Sumit Ramani
@RamaniSumit
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👨💻 Non-traditional Actuary @ActuariaConsult 🔥 Simplifying Personal Finance 👷♂️ Building @ProtectMeWell 🎯 FI by 2025. Sharing learning along the way
Free Personal Finance Tools ➡
Joined December 2009
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Pinned Tweet
I am 35 and (nearly) financially independent. This is a thread on how being born to frugal parents, making a few good decisions, and practicing delayed gratification helped me get here despite inefficient asset allocation and sub-optimal investment returns. [1/18]
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Same place in a span of 5 months. We all go through it. Be kind to yourself.
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Exactly 3 years back, during peak COVID-19, I shifted back to Bhilai. Along with wife and daughter (6 YO now). After having lived in metros for over 15 years.
🧵 Thread on how this move has changed my life for the better & the downside of living in a smaller town
1/14
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During Dhanteras of 2020, I was itching to buy an SUV. But chose to buy ITC shares.
In 18 months, the notional profit can buy me a high-end hatchback and dividends have taken care of fuel, insurance, and maintenance expenses.
Thank you
@dmuthuk
for inspiring many like me!🙏
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In your late 30s and early 40s, life will throw many curveballs. Aging parents, young kids, career aspirations, FOMO to live it up, and deteriorating health form a lethal combination.
Use your 20s to become anti-fragile—mentally, physically, and financially!
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Life takes peculiar turns as you approach your late 30s. For instance:
👨🦳👩🦳 - Your parents begin to age, requiring medical support, time, and attention.
🧒👧 - Your children are in their formative years, and your presence becomes vital.
🧑💻 - Your job becomes demanding as you
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When a man who owns a ₹44 crore home is being interviewed in a ₹14 lakh car, you don't take his advice seriously!
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As a father, one thing I'm certain of: I'll never regret not spending enough time with my daughter during her early days ♥️
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First day of her school!
I was alright until I dropped her off at the bus stop. But once the bus left, I ran, got into the car, and drove to the school reaching before the bus to check if she was fine!
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@dmuthuk
I moved from Bangalore to Bhilai earlier this year for good. My cost of living was reduced by 50% and my quality of life doubled!
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Mom and Dad - Lost & Found
10:30: My dad and mom were supposed to board a train. They sent a message confirming they had reached the station, but they didn't update me after boarding the train.
10:30-10:40: My sister (Didi) and I tried calling them multiple times, but they
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@GabbbarSingh
Mumbai is a great place to live if one lives and works in South Mumbai. Everyone else has been surviving on a heavy dose of the spirit of Mumbai.
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Overrated: Grocery in 10 mins
Underrated: Insurance claims settlement in 24 hours
PS: Banged my car yesterday, filed claims in 10 mins got the claim amount in 24 hours. Thank you
@AckoInsurance
🙏
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Even though NPS is one solid product for retirement, most people get deterred by the illiquidity (of Tier-I) and mandatory annuitization at the time of withdrawal.
In my view, both are non-issues. Here is why I think so. A thread
[1/7]
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@GabbbarSingh
This is so relatable. A cousin got an early 3-digit rank in JEE. He was happy until he discovered that one of his peers got a single-digit rank.
The day which was meant for celebrations was spent shouting, crying, blaming, and feeling sad!
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@GabbbarSingh
Most people fail to realize that corporate jobs are the “easiest” way to earn money and lead a stable life.
Quitting jobs without a solid plan and/or sellable skills is a costly way of learning this lesson.
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Planning a 10-day Road Trip with wife and 6 YO. This is our first (with the daughter)!
What all should I consider?
So far, we have decided the following
🚗 driving distance/day ~200K
🚗 not driving every day
🚗 mix of new and unexplored places
🚗 driving only during the day
🚗
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Buying the top-end of Skoda is a better idea than buying a base variant of BMW.
In the former, you get all the features that make driving fun and in the latter, all you get is bragging rights!
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@Ashneer_Grover
One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors – Plato.
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First things first, what does being financially independent mean. When your assets are sufficient to take care of all the future expenses, you are financially independent. This is not synonymous with being rich or wealthy. Also, the first home is not accounted as assets [2/18]
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Between ages 35-50, life pulls in all directions:
🏥 Kids falling sick, elderly getting weaker
🤵♂️ Career growth facing roadblocks
💃 FOMO to live it up
🦸♂️ Expectations to be a superhero
Challenges intensify without physical, mental, and financial wellness.
Prioritize health
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@GabbbarSingh
Having a primary house is a good idea. The question is when. IMHO, one should buy when
1) downpayment of a sizeable amount 40%-50% can be made
2) EMIs are a small proportion of income. Say 15%-20%
If both could be met, great. They have a lot of overlap anyway.
