Till the beginning of last February, I always believed that one could only create wealth if one already had a lot of money to invest. Therefore I didn’t believe in starting with small savings and would instead be always on the look-out for a big-ticket opportunity that could change my life.
I would end up spending 40% of my salary on household savings and the remaining would be spent on whatever else I wished to purchase. The best of clothes, travelling first class to exotic destinations, treating my friends, purchasing gifts for my family members – you name it and I would have done it all.
However, in February 2018, I was fired as my company was downsizing. Thankfully I got another job within a few weeks, but during the time I was unemployed, it struck me that I hardly have savings. I was just living life from one pay cheque to another. Fortunately, I didn’t have too many responsibilities otherwise the stress of dealing with those would have been tremendous.
Therefore I decided to start educating myself about financial planning. I realised the importance of an emergency corpus and have started saving up for it since I started with my new job. Presently I have already saved Rs 72,000 and am looking forward to learning more about personal finance.