Basic Financial Concept
Hello everyone, , I am Aman Kumar Happy. I write a blog, Aman Kumar Happy (Fintech), with a fantastic blog where I will explain some basic financial concepts that everyone should know. 1. Net Worth First, let's talk about net worth. To understand it, let's say you own some cars worth a total of one crore rupees but have a loan of twenty lakh rupees. So his net worth would be eighty lakh rupees.The simple formula for net worth is assets minus liabilities. 2. Life insurance and health insurance Now let's talk about life insurance and health insurance. Life insurance pays out the payout in the event of death and makes the money available to your named beneficiary. There are different types such as term life insurance, universal insurance, and whole life insurance, but I recommend term life insurance.Health insurance covers medical bills and hospitalization expenses. 3.Emergency Fund Next, let's talk about the emerg...