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@GabbbarSingh
When I took my first job at the age of 21, my dad said, “If you don't like your job, quit it and I will take care of you”
Not that he is/was rich but this assurance that I will be taken care of gave me wings.
I would want to give the same assurance to my daughter.
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If this sounds vague, park that thought for a while. In my case, my financial assets are 250 times my monthly expenses implying that an annual return of 4% (post-tax) on my investments would cover the monthly expenses while the capital remains intact.
[3/18]
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The privilege of time, place, and health to be able to run here.
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But what really propelled my FI journey, which I never chased, were four good decisions I took in my life. The first one being investing in myself. While most of my peers invested in buying homes, I was studying to qualify as an actuary.
[6/18]
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👬 Social
Now I live closer to parents, in-laws and relatives - have attended more weddings and funerals in the last 3 years than I did in the previous two decades!
But
I don't have many friends here with whom I can hang out or have meaningful conversations
9/14
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🏃 Physical
Started playing tennis after a break of 10 years and then switched to running, which I enjoy thoroughly. I graduated from 2 minutes to be able to run for 30 mins!
Equally, given lower stress levels, binge eating has reduced drastically too
8/14
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Anyone who has done SIPs for > 10 years knows that it works.
It is only those who haven't walked the path that ridicule it.
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You are not financially independent if you have to take 7 AM flights!
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A decade back, as I proudly purchased my inaugural car, a Honda Amaze, a coworker, a senior by a decade, remarked that it was alright for driving within the city (<30 km) but was unsuitable for long drives.
Like any 20-something buying their first car, the comment felt
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So how did I get there? Being born to parents who are cautious with spending money, averse to debt and financially wise certainly set the foundation right. My dad, who is a medical doctor, explained to me the time value of money when I was 6!
[4/18]
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Financial independence sure seems to in sight though. Thanks to
@dmuthuk
, I have now cleaned up my investments & have a lot more efficient portfolio. Tips from
@monikahalan
's Let's Talk Money also helped me in being tax-efficient & getting better visibility of my expenses [14/18]
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🏦Loan amount - 50L
⏳Tenure - 20 years
📉Interest rate - 8% p.a.
For this scenario, did you know that
1⃣50% of your total EMI goes towards paying interest on the loan?
2⃣paying 2 extra EMIs/year could reduce the tenure by 5 years?
Grab the model -
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So should everyone go back to the roots? I think that's not practical. In my case both stars and balls aligned.
But everyone should consider reflecting on their current lives and, if required, making changes leading to greater overall well-being!
14/14
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Liked the thread or know someone who is considering moving to Tier 2/3? Spread the word
Exactly 3 years back, during peak COVID-19, I shifted back to Bhilai. Along with wife and daughter (6 YO now). After having lived in metros for over 15 years.
🧵 Thread on how this move has changed my life for the better & the downside of living in a smaller town
1/14
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This Diwali, take time to clean your portfolio as well. Here is how mine looks
💰 4 mutual funds
📉 6 individual stocks
🏖️ NPS & PPF
💳 1 credit card
🪦 2 + 1 term insurance with critical illness and disability rider
🏥 1 medical insurance with super top-up
🏦 2 bank accounts
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The fourth and the more recent decision that accelerated the FI journey was shifting my base from Bangalore to Bhilai (a Tier-II/III city), which drastically reduced my expenses. This didn't change my income as most of my InsurTech clients are from overseas.
[10/18]
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Type of credit card users. Those who
1⃣ roll over the credit card balance & pay interest @ >30% pa
2⃣ pay the bills on the due date consistently
3⃣ settle the dues the day statement is generated
4⃣ transfer the funds as soon as the transaction is made
Which one is you?
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So when I started earning at 21, I was cautious with spending money & saved tiny amounts every month (although didn't invest them wisely). While my savings were limited, I never had to borrow. I did take a car loan when I bought my first car at 28 but closed it in < 1 year [5/18]
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However, for readers of this thread, here is a free link (with limited validity) that bypasses the payment gateway and lets the user take the 1-min journey anonymously.
Take the journey and set the foundation right for your financial independence.[18/18]
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@dmuthuk
My stand here is pretty clear. If you can’t spend 2 mins to invite, I don’t have 2 hours for your party.
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🏫 Schools may not be at par but she gets a lot of my time which I spend building the right foundation - a curious mind & a healthy body
Her batchmates aren't kids of CXOs, which is both good & bad. Her network would be sub-par but I hope to compensate with mine!
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@aviralbhat
I know someone, in their early 20s, who got an annual bonus of 25L, and in a month's time, it was spent on an overseas trip.
The person had to take out a personal loan to cover for the outstanding credit bills.
