2001-2003: Bangalore

I had just started my career with Cisco Systems in India’s IT hub and used to cycle to work through Cubbon Park daily. One day my boss spotted me and queried if  I had trouble paying for transport. While I assured her that I rode a cycle as I enjoyed the activity, she wasn’t convinced much and offered to give me a raise.

While I enjoyed my life in Bangalore between 2001 and 2003, I saved with peanuts. Looking back, I realise that I should have been a little more careful with my money. I should have at least started a SIP, which could have helped me accumulate a bit of wealth for my ensuing education.  Now, I always recommend to save at least 20 per cent of one’s income.

2004-2005: New York

As a student at Columbia University, my earning capacity was gone and all I could rely upon was an education loan. I had to make a choice between borrowing a dollar-denominated loan in the US or a rupee loan from an Indian bank. Luck favoured me when a dear family member (and a green card holder) offered to stand as a guarantor. This phase was incomparably exciting but financially challenging. You have to be smart about managing your money, which essentially isn’t yours. I had little income but I helped myself by taking on campus gigs like physically sorting paperwork. I became more careful about my daily expenses. For example, I got into the habit of cooking for my friends. Till date, I continue to cook a variety of cuisines for my wife and daughter; be it a Spanish omelette or Mangalorean chicken curry.

2005-2007: New York

Upon completing my degree I started working in Deloitte Consulting’s New York office. While my priority was repaying my education loan, here, I made a major mistake. I made minimum payments on the loan and continued to have my share of fun in the city. Soon, the lesson I learnt is that it should have been the other way round, which would have helped me repay the debt in five years instead of  10.

2008 – till date: Mumbai

I came back to India to work on BankBazaar with Arjun and Rati. Gradually, work began to expand. On the personal front, I finally got into the habit of investing via a SIP, which regrettably, I didn’t do earlier. However, better late than never.  Along with that, it was time to take a home loan as my parents had drilled in me the need to have my own home, which was fulfilled by the loan. They had also instilled in me the need to be debt-free. So I make it a point to settle my EMIs and credit card dues always on time.

After purchasing a life insurance, I sadly allowed it to relapse. Now, I have tightened up in matters of insurance. I think of coverage before anything else. Once I got married, I bought a term plan, 10X my annual income, which also comes with a critical illness rider.

The second policy that has become extremely important to me is my family floater health insurance that I share with my wife and my new born. This is in addition to my corporate coverage. I wanted to ensure that even after I retire, I have own health cover. My recommended medical cover is at least Rs30 lakh, given the steep medical inflation. While the health cover will pay for hospitalisation, the critical illness cover will pay for loss of income.

For my daughter’s future education, I have an SIP. I have also indulged my darling parents – I got them a car for which I am repaying the loan. They have done so much for us kids growing up that it’s a tiny thank you  from my side.

Interestingly I got all these products: home loan, car loan, mutual fund, life insurance and medical insurance online – you can guess from where!