In this edition of the reader audit, we consider the financial journey of a 31-year-old software engineer (who prefers anonymity). This is how he moved from bank deposits to goal-based investing with mutual funds.
We feel proud and blessed that readers come forward to generously share details about their financial life to help and inspire fellow DIY investors. This is the 14th reader audit. Previous editions are linked at the bottom of this article. If you would like to contribute to the DIY community in this manner, send your audits to freefincal AT Gmail. They could be published anonymously if you so desire.
I want to share my financial journey and how I got to learn so many things from freefincal. I started my career as a software engineer trainee in 2011. I did not have any commitments since I was the only child at home and my dad was still working.
From childhood, I had the habit of saving money. So, after my monthly expenses (Food/Shelter/Entertainment). I saved the remaining part of my salary in Recurring Deposits (RD). Once the RD reaches 25k, I will convert it to a Fixed deposit and continue the RD.
I was doing it for the first 2 years since I was unaware of any other financial products. I was clear about not investing in LIC endowment policies since my dad had invested in them earlier. I calculated his returns, and it was less compared to FD returns at that time.
I continued the same for next year as well and invested in another ELSS fund.
Also invested some amount in mutual funds every month without any goals.
- I have started an emergency fund. Currently, it has 1 month of expenses(including EMI). I need to increase it to 6 months.
- Currently, I have only employer-provided health insurance and term life insurance. – I need to buy them on my own. Planned to buy them in the next financial year.
Similar audits by other readers
As regular readers may know, we publish a personal financial audit each December – this is the 2020 edition: How my retirement portfolio performed in 2020. We asked regular readers to share how they review their investments and track financial goals.
- First audit: How Suhas tracks his MF investments and reviews financial goals.
- Second audit: How Avadhoot Joshi evaluates his investment portfolio.
- Third audit: How a single mom is on track to financial freedom
- Fourth audit: How Gowtham started goal-based investing & took control of his money
- Fifth audit: Why my financial independence & early retirement plans were postponed by four years
- Sixth audit: How Abhisek funded his marriage & is on track to financial freedom.
- Seventh audit: How Rohit’s early struggles defined his investment journey
- Eighth audit: Why my investments are still on track despite job loss and lower-income
- Ninth audit: How a retirement planning calculation scared me to take action
- Tenth audit: I made several investment mistakes but have turned my life around.
- Eleventh audit: My net worth doubled in the last financial year thanks to patient investing!
- Twelveth audit: My financial journey: from novice to goal-based investor.
- Thirteenth audit: My journey: from a negative net worth to goal-based investing
These published audits have had a compounding effect on readers. If you would like to contribute to the DIY community in this manner, send your audits to freefincal AT Gmail. They could be published anonymously if you so desire.
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