How to Sky Rocket Your Savings and Make a Solid Financial Plan – Interview with Sahil Vakil, Myra Wealth

Do you want to have a solid plan for your financial future that’s mapped by how much to save, when and your age and life events?

If your answer is no, then watch this exclusive sponsored video interview with Sahil Vakil, Founder of Myra Wealth. He helps Immigrants with their Financial Planning, Wealth Management and Investment Management.

Note: Get Free Access to Myra Wealth’s Personal Finance tools (exclusive to Happy Schools Readers). You can find the instructions in the interview and at end of this article.

Personal Finance for Immigrants

https://www.youtube.com/watch?v=Rc8zBe76nEI&t=3980s

 

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Summary: Personal Finance Interview

Take a closer look at the following financial planning chart. It gives a good idea about how much to earn and how much to save for at different stages of your life.

savings by age and income

Here are some specific questions Shail answered in the interview

  • How much should one spend on a new home?
  • How much should you buy your new car?
  • What is a Will, Living Will and Power of Attorney and why do you need one?
  • Do you really need life insurance coverage
  • Buying a home while on H1B Visa

In addition to generic questions, here are specific questions from the readers that were answered during the interview.

I just got a new job in LA. I’m on OPT and I’m making $74,000 per year. I have to send $700 per month to India for Loan Payment (12% Interest Rate). Is there a way to save money on Interest Rate or get a loan in the USA?

I would be starting a new job in a month and I don’t have a car. I’m planning to buy on once I start getting the salary. I’m not sure if I have to buy a new car or a used car. I got mixed reviews from my friends about new or used.

My wife and I earn $148k per year. We don’t have any active investment. There are so many options and I’m not sure where our money will be safe. And how much should I keep with us for emergency and how much to invest? We have our money with Wells Fargo account.

We own a home, 28 years are left on the mortgage. Should I try to pay down the loan faster or invest in another rental property home or in India?

I saw about life insurance in the shared image. I have taken the option from the employer. My dad has an LIC policy in India in my name. Is that enough? Can you tell more about the insurance in the USA?

And tips on how to make a budget and follow it? I’m not sure where my money ends up. I’m on H1 and parents want we to get married. I don’t have any savings. I earn $3760 per month after taxes.

We are waiting for Green card for 10 years and we both earn good money. One income is pretty much savings for us. I’m debating about continuing to invest in 401k, after I read the book from Tony Robbins on Money.
I have attended presentations from a local wealth management company. They pool the money to create a fund. I’m not confident if that will work. What do you recommend based on your experience?

In addition to the above questions, we discussed Personal Finance decisions and live events from the following stages of a person’s life.

Stage 1: Starting Out in Career

  • Balancing a budget
  • Managing student debt
  • Merging finances with a loved one
  • Setting financial goals
  • Negotiating a job offer
  • Employee benefits selection
  • Managing credit scores
  • Home and Car purchase decisions
  • Discussing the need for a will, living will & power of attorney

Stage 2. Settling Down

  • Purchasing your primary home
  • Planning for a newborn
  • Planning for education –daycare to college
  • Evaluating life insurance options
  • Planning & saving for retirement
  • Saving for vacations
  • Basic investment planning

Stage 3. Midlife Finances

  • Reevaluating your tax strategies
  • Fortify your retirement savings
  • Plan for the costs of college
  • Looking after your kids (& pets)
  • Taking care of aging parents
  • Purchasing a vacation home
  • Purchasing investment property
  • Preparing for the “What Ifs” in life
  • Advanced investment planning

Stage 4. Nearing Retirement

  • Coordinating retirement income
  • Trust & estate planning
  • Consider long-term care options
  • Determining health care needs
  • Financially empowering your children
  • Planning for early retirement
  • Flexing your philanthropic muscle
  • Evaluating long-term care needs

Next Steps:

About Sahil Vakil: CEO of Myra Wealth. He oversees the Financial Planning, Investment Management and Tax Preparation teams at MYRA Wealth. Sahil has an M.B.A. from The Wharton School, is a CFA charter holder, is a CFP certificate holder, has  MS in Electrical & Aerospace Engineering from the University of Southern California (USC), and a B.E. in Electrical (& Computer Science) Engineering from the University of Mumbai.

About the Interview: This video interview is sponsored by Myra Wealth. 

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