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🏥 Yes, medical facilities are not at par when compared to metros but the chance of one falling sick also reduces significantly. Thanks to cleaner air, lesser stress & fresher food
Plus, I know many doctors personally which makes a significant difference in times of need
12/14
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This is precisely why we did
@ProtectMeWell
to help people estimate their insurance needs in an unbiased & scientific manner. We don't sell insurance nor capture any PII (i.e. email id/phone no). However, charge an affordable ₹49 for a personalized report like this
[17/18]
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Some background before we dive in
I have been working remotely since 2017 - running two businesses. While I was based out of Bangalore, the team was/is spread across the country.
Was doing well, my daughter was 3 YO, my wife was on a career break.
And then COVID happened
2/14
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While I did and continue to pamper myself by staying/dining in 5 stars, vacationing overseas, I got a few things right. I bought Honda Amaze when I could afford Honda City. Invested in ITC when I was craving for an SUV and I am yet to buy a home!
[12/18]
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Despite my actuarial background and training in finance, it took me 35 years to figure out Personal Finance.
My 37 years of learning in this 37 mins video
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Equally, my professional network built over several years stands to decay at a faster pace.
I am conscious of it and work towards it actively - make efforts to engage with people when I travel and sometimes travel to stay connected!
10/14
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Visited Oberoi Mall in Goregaon today after a decade.
Surprisingly, only a few stores managed to withstand the test of time, while the majority, about 90% of them, couldn't survive.
Starting a business may seem exciting, but running a sustainable business requires a great deal
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In 33 months, ITC (in my portfolio) has doubled!
I can now buy the SUV I was itching to buy and still have the original investment intact.
The dividends have been taken care of insurance, maintenance, and fuel already
Thank you
@dmuthuk
🙏
During Dhanteras of 2020, I was itching to buy an SUV. But chose to buy ITC shares.
In 18 months, the notional profit can buy me a high-end hatchback and dividends have taken care of fuel, insurance, and maintenance expenses.
Thank you
@dmuthuk
for inspiring many like me!🙏
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The 2nd good decision was to start on my own, which I did in 2017, soon after qualifying as an actuary. The skills gathered while working with corporates for over a decade, decent savings & being 1 amongst 400 actuaries in India was a good enough safety net to quit the job [8/18]
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Those who know about the profession would appreciate that it is one of the better paying (apart from being amongst the most respected) professions. My salary increased at a rapid pace and expenses at a slower pace. More on delayed gratification later.
[7/18]
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COVID-19 did two things
1️⃣ highlighted the fragility of life - our lives are indeed hanging by a thread
2️⃣ the world started accepting remote working as the norm - if I had moved to a smaller place before COVID, chances are I would have been "possibly" written off
3/14
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Exactly a year ago, I decided to shift my base from Central Bangalore to Central India i.e. Bhilai
Thread on how it impacted my professional & personal life, health, financial independence journey, and more importantly the cost I paid/am paying!
[1/17]
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Saying returns from an annuity are sub-optimal is like saying returns from term insurance are zero (if you survive).
You are missing the point completely! 🤦♂️
Essentially, you are not accounting for the risk these products hedge
Long 🧵 on the annuity. Grab your coffee ☕
1/16
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@GabbbarSingh
The reward points more than compensate for the additional charges.
I pay advance taxes using a credit card. End up paying 0.5% additional but it makes total financial sense.
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🧠 Mental
The stress levels have reduced significantly - there is no rush in the air.
Have greater control over my time and adherence to meditation sessions has increased too!
7/14
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A lot has been talked about Financial Independence and investment instruments to achieve the desired retirement corpus.
This thread is about a boring yet extremely crucial part of the financial independence journey - the safety nets i.e risk management instruments
[1/10]
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You wake up late on a Monday morning but instead of panicking and rushing to work you go for the run.
That’s just one perk of chasing Financial Independence and getting closer to it.
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For those of you who recently joined, there are over a dozen of Personal Finance tools in the bio.
All are free to download - no further access required.
The link is in the bio!
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The 40s is the new 30s if you
🏃can run > 40 mins non-stop
🧑🤝🧑have at least 4 good friends
💰have assets > 4 crores
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I was lucky to cover more than my opportunity cost in the first year of being on my own. This is where the decision to create my own niche by focussing on helping InsurTechs did the trick. Earned in dollars and saved a lot on taxes.
[9/18]
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@warikoo
One of my batchmates from engineering days hardly studied and managed to get over the line with difficulty. He then went on to do Ph.D. from MIT in linguistics and is now a Multilingual Speech and NLP Engineer
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Those who aren't pro National Pension System (NPS) either:
✅ don't understand the product
✅ underestimate longevity risk & role of annuity
✅ are unaware of the concept of tax deferment
✅ earn (hefty) commission by selling other products
✅ aren't your well-wishers
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So am I financially independent even though I don't own a home. I am probably not and hence "nearly" in the first tweet. But then I haven't accounted for my crypto assets, investments in start-ups and yes I continue to work!
