I am 22, and I'm going to be 23 this November. Just got into my 1 job. I am determined to invest about 45k per month. (Includes funds for short term goals too, like an international trip once a year)
Out of which I am already investing 12.5k in ELSS funds. Now I am confused about what remaining portion of my amount should I invest in stocks vs other MFs.
Please help me out here.
A bit about myself. I am open to taking risks. Looking for long term investing.
Ex-Portfolio manager for Pension fund here:
Have an emergency fund with atleast 12mo of your expenses+any future planned expenses (higher education, wedding, car, downpayments etc) in a money market mutual fund
After 0 is Completely done, invest the rest via SIP into N50+NN50 index funds, equal allocation
Focus more on your job and career. At 22, your salary can potentially 3-5X over next 10y. 45k of monthly savings today will be achieved during a week of your career goes well.
Takeaway: perfecting your investment strategy with a small corpus is not worth the effort, esp at a young career stage
Thank You @majboormajdoor.
I stay with my parents, and I have discussed point 0. We sorted in that case.
Also, I didn't completely get you on the investment at an early age part. People say that they start investing from an early age so that a habit gets built. Right?
So, should I invest a lesser amount or the same amount?
Invest for the habit, but don't try to perfect it right now. Invest more in yourself and your career so that your income increases.
Define goals and then think of asset allocation. The random suggestions like invest this % here and that % there are useless without considering what your goals are and not planning asset allocation.
I've always lived paycheck to paycheck, but I want to start investing.
Where do I even begin? What advice would you give to a complete beginner in personal finance?
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