1st step is to create a emergency fund.Emergency fund=every month expenses*6.This fund is useful if you are jobless or financial crises in business. Store the emergency fund in FD. Best FD is bajaj finance.you can get 8-9% interest.
2nd step is to devide your money into 3 category 50%need,20%want & 30%investment.
3rd step is insurance is a need. You must have to do health,term,and house insurance. If you have daughter you can do sukanya samredhee yojna and if you have son you can do Lic child education and mirage insurance.
4th step is to invest you money in NPS for old age purpose.invest 10-15% money in mutual fund.5% invest your money is gold in your portfolio because if the share rate decrease than gold rate will be increase.Mutual fund and gold investment use to achieve your long term goal. Example :making your own dream house, Setup your own business, Renting house etc.
5th step is always expense under your budget.Stick to your investment and insurance for long time.
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