[13/18]
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There are many paths to achieving Financial Freedom. But most of us who start our professional career in a corporate environment have only one path.
Thread 🧵 on what you should do in your 20s to achieve Financial Freedom by the time you turn 40 🚀
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@deepakshenoy
If you want the technical term for life insurance policies with guaranteed benefits, it is “non-participating non-linked”
Everything else has an element of uncertainty.
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The true litmus test of financial freedom - the ability to go on 4-5 days of vacation in a couple of hours’ notice
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Equally, my downside is substantially covered through the appropriate size of term insurance, health covers (including critical illness, medical, and disability) along with decent emergency funds.
[15/18]
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So how has the move changed my life and impacted my well-being?
Well-being, IMO, has 4 aspects
💰 Financial
🧠 Mental
🏃 Physical
👬 Social
More details on each one of them ⬇️
4/14
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We have now talked about frugal parents and good decisions. Let's now jump of to delayed gratification, which interestingly has a lot to do with keeping calm!
[11/18]
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Q: To buy a home or rent it? 🏡
A:
The spreadsheet is free to use and download. If you view to play around, please make a local copy by downloading it.
No signup is required!
Liked it? Find more such tools here -
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Expenses - the fixed expenses are much lower, creating a sizeable gap between income and expenses accelerating the financial independence journey
The variable expenses, due to frequent travel (both for business and leisure), have increased substantially. Not complaining!
6/14
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Financially speaking, the payback period for an MBA course could be well over 10 years!
In this example, a 26 yo earning ₹12L/year chose to do a 2 year course costing ₹30L and bagged a starting salary of ₹20L/year
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Dear
@dmuthuk
&
@monikahalan
,
@LifeAfterFI
this is a thread on my journey of financial independence. Both of you have played crucial parts in it. If you find it useful, please do spread the word and help inspire many more
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A person who earns ₹10L/year and needs only ₹5L/year is happier than a person who earns ₹50L/year and needs ₹55/year.
Money brings options that can lead to happiness. Options come from money in hand and not money earned.
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🆘 Emergency Fund - A first-principles approach for arriving at it.
A thread 🧵
1/13
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@Nithin0dha
This is relatable, Nithin (and K).
We did more than a dozen of spreadsheet-based models focussed on Personal Finance and made it available to everyone.
These are free to download and can be found here -
Not everything needs to be monetized!
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💰 Financial
Income - both
@ActuariaConsult
and
@ProtectMeWell
have continued to grow - in terms of team size and revenue.
Up until now, the former funded the latter but now, thanks to the recent breakthrough, ProtectMeWell is all set 🚀
5/14
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💒Someone I know was invited to a wedding reception starting at 7 PM. He arrived on time.
As it generally happens, the bride and groom weren't there. So he chose to have his dinner (as he generally eats by 7 PM).
He stuck around until 9 PM but the newly-wedded couple didn't
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My last year's Captial Gain Loss Report has no entries. I sold none of the stocks.📈
@dmuthuk
would be proud of me!
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@b50
That explains why many people around me aren’t happy and remain that way😃
This target, unachievable for many, is likely to come at the cost of health/lost time. A 50 crore corpus at the age of 50 with poor health and limited happy moments would make one miserable.
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Hey there, married folks!
Can I throw a crazy idea your way?
Do you think it would be suicidal if I proposed to my wife that I'll start getting ready for parties only after she's fully ready?
I mean, I'm lightning-fast and can get ready in less than 5 minutes!
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@GabbbarSingh
Social media has been a great leveler - gave visibility and opportunities to Tier 2/Tier 3 dwellers, created celebrities outside of Bollywood, and influenced authorities and their actions.
Also, made it easier to connect people and create their tribe beyond physical boundaries
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The monthly ritual when the daddy switches from shorts to formals!
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So what does the appropriate size of insurance cover mean? Well, I faced the same question a year ago and had a tough time answering even though I have designed and priced several insurance products in my role of being an actuary.
[16/18]
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@stats_feed
@POTUS
Probability of 0 makes no sense!
As someone who makes a living by estimating probabilities and the impact of uncertain events, I think the probability of 0% makes little sense
Probabilities of future events are meant to be between 0 and 1
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Does SIP work? Decide for yourself
This is free to download model. Play with the start date, duration, and amount!
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Every time I talk about the move, two topics come up - medical facilities and education in smaller towns. I think it is more nuanced than it appears
Let's peel a few layers
11/14
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You earn a lot but have you earned friendships like these?
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