I was reading an article where they were discussing if we can accommodate all the best financial advice around the world in a 3x5 Inch Card. I stumbled upon a Tweet from The New York Times that has done something similar as you can see below.
PC:
https://twitter.com/nytimes/status/685793658629652481
- nytimes
So yeah from this we can say that we can accommodate all the best financial advice in a single card and all of us who think about finances should have access to this card either in our cupboard or elsewhere.
So if I go through this financial advice, I will find some of the best advice:
- Make a Will - This is a very important step after your untimely death so that your dependents will get all your money of yours.
- Pay Off Credit Cards Bills - To be honest, it is said to pay off your loan as soon as possible.
- Get Term Life Insurance - This is again for your dependent if you are a sole bread earner.
- Basically it is about adding more money to the retirement fund, this is called differently in different countries. In India, it is PF or NPS.
- Getting a house is an expense and not an investment. But if you are getting a house for renting then it's an investment but does consider the rental yield.
- Have an emergency fund of at least 6 months of expenses.
- If you have some money left, start investing in Mutual Funds or Crypto.
- Hire a Financial Planner - Only if you are failing to do the above-mentioned 7 steps. But nowadays when you have so many things readily available on the internet, getting a financial planner is not necessary.
I think these are some of the best financial advice and every one of us should be doing it. If not, we should start doing it from that very moment.