Personal Finance and Family Planning Strategies

1. Clear All Debts

• Importance of clearing financial debts and liabilities.
• Essential before becoming a father to fulfill family wishes.

2. Ensure Family Safety

• Life is unpredictable; importance of term insurance.
• Monthly premium payment for financial security.

3. Investment Strategies

• Importance of saving and investing in mutual funds.
• Allocation: INR 10 lakhs, with INR 5,000 monthly investment.

4. Emergency Fund

• Maintain six months of emergency funds.
• Crucial for job security and unforeseen circumstances.

5. Focus on Single Big Income Source

• Concentrate on one major business for 10-15 years.
• Generating reliable and substantial income.

6. Steady Growth Strategy

• Aim for constant and steady growth in financial ventures.
• Manage fluctuations and focus on long-term stability.