Personal Finance advisor suggestions and experience.
I am looking for a personal financial advisor. I earn about 1.3 lakhs per month. I have taken a couple of personal loans for house renovation and some other house related stuff. I have some Cc debt also. I am able to manage the finances, but I need some help in managing it better as I currently I am starting from 0 again for my savings. Any advice/suggestions references for a good personal finance advisor would be helpful
You need to work on the below things. Financial advisors will try to sell something.. insurance or ulips.. better avoid..
- Track your expenses. Most important. Every rupees counts.
- Are there any high interest loans? rate > 15%. If you have, try to reduce those. You can even try merging all your loans into a single personal loan (if you have gold, take a partial gold loan. the current circumstances are favourable.) from your bank.
- How much of your income is left after all your expenses (including EMIs)?
- This amount is important. A part of this (may be 10-15k if possible), you must use to build an emergency corpus since you are starting from 0..at least 6 months of your expenses.
- Any bonuses, or extra money you feel, can go to clear high interest loans. this will reduce the interest burden
- Have a target date when you'll be free from loans.
There's also an option to invest a small portion in mutual funds, gold, stocks etc, but I won't recommend it just for the mental piece of having no personal loans.
DM me if you need to discuss more.
I have a financial advisor guiding me. Let me know in DM if you'd like to be connected.
