The story behind Grokking Money goes back to a book I came across when I was trying to understand some Algorithms and I found this particular book – Grokking Algorithms to be very intuitive. It changed the way I looked at this subject and I loved the name. Hence when I decided to write about money, I wanted to share it in a way that lends itself to be naturally understood by its readers. That’s how this blog was named – Grokking Money
I am a Millennial Dad, Husband, Engineer and a Money enthusiast who is trying to understand the nuances of personal finance. I write about building better money habits which can help transform your relationship with money and change your life.
I have made a lot of mistakes with money and this blog is my attempt to document my mistakes and what I have learned from them. These have now become my guiding principles when it comes to my personal finances. It also has few items which go over and beyond just personal finance. I hope you find them helpful.
My Money Philosophy
- Avoid debt like the plague.
- Live on less than you make.
- There are only 3 things you can do with money – Give, Save and Spend. Use it preferably in that order.
- Don’t lend money to family and friends. If you do, treat it’s a gift and don’t expect it back.
- Love your life and be thankful for all that God has given you.
- Invest your time in doing things that make you happy and help you become a better version of yourself.
- Every journey begins with a single step. Take that step towards your dream, no matter how small.
- Always have an emergency fund of 3-6 months of living expenses handy. Don’t treat this as an investment, if it makes some money great; but don’t expect a lot.
- Personal finance is 80% behavior and 20% head knowledge, so work on building better habits, the money will follow.
- Always do your budget before the month begins and stick to it. Remember you are the boss only until you write that budget but once you do, it dictates what you do.
- Build a habit of reading books. I personally prefer to read non-fiction. It helps me learn from the mistakes of others without having to repeat them again.
- Try to choose an area of work where your skills and interest have the maximum overlap. That’s the sweet spot. Going, either direction won’t necessarily guarantee more success.
- Eat healthily, sleep well and surround yourself with people who uplift you. Keep the negativity out of your life. Avoid at all costs.
- If your job sucks, work on identifying the gaps, work on your weakness and move on. Nobody deserves to be in a job they hate.
- Always be respectful of other people’s opinion. You can agree to disagree but being disagreeable ain’t cool. It makes you stubborn and you’ll have a hard time adapting to new ideas.
- Find ways to give back to your community. There is no bigger joy than helping others. So help generously.
- Let people in your life who matter to you know how much you love them and care for them. Always family comes first. Everything else follows it.
- Always buy only “Level Term Policy” for life insurance needs until you become self-insured. Never buy any insurance product as an investment. Ever!
- Never buy a new car. The best car you can buy usually are the ones which are at least 2-3 years old and have low miles. Shop around and always pay cash for a car.
- Building wealth, just like any worthwhile pursuit requires a lot of hard work, dedication, and patience. Don’t forget you are in this for the long haul. Don’t find shortcuts. Work the plan and you’ll get there. Keep calm and build wealth!