Fixed Deposits: A Financial Cushion

Hailing from a family of humble means, I have seen my parents struggling to make ends meet. Be it providing us with education or running a family of six – life was not really smooth, at least in terms of economical means. Upon completing my higher secondary (12th grade) examinations, I landed with a job at the neighbouring coaching classes, which paid Rs1200 a month. My mother advised me to invest Rs500 in a monthly recurring deposit account, which she said can help me fund my education in future. This was my first stint with financial investment, which gradually went on to become a habit as I grew old. My short-term goals usually include buying gadgets, kitchen accessories and renovating the house. However, in the long run, I plan to buy a small residential property in Mumbai suburbs and take a long vacation to Iceland. Needless to say, in order to realise the same, I have been...