BUDGETING — 50/30/20 RULE:
  50% Needs: rent, food, utilities, transport, EMIs
  30% Wants: dining out, entertainment, shopping, travel
  20% Savings and investments: emergency fund, SIP, loan repayment
  
  India variant — 40/30/30:
  40% Needs (higher housing costs in cities)
  30% Wants
  30% Savings (higher savings rate expected culturally)

EMERGENCY FUND:
  3–6 months of monthly expenses in liquid form
  Where: savings account, liquid mutual fund, FD with premature withdrawal
  Purpose: job loss, medical emergency, major repair
  Build first before investing

TERM INSURANCE:
  Cover: 10–15 × annual income
  Youngest age: get at earliest age (premium is lowest)
  Duration: until retirement or until liabilities cleared
  Type: pure term (no returns) — cheapest, most efficient
  Avoid: ULIPs, endowment plans (mix insurance + investment poorly)

HEALTH INSURANCE:
  Individual: cover yourself | Family floater: one policy covers family
  Cover: minimum Rs.5–10 lakh base | super top-up for higher coverage cheaply
  Get before 30: no pre-existing conditions, lower premium
  Key features: cashless hospitals, no sub-limits, restoration benefit

MUTUAL FUNDS:
  SIP (Systematic Investment Plan): invest fixed amount monthly
  Types:
    Equity funds: stocks, higher return potential, higher risk
    Debt funds: bonds, lower return, lower risk
    Hybrid: mix of equity and debt
    Index funds: track Nifty/Sensex — low cost, no fund manager risk
  Power of compounding: Rs.5,000/month SIP for 20 years at 12% = Rs.49.9 lakh invested → Rs.1.8 crore
  ELSS: Equity Linked Savings Scheme — tax saving under 80C + market returns

TAX PLANNING (India):
  Section 80C (Rs.1.5 lakh limit): PPF, ELSS, EPF, NPS, life insurance premium, tuition fees
  Section 80D: health insurance premium (Rs.25,000 self + Rs.25,000 parents)
  NPS (Tier I): additional Rs.50,000 deduction under 80CCD(1B)
  HRA: exempt based on least of — actual HRA | 50% salary (metro) | rent minus 10% salary
  Home loan: principal under 80C | interest under Section 24 (Rs.2 lakh limit)

50/30/20 RULE: Needs | Wants | Savings (India: 40/30/30)
EMERGENCY FUND: 3-6 months expenses | liquid savings/FD/liquid MF — build FIRST
TERM INSURANCE: 10-15x annual income | pure term only (no ULIP/endowment)
HEALTH INSURANCE: 5-10 lakh min | family floater | cashless | before age 30
SIP + COMPOUNDING: small monthly amounts + time = large wealth (start early!)
80C: Rs.1.5L limit — PPF/ELSS/EPF/NPS/LIC premium/tuition
NPS: extra Rs.50K deduction under 80CCD(1B) — great for salaried