#5 Insurance: Insurance not only caters to your needs in the future, but also covers up for your needs financially at a later stage of life. Hence take insurance, especially the health insurances for your parents well in-time. All major insurance companies charge a high premia for people above the age of 65 that is 50,000 for a cover of 2 lakhs. So better take it when they aren’t too old. Take insurance for yourself and make sure to buy insurance for your family too. Keep aside some cash reserve, at least 10-12 lakhs for the benefit of the family and emergencies.

#6 Rent: If you are on the way for a startup, stay away from trying to own a house unless you are secured enough financially. There’s no harm in owning a house unless you are well-acquainted with the money of your own. But the process of it is very rigorous and can harm the way you save and invest for your business and other ventures. EMIs are costly, and will make it more expensive if you have to pay it monthly. If you are thinking that renting the house will cover the EMI cost, then you are not right as this won’t be helping out. The better option is to be secured and stay in a rented house rather than paying the double amount in trying to own up your own house during your startup.

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