Hierarchy of Investment Needs | Where to Invest First | Financial Planning Tips
UR Advisor- Altaf Sayyad Here is the Ideal way to start your Investment Journey: First start with creating Emergency Fund Emergency fund is the amount of money that will be helpful or can be used during emergency situation like sudden job loss, medical expenses or any urgent money requirement. Individuals should create at least (Minimum) 3 months of salary or 6 times of Monthly expenses as Emergency fund. You can keep this kind of money in Liquid mutual funds or Savings account for Quick access. Second the most important, plan for Life and Medical Insurance : Everyone knows the important of Life and Medical Insurance. Buying insurance should be you utmost priority before starting any investment. For Life insurance- Buy Basic Term Plan. It provides high cover at lowest premium. The early you buy less premium you pay. You can refer my article on Best Online Term Plans . For Medical Insurance- Buy Basic Mediclaim Plan+any riders. Even if you have employ...