I have achieved my first goal of Rs. 10 lakhs in assets and am ready for more!

Published: December 10, 2022 at 6:00 am

In this edition of the reader story, we meet Suresh Murugan. In Dec 2019, Suresh shared his first financial audit with us: I met with an accident the day I got married and learned key money lessons.

Since then, Suresh’s life has changed for the better significantly. He published an update in Oct 2021: I felt worthless six years ago but have achieved financial stability today.

He has again kindly consented to present an update. A few weeks back, readers may have seen his contribution: How to create a family crisis management cheat sheet.

About this series: I am grateful to readers for sharing intimate details about their financial lives for the benefit of readers. Some of the previous editions are linked at the bottom of this article. You can also access the full reader story archive.

Opinions published in reader stories need not represent the views of freefincal or its editors. We must appreciate multiple solutions to the money management puzzle and empathise with diverse views. Articles are typically not checked for grammar unless necessary to convey the right meaning to preserve the tone and emotions of the writers.


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If you would like to contribute to the DIY community in this manner, send your audits to freefincal AT Gmail dot com. They can be published anonymously if you so desire.

Please note: We welcome such articles from young earners who have just started investing. See, for example, this piece by a 29-year-old: How I track financial goals without worrying about returns. We have also started a new “mutual fund success stories” series. This is the first edition: How mutual funds helped me reach financial independence. Now over to Suresh.

Last year I shared an article regarding how I achieved financial stability.

This is my third audit. I want to share where I stand and what my goal is.

Current insurance & Other details:

  • One crore tech term for me ( No change)
  • 50 Lakh term policy for my wife ( added this year)
  • 5 lakh health with 15 lakh top-up health insurance for family ( No change)
  • 50 lakh accidental & 40 lakh accidental policy ( Last year it was 25 & 15 ).
  • Post office accidental policy purchased this year because of OPD coverage in an accident ( personal accident policy doesn’t cover OPD)
  • One-year emergency Fund in FD with an overdraft facility.
  • 1 lakh non-health insurance bill & home appliance bill fund is used for debt reduction. I have to restore this year.

Insurance claims:

  • I was admitted for kidney stones with cashless benefits. Only consumables were not covered rest, 1.25 lakhs, were covered.
  • My daughter was admitted for flu with cashless benefits. Total 90% claimed of 30 thousand.

Zero Debt process:

  • I closed my home loan. I know the home loan interest is low. But with the loan, I cannot sleep properly. So I have done it.
  • Closed my employer loan.
  • Currently, I have around 1 lakh FD overdraft loan. It is used for Home loan closure. I will close this as soon as possible.
  • I am using a credit card for monthly expenses.

Goals stats:

  • Retirement Fund – One flexicap & My EPF as debt component. ( No change in funds).
  • Daughter Fund – One hybrid fund & My wife’s epf, daughter SSY & my wife’s PPF ( no change in funds)
  • I am two years behind as per plan. I used all my income for debt closure. Hereafter I will invest aggressively.

Asset status: From Last year onwards, I started calculating my assets. ( I exclude jewellery because we are using it & I exclude my house because we are living in it, It includes the emergency fund & amount given to others)
I want to focus on reaching milestones based on assets only. Here is my status.

My financial status
My financial status

Asset milestones:

  • 10 Lakhs asset – Achieved this year
  • Next Milestones planned
    • 10 lakh net assets without an emergency fund
    • 10 lakh assets without debt component
    • 25 lakhs asset

When I wrote the second audit, immediately my milestone was 10 lakh assets. When I achieved the milestone, I thought to write about the audit. I achieved it.
I didn’t know where I was going financially before. While I sleep, this question always comes to mind. Now I know where I am and where I am going.
Thanks to My wife for supporting all my financial decision. Proper planning helps!

Reader stories published earlier

As regular readers may know, we publish a personal financial audit each December – this is the 2021 edition: Portfolio Audit 2021: How my goal-based investments fared this year. We asked regular readers to share how they review their investments and track financial goals.

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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Pattabiraman editor freefincalDr 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. He has over nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or Linkedin or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation for promoting unbiased, commission-free investment advice.
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Most investor problems can be traced to a lack of informed decision-making. We have all made bad decisions and money mistakes when we started earning and spent years undoing these mistakes. Why should our children go through the same pain? What is this book about? As parents, what would it be if we had to groom one ability in our children that is key not only to money management and investing but to any aspect of life? My answer: Sound Decision Making. So in this book, we meet Chinchu, who is about to turn 10. What he wants for his birthday and how his parents plan for it and teach him several key ideas of decision making and money management is the narrative. What readers say!
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