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My advice is to 30-35% and divide it between a liquid emergency fund (10%) and mutual fund investments (20%)
Take care of yourself now that you are earning well but do not spend money on stupid stuff. It is very easy to prioritise savings over wellbeing or splurging on things you don’t need- be mindful of both.
Buy your family and friends gifts from time to time, there is no better way of enjoying this money.
Step 2: get insurance (you will end up paying significantly more premium if you delay it)
Step 3: Divide your savings in two halves: 50 percent goes in equities (mutual funds + direct investing) and the other 50 percent in debt. Keep your eye on a few stocks (get professional advice as well) and double down on those stocks when the market crashes by taking out some of the funds from your debt portfolio.
At the outset, I request you to please be kind to me here. I am not an LI user and this is my first time asking for help. I grew up in a modest home, with my dad on government payroll that got divided between my fees, ration, EMI and sending half of it back to his home town to ailing parents - so I always grew up with slightly less than what I needed and not what I wanted.
Worked my way up to a t2 law school and got placed in a firm offering a t1 salary. I will be moving to Bangalore next month to start.
I want to understand how to manage my finances. What are my best investment options - my brother is big on stock market and I am not but since he understands the risks and everything, I am planning to send 10% of my salary to him to invest in the market. 20% I am planning to put in SIPs. 5% in digital gold. Should I consider mutual funds? I don't have a lot of knowledge here on. Trying to do my research, but someone having gone along the similar lines can help please?
I want to keep some money vacant for myself. Buy some good quality formal clothes and not rely on street thrifting for once, buy a good laptop/ ipad, reserve money for takeouts and get online OTT subscriptions to help destress. Would it be a bad idea to save up for myself?
As I am writing this, I understand the best person to ask would be my dad - as I am here because of his impeccable financial management, but he also never kept anything to himself, and I am not sure if that's how I want to live.
A little help, or even some direction towards useful resources will help. Thanks!