Rajesh Sabbani

  Never underestimate the value of small savings. 2. Always think twice before buying. 3. Make tracking your expenses a habit. 4. Avoid spending money on things to impress others. 5. Do not ignore budgeting. 6. Learn the art of negotiating. 7. Learn the basics of investing wisely. 8. Avoid falling for "get rich quick" schemes. 9. Make saving money a non-negotiable routine. 10. Avoid lifestyle inflation. 11. Learn to distinguish between needs and wants. 12. Always have an emergency fund. 13. Give every dollar a mission to grow and multiply. 14. Avoid putting all your saving in one basket. 15. Understand your money works.

  I am 44, have 1.2 CR in FD, 80L in EPF, 2.08 CR in MF’s and 64L in stocks with a house loan free. Can I retire at 45? I have a daughter who is 11. Yes you can. Based on the provided data, total amount in hand = 120+80+208+64 = 4.72cr If you put the amount in Mutual funds and start an SWP with assuming 10% returns you can withdraw 2.1L (1.85L after taxes) every month and increase the withdrawing amount by 20k every year for the next 40 years. If this amount works for your kid’s education and marriage and your family expenses then you can go ahead and retire . I assume the school fees now will be around 1.2L and for college you would need 25L approx based on the inflation. Schooling : ~9L College: ~25L (Assuming she will do engg in India in a decent college) Marriage: ~30L Total : 64L I would suggest keep the 64L in a separate MF and keep it for your daughter, It will increase along with inflation. Put the remaining 4Cr in good MF and start a SWP( You will get 1.6L per month after ...