Have you read about the Tulip Mania? Crypto is the same. Just ensure you're not the one left holding the bag.
And yes, I think the tech behind crypto has its uses: cryotocurrencies OTOH have no intrinsic value and are not a repository of value. This mania is a classic "greater fool" mania.
The other risks to consider which are India specific:
2. If you're a firm lawyer, just ask yourself, why wouldn't the Government ban cryptos? The FEMA checks and balances are bypassed by cryptos and in a country which doesn't allow full capital convertability, it makes no sense to "invest" in cryptos.
If you want to do a YOLO WSB style speculation in cryptos, then atleast understand that it's a YOLO speculation.
And don't tell me how much you've already made: bad decisions don't equate to bad returns in the short term.
1. Save minimum 30% of your fix monthly payout 2. Investments- a. MFs (SIP) b. ELSS (SIP) (Tax saving) (1.5 lacs since PPF pays peanuts as against 14-18% CAGR of ELSS) c. NPS (50k annually) d. Health Insurance (1st parents, 2nd your self and 3rd spouse- if applicable) (children in case you have them) e. Equity (Stocks) since I invest a monthly sum every month. I see it as an EMI f. Small stacks of cash- 20k-30k each month into FDs (emergency funds) g. Bonus payouts (50%- invested into stocks, 30%- lumpsum MF, 20%- FD or household yearly maintenance expense)
3. Try and remain debt free. Cash is the king and makes you take financial and life decisions with relative ease.
4. Do not spend more than 1/3rd limit of your credit card. Helps you maintain a healthy credit score for larger financial goals in life.
5. Prefer to live like a poor and stack up your investments which will surprisingly start compounding after 3-5 years.
6. Try not to take EMIs and treat your monthly disciplined investments as EMIs.
7. Barring HRA/ LICs/ Home Loans- lawyers can easily save 2.5lacs/ year with basic investments. DO NOT INVEST ANY LESS. Its your money. Use it wisely and buy peace.
8. Play for next FY on 1st April and not 1st Jan of the next year. Buy mental peace and discipline.
And yes, I think the tech behind crypto has its uses: cryotocurrencies OTOH have no intrinsic value and are not a repository of value. This mania is a classic "greater fool" mania.
The other risks to consider which are India specific:
1. Cryptocurrencies are proposed to be banned by the Government: https://www.prsindia.org/theprsblog/ban-cryptocurrencies-understanding-proposed-legislation
2. If you're a firm lawyer, just ask yourself, why wouldn't the Government ban cryptos? The FEMA checks and balances are bypassed by cryptos and in a country which doesn't allow full capital convertability, it makes no sense to "invest" in cryptos.
If you want to do a YOLO WSB style speculation in cryptos, then atleast understand that it's a YOLO speculation.
And don't tell me how much you've already made: bad decisions don't equate to bad returns in the short term.
1. Save minimum 30% of your fix monthly payout
2. Investments-
a. MFs (SIP)
b. ELSS (SIP) (Tax saving) (1.5 lacs since PPF pays peanuts as against 14-18% CAGR of ELSS)
c. NPS (50k annually)
d. Health Insurance (1st parents, 2nd your self and 3rd spouse- if applicable) (children in case you have them)
e. Equity (Stocks) since I invest a monthly sum every month. I see it as an EMI
f. Small stacks of cash- 20k-30k each month into FDs (emergency funds)
g. Bonus payouts (50%- invested into stocks, 30%- lumpsum MF, 20%- FD or household yearly maintenance expense)
3. Try and remain debt free. Cash is the king and makes you take financial and life decisions with relative ease.
4. Do not spend more than 1/3rd limit of your credit card. Helps you maintain a healthy credit score for larger financial goals in life.
5. Prefer to live like a poor and stack up your investments which will surprisingly start compounding after 3-5 years.
6. Try not to take EMIs and treat your monthly disciplined investments as EMIs.
7. Barring HRA/ LICs/ Home Loans- lawyers can easily save 2.5lacs/ year with basic investments. DO NOT INVEST ANY LESS. Its your money. Use it wisely and buy peace.
8. Play for next FY on 1st April and not 1st Jan of the next year. Buy mental peace and discipline.