The number of school teachers in the country is quite a large number – surely runs into tens of millions. Is it surprising that there are no websites or books meant for teaching investing to school teachers? No. Actually it is not.
School teachers in India (on an average) are paid pretty badly and do not generate enough surplus to invest. Having said that, now I am hearing of teachers in schools earning a million rupee salary. For a country so proud of ‘Mother Saraswati’ that is some beginning. Of course if Saraswati were meant only for earning Lakshmi, then it becomes training, not pure education!
How should teachers invest? Is it really very different? No. It is not.
The basics remain the same. Let me enumerate:
1. Spend less than you earn. Save the balance in a bank account.
2. Live frugally and increase savings.
3. Do not borrow. Do not borrow.
4. Read rule no. 3 again and again.
5. Take term and health insurance.
6. Once you have 3-4 months expenses in bank fixed deposits, start a SIP in a good mutual fund.
7. Start saving and investing for your retirement.
8. Put some money away for kids education and marriage, but PLEASE remember your RETIREMENT is far, far, far more important.
9. Delay in doing all of this can hurt. And hurt badly.
10. Read www.subramoney.com EVERYDAY.
If you are a school teacher and have any doubts about investing please ask me on email@example.com I promise to reply in a weeks time….
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