The title saying X number of rules of personal finance is just to put pressure on myself to think of so many rules. If I do not reach that figure I will repeat myself, and you are not supposed to think it is senility. I heard senility and the ability to make correct financial decisions are a problem from the age of 53. I crossed that age a few moons ago…ok..a few full moons ago. So here we go:

1. Personal Finance is far bigger than picking the right share or the right mutual fund.
2. As a corollary knowing which fund to invest does not mean you know personal finance.
3. If the only personal finance you know is from magazines, parents, and blogs, I am sorry there is a lot, lot more to learn.
4. Just because a person calls himself a ‘financial planner’ it does not mean he knows everything.
5. If a personal knows personal finance ONLY from experience, it is likely to be inadequate knowledge.
6. Monitor your net worth. It is far, far more important than your income or salary.
7. Learn to save first. It is very very important to live ‘well within’ your means.
8. Once the amount is saved, learn to invest. Earning, Saving and Investing are 3 important pillars.
9. Personal finance learning involves lots of painful documentation like will and Power of Attorney.
10. A good personal finance adviser is worth his weight in gold. Finding him is an art, science and bloody luck.
11. Shun debit card, and credit card. Paying cash makes you feel the pinch. Damn digital economy.
12. Shun credit EXCEPT for an appreciating asset – house for example.
13. Borrowing to invest is very, very, very difficult – you need discipline to do it. If not, don’t do it.
14. CIBIL score is scary. Do not harm it by foolish credit behavior.
15. If ‘interest’ is the biggest expense of your life, you are living beyond your means. Reduce your expenses, NOW.
16. Start investing, NOW.
17. Automate all bill payments, investments (SIP), etc. – emotionless and painless.
18. Get your big purchases right – house, and cars.
19. Get your regular expenses right – refrigerator, air conditioning, car – fuel can kill.
20. Get your regular expenses right – choice of brands, choice of vacation spots, choice of eating out joints – it can kill you.
21. Get your neighborhood right – expensive neighborhood can give kids and you a big complex
22. Get your investments right – 3 bad ulips and 3 bad endowment plans can finish off your ‘wealth’.
23. Get your insurance right – term life, medical, medical top up, medical super top up,…all of them.
24. Reading books on personal finance is tough, but essential.
25. Reading www.subramoney.com is a must. See what you found there? LOL.
26. Fund management cost, taxation, and time in investing are CRUCIAL while investing.
27. If you do not enjoy doing personal finance work, spend a huge, huge time in getting a good adviser.
28. An adviser is not good or bad because he charges a commission or if he charges a fee. I know good an bad in BOTH.
29. ROI on basic good quality education is INFINITE, but don’t get carried away half way through your career.
30. Good accounts keeping and Investment diaries are things you will thank me for..20 years into investing.
31. Have friends who hate equities, who hate markets, and who love a secured job – you need to validate your ideas.
32. Be humble in investing. Remember Ken Fisher called Mr. Market – ‘The Great Humiliator’.
33. Market humbles you. Only thing worse than markets is the CA degree.
34. Study well, Earn very well – only then you will have money for compounding! Compounding zero does not help.
35. Financial independence is an amount, not an age. Retirement is by choice.

OMG….I came up with this in 50 minutes time. Awesome memory recall…..if u have seen these somewhere, blame my brain…i must have done a cut paste without realising…sorry!!