Important points to follow in Personal Finance
One is never too old to set one's finances right. From my learning of the Dynamics of Personal Finance, the following points are very important:
A. Know your ‘Average monthly expenses’.
· Emergency cash (anywhere between 3 months to 12 months expense money),
· Life insurance,
· Medical insurance (of the earning member),
· Money for dependent’s (parents’ and / or children’s) needs,
· Fixed Deposits in banks,
· Bonds (other than FDs in banks),
· Equities (Stocks / Mutual funds),
· Real estate etc.