have some idea but I’m not sure if that carries over to how the system works in India - so I'll assume a blank slate.
I now want to educate myself so I can be fiscally efficient (manage my direct tax bill the best I can) and be financially responsible i.e. how to budget for the present and save/plan/invest for the future.
Basically I want to learn how to be an independent adult in India. I will have my own income. I will be living with flatmates I just met.
I could ask mum and dad (and I will) but I don’t think they’ve thought about this in a structured manner. I need advice or names of books/videos etc. that can show me the big picture and then specific/detailed advice/guidance about the sub-components.
From the top of my mind, I would like advice/guidance on:
- How do I manage my money so I pay my fair share of tax - but not any more. Do I have to get a CA? Can I do this on my own? Do I also have to get a lawyer?
- How do I budget for the present so I can have a decent lifestyle now?
- How to save/plan for the future? Pension schemes etc. - are there mulptile types? Do I have a choice to make - in terms of which scheme, how much to contribute, when to contribute etc. How much is in my control and how much (if anything?) is automated by my employer?
- What are my investment options - what can/should I invest in? Stocks, mutual funds (I know the name, but I have no idea what these are!), save for retirement, contribute to pension - I know I have to do these things so I know the names - but I don’t understand them.
- I have a European passport (by birth) and Overseas Citizenship of India (India's "dual citizenship" - not really, but sort of) - so that might open up some international investment options for me?
- How do I decide between options - how do I evaluate and choose between options? What criteria/process do you use?
- Are there any guides, books, blogs, videos etc. where I can learn about these?
- I would also appreciate if you could give me some structure - where/how to start. For example:
X is the most important/fundamental/necessity - so learn about X first.
For X you need to do 1, 2 and 3.
For 1, read a, b and c. For 2, read e, f and g…
After X, Y is important. For Y you need to do….. and so on for Y and Z.
Thank you for your help