Last Updated on August 17, 2020 at 6:32 pm
In this edition of “reader story”, K. V. Krishnan lists five simple actions by which he simplified his financial life to focus on building wealth.
About reader stories: In this category, we showcase the money management experiences of readers. Check out some popular articles: (1) What 25 Years of Tracking Expenses Taught Me; (2) How I achieved the dream of an own house & became debt-free by 36. (3) I met an accident the day I got married and learned key money lessons (4) How I turned my life around & charted my own money course (5) I achieved financial independence at 35: My journey and lessons and (6) We lost sleep after using a retirement calculator! This is how we recovered. Explore the full reader story archive. Do contact us, if you have a story or know of a friend’s story that the DIY community would benefit from.
Editor’s note: The following is an email received from Krishnan. It was so lucid and ‘to the point’ that I requested Krishan for having it published as part of a reader story. To preserve the emotions of the author’s journey, reader stories are published in an as-received informal tone.
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Dear Pattu Sir, I would like to thank you for all your finance-related ideas, Now my age is 33, I have started my proper investment plan and I have stopped all my useless endowment plans which were started last 2 years back.
I have got good clarity about what is investing and what is insurance. After your videos, I have started my term insurance last one month before with a very low premium. I have started the following financial plan for my future.
1. I have taken a term insurance with minimum premium, but one Crore coverage value for my family protection (my wife and my 3 years old daughter)
2. I have started to save for my emergency fund. Will complete it in another 3 to 4 months.
3. I have stopped high premium endowment plans without any confusion. I know the last 2-year premium is a loss but, I want to save my future 20 years. because I know time is a very important one. This is a bold decision for me!
4. I have started with my mutual fund equity investment plan in PPFAS (30% of my salary), planned for the next 15-20 years. I just expect a 9-10% return. It would be better for my simple life. By God grace and my family support, I am having my own house. My salary is average but decent.
5. I have closed unwanted credit cards and EMIs.
Now, my only focus is on investment and savings for the future. Finally, due to this pandemic, I have the time to watch your videos and set my financial life in order. It has been life-changing. Thanks for all your efforts, now, I feel that life is very simple, financial planning is very simple without any confusion. Thanks and Regards, K. V. Krishnan.
Editor’s note: The above steps may seem simple and even obvious but there is a big difference between knowledge and execution. Swift, decisive action is the first step towards efficient money management. Thank you for sharing Krishnan. Wish you all the best. Godspeed.
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Now watch Let's Get Rich With Pattu தமிழில் (in Tamil)!About The Author
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- Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras.
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This book helps you ask the right questions and find the right answers. It also includes nine online calculators to create custom solutions.
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Both the boy and girl versions of "Chinchu Gets a Superpower".
Most investor problems stem from a lack of poor decision-making. We made bad decisions and money mistakes when we started earning, and we spent years undoing them. Why should our children go through the same pain? What is this book about? As parents, what if we had to groom one ability in our children that matters not only for money management and investing but for every aspect of life? My answer: Sound decision-making. So, in this book, we meet Chinchu, who is about to turn 10. The story follows what he wants for his birthday and how his parents plan it, while also teaching him key ideas about decision-making and money management. What readers say! 
Feedback from a young reader after reading Chinchu Gets a Superpower!
Must-read book even for adults! This is something that every parent should teach their kids right from a young age. The importance of money management and decision-making based on their wants and needs. Very nicely written in simple terms. - Arun.
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