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This Sunday, a friend made an observation:
Life is only as simple as you make it to be.
I was thinking about this blog and was simultaneously brooding over my friend’s thought when it flashed to me:
Personal finance too is as simple as you make it to be. And personal finance is a big subset of life.
You could make your financial situation (and directly your life) complex by investing in esoteric financial schemes that you honestly don’t understand and then worrying about them 24 x 7 or you could make your financial situation (and again, directly your life) by investing in simple financial schemes that you truly understand and then peacefully sleep at night.
For example: You could complicate your life by combining life insurance and investment and investing in esoteric ULIPs or you could simplify your life by opting for a simple term plan combined with a Public Provident Fund account. Same objective; significantly different long-term effects on your health.
What do you think?
Tip Tuesdays is my initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment to submit your tip. And, as always, do spread the word if you find this useful.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.