What is financially right for one person need not be financially right for another person — that’s the beauty of personal finance. You shouldn’t invest in stocks just because your colleague sitting next to you executes trades all day long and brags about it. You shouldn’t buy a ULIP (Unit Linked Insurance Policy) for income-tax savings just because everyone else around you seems to be doing so. Do what is financially right for you. Keep this in mind and you’ll be financially healthy.

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.