[Today is 24 April. I went home on 30 March and since then have been thinking of writing this FY review blogpost. Finally today, on my return journey via Sampark Kranti, I have started writing this at Kanpur Central junction]
Last financial year that started just after I and Nina shifted to Dwarka, witnessed 4 big ticket items:
1) The investment on Jal Jivan Mission (INR 10 Lakh) and purchase of the NH-side land at Dudhnoi were the two major events in terms of investments.
2) My shift to EdCast was another major event from income increase point of view.
3) The opening of Reliance Nischit Samridhi wealth creation scheme and starting the VPF (Voluntary Provident Fund) were two events from future financial/life planning perspective.
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| One big event of last FY from earning perspective |
4) On expense side, the travel expenses due to multiple home visits will stand out. Not much expenditure occurred during Moina's marriage from my pocket. Another item on buying car got deferred indefinitely.
B. A quick Realization:
I am getting this feeling quite often these days that wealth creation is on top of my mind. This is more than the desire to produce some creative output, participate in any social outing or any other stuffs where I loved spending time earlier. However, my objective is not to become rich, but to retire from active job life with a passive income flow in place. One of the things that I am trying to put in place - how I can get a regular income month on month without doing anything. Next thing, I am trying to have 1-2 avenues where I can put my brain to make it bigger or big enough to provide some regular income. I wish this realization had come to my mind a few years ago. Particularly, while searching roadside land to buy, I realized I am late by 3-4 years to get an absolutely high return. Then I question myself- why did this happen? Is it the effect of staying at home for longer period during Covid-19 OR my marriage to Nina(not working fulltime) OR my salary crossing the psychological barrier of 33 Lakh OR Youtube videos OR just the age? I have not been able to fix on any one reason, but always, better late than never.
C. Financial Planning for the future (even beyond FY 22-23):
1) Getting a regular income from immovable properties: This is a primary aim for me. I don't expect this to happen from the Mirza land as the road is still to be constructed. The Dudhnoi land is having the possibility, but I am waiting for 2 things - a) Georgman Marak to start his company work and b) the 4-lane construction to start at Purani Bhita. The other idea where I invested some time in the recent home stay was to buy a plot near Urpad beel for commercial purpose by partnering with someone (Mridul).
2) Having a policy on equity: My MF portfolio is touching 10 Lakh in terms of market value. The stocks are also there. But I don't have any fixed policy on investing and more importantly on withdrawing. For example, my ICICI account is having only 2K and SBI having 20K with liabilities standing at 7.2 Lakh (Dudhnoi land) and 25K (ICICI credit card etc). Even in this pathetic scenario, I am not sure whether I should sell some MF or stock (mainly the MSFT stocks). I feel paralyzed by this lack of a personal policy with equity.
3) Life and Health insurance: For health, I am solely dependent on office insurance. In case, I decide to retire from active job life, this is one important factor to consider. I have the 80D policy, but yet to go through the different clauses of the policy, mainly related to the partial withdrawal one. For life insurance, I don't have any term insurance, except the LIC's regular plan. The recently opened Reliance policy will provide a cover up to 24? Lakh in case of exigency. However, as on today, I am not much worried about life insurance than I am about health/accident insurance. Let me explore the 80D space more in this coming FY.
[Stopping now, will reach Delhi in next 4 hours]
D. How I performed against the goals set last year review blog:
1) Arrival of wife: As written last time, I made two separate trackers and delegated some responsibilities to her. It worked well, except the fact that I have to really push her to track expenses. She is not regular yet, but there is improvement. She handles sabji etc by herself. I stopped sending money to her as soon as she started working in MESC. Now that she stops working, I will start sending the 15K per month.
2) Cryptocurrency: Yes, I invested 1000/- by buying USDT in WazirX. I found the buying process very complex and still don't have full knowledge. After Govt mandated 30% tax on Crypto Trading, I lost the interest too. Let's see, I have not decided anything.
3) Rest: The other plans were reg change in data capture and which categories might go up or down. For example, transportation has slightly went up. But there is decrease in food and fixed asset. Huge decrease in personal compared to last year. Travel has gone up even in Covid days due to multiple home trips. Finally, the tax component has gone up exponentially.
E. Some numbers from last FY:
1. Total income - INR 28,93,413/-
2. Total expense - INR 46,09,678/-
3. Total lend out money to be received - INR 30,000/- (excluding Dada, Tapan)
4. Total liability (Mirza and Dudhnoi Land) - 1,16,072+7,22,000/-
F. The inflow table of FY 2021-22
F. The outflow table of FY 2021-22
Signing off for this year, it will be exciting to see the next year. Maybe I should do a trend analysis once I complete a decade of expense tracking.
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