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Do you want to achieve Fin@ncial Freedom {@@@}



“Compound interest is the eighth wonder of the world. He who understands it earns it ... he who doesn't ... pays it.”

― Albert Einstein


Note: I am still learning about the various concepts of FIRE, (financial freedom) itself, this is only a move to share with my peer members. There will be a lot of articles that can provide in-depth details about the same.

Now let us start with the term acronym i.e FIRE itself, this is the most famous principle known to the people who are related to the field of financial planning.

F: Financial

I: Independence

R: Retire

E: Early

So FIRE is just a concept that helps to understand the needs during the early stages of your life, and then do organized planning (i.e goal-based, etc.), to achieve the things in near future, and then fulfills your goals according to the requirement, also gives you the flexibility to be involved in any sort of interests may be ( social cause or want to do business later in life or anything).

    How do I get to know about the term financial planning?

    • Still learning the things, but during a few of our family gatherings, I get to know about the terms such as mutual funds, sip, ulip, etc.
    • Then, later on, I'm trying to explore the fundamentals of financial planning.

    I'll list out the term that one should have in their minds, again I'm not an expert, and I'm sharing what I have learned so far.

    Term Insurance: If you don't know about the term insurance, then in simple terms it is a way that helps to provide your death benefits, accidental benefits, etc, at a low premium, but in return, it doesn't have any maturity amount.

    Health Insurance: I'm still evaluating the options, but one should go for health insurance for sure.Because one doesn't know about any health emergency in advance, as it comes in sudden, and it may create a lot of financial burden at an instant.

    SIP: Systematic Investment Plan i.e is a way through which you can invest in the mutual funds and a particular sum of money will be deducted from your account (on the basis of frequency of SIP i.e week, monthly, etc).

    The main advantage of SIP, you can start the SIP per month for as low as Rs 100, and then allow the compound interest to show its magic.


    Yeah, there are also a lot of terms also, which still I'm concerned about spreading the concept of financial planning, then afterward one can evaluate the things on the basis of requirements/interest.

    Just for example:

    Mutual Funds

    • Long-term funds
    • Short-term funds
    • Mid-term funds
    • Liquid funds
    • Sectorial based funds ( such as infrastructure, financial & banking, oil, gold etc.)
    • ELSS based funds (i.e Tax saver funds)
    • Hybrid funds
    • Multi-cap funds
    • Index funds
    • Retirement funds

    • Sensex (BSE)

      Nifty (NSE)

      Traders

      P2P Lending

      Note: There are lot of apps available in the play store such as Varsity, Groww, ETmoney, but before giving personal details to any of online sites/app, please make sure the concerned app is authorized by SEBI { Security Exchange Board Of India }

    Have a nice day !!!

    Thanks for spending your precious time reading the post, but do me a favor if possible, if any of my connections do have any stories/experiences to share with their fellow, do share the experiences. It helps a lot for other members to avoid the mistakes that have been already committed by us.




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