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The 2 Freedoms You Should Work Towards This August

Start here and make sure this 15th August becomes the start of a long-term plan.

Talk of freedom and independence is in the air this month. Two words that mean something different to young India than they meant to the founders of our nation.

Would independence day just be a holiday for you? Or do you plan to do something that contributes to your independence in a real way?

Here're a couple of ideas from us:

Freedom from worry about what to do about money in emergencies, for example, a job loss

What will this freedom look like:

Have money equal to 6 months of expenses set aside.

How to gain this freedom:

You can create such a fund by saving at least a lakh in a year so that by next independence day you would have won at least this independence.

Freedom from worry about money when you can't (or don't want to) work anymore

What will this freedom look like:

Have money equal to 2 decades of expenses (taking into account inflation) set aside or 2 Crores to begin with.

How to gain this freedom:

You can save this amount in 20 years by investing in equity mutual funds. You can learn how to create this plan for yourself here.

Start here and make sure this holiday becomes the start of a long term plan.

If you want to go just beyond these 2, here is our take charge plan designed to reduce your money worries in 10 small tasks easily doable over weekends.

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