Best Personal Finance Tips For Indians in the U.S.

Many nationalities from around the globe migrate to the United States for many reasons. One of which is for a better life. In a 2010 consensus, 2,843,391 of the population are of Indian nationality. It is one of the fastest-growing ethnic groups in America. As such, many immigrants are encouraged to look into their finances to sustain themselves for long-term living in the U.S. Indians in the U.S. mostly migrate to stay. With that, there’s a need to adapt, and one of the aspects to cover is the financial aspect of living in America. Here are some of the best personal finance tips for Indians in the U.S.

1.Load up on Insurance

Car Insurance

To survive in America, you need to learn how to drive. Car insurance is vital for many reasons, and no, it’s not just for reckless drivers. The insurance covers you financially in case an accident takes place. You never know what’s going to happen. For example, someone bumps into your car into a parking lot; car insurance will cover the cost instead of getting the money out of your pocket. For a detailed explanation of car insurance, here is a comprehensive Car Insurance Quotes Shopping Guide.

Home Insurance

The U.S. suffers from great weather disturbances such as typhoons, hurricanes, wildfires, and more. That is why it is encouraged that you save money for home insurance if you are an aspiring homeowner. Home insurance covers the cost of damage that may take place in the future. It covers the loss, both the interior and the exterior of your home. Home insurance also covers theft cases so you can, in good confidence, be at ease that your home is ensured. Here is a link to a Cheap Homeowners Insurance Study.

Life Insurance

A life Insurance goes both ways. First, you ensure your life after retirement, and two, you provide for the future of your family for the time you leave this world. Life insurance will take over when you can’t work anymore. For Indians who may choose not to start families, this will help cover costs for home care. If not, then the insurance money will go to the hands of survivors in the case of the policyholder’s death. Life insurance is important to secure one’s future financially. Here is a guide to Cheap Life Insurance for Indians living in the U.S.

2.Invest Early and Wisely

Forget “Time is Money,” make it “Time Grows Money.” That is because when you invest early, the power of compound interest is on your side. You don’t necessarily have to do the ads on social media such as Forex Trading. Investing in banks, mutual funds, and companies long-term will do you fine. When choosing companies to invest or buy stocks in, first calculate their age and how strong they’ve gone through the years. Some examples of these are Disney and Coca Cola, old companies that remain strong to this day. Second, for newer companies, how are they faring and how much will they be needed in the future. An example is Tesla, which is the most dominant automaker in the United States as of today. Compound interest, along with pragmatic foresight, will go a long way. 

3.Save six months’ worth of Emergency Fund

The pandemic taught many people this lesson, which is to save months’ worth of emergency funds. Why six months? That is the average time for people to find a job and the pandemic showed that it could take years for an economy to mend. Allotting that kind of money will prevent the same scenario that a lot of people faced during COVID-19. The emergency fund should cover your rent, the average cost of food, and a few hundred dollars as an extra emergency fund multiplied by six. That is a difficult feat for people with only one source of income. People are now forced to get two or more jobs to save such amount of money.

            These are only a few of the best personal finance tips for Indians in the U.S. The links above expound on insurance and excellent guides for people who want to know more about it.