Financial planning in your 40s: Ankur Warikoo’s 5 money rules at 45 with two kids

Digital creator and finance educator Ankur Warikoo recently shared five money rules he and his wife Ruchi follow as a couple, aged 45 with two kids. The rules were posted on Instagram. Rule one is not to spend money to look rich, but instead to spend on wealth and gaining freedom from work. This includes renting a car, owning their house, refraining from brand spending, and avoiding showing off.

Rule two is to spend extravagantly on high-quality food, as they believe that what they put into their bodies is the greatest wealth. Rule three is to invest in experiences over things. Warikoo's wife Ruchi mentioned that experiences create lasting memories and personal growth.

Rule four is to invest before spending. As soon as their salary arrives, the majority of the income goes towards investments. With the remainder, they cover their expenses, and on the 30th of the month, they have ₹9,000 and ₹600 left in their bank accounts; the rest is invested. Lastly, there is no budget set aside for books and learning.

Mukesh Pandey, Founder and Managing Director of Rupyaapaisa.com, notes that the forties are a critical period in one's financial life. Common mistakes to avoid during this time include not fully understanding investments, debt, insurance, pensions, and everyday spending concepts. Pandey also warns against prioritizing children's education over retirement planning and suggests refraining from making investment decisions based on trends, moods, or social networks.