Millions of new investors have started investing post-pandemic, and this is a good thing. But given that the returns in the past year have been spectacular, many new investors continue to make the same old mistakes and have wrong expectations. They tend to take the basics for granted. While pretty much anything investors do will work out in a bull market, these mistakes can come back to haunt them when the markets take a turn for the worse. We've spoken about how to think about investing, how to pick mutual funds and build a portfolio (part 1, part 2) in previous episodes but not much about personal finance. So we caught up with Rishad Manekia of Kairos Capital. Rishad is a Registered Investment Advisor and helps people simplify their personal finances. In this first of a 2 part series, Rishad gives you a blueprint of sorts on the basics of personal finance so that you can start your investing journey on the right foot. In this conversation, Rishad talks about: The right mindset for investors The first step in personal finance How to budget How to set goals How to invest for short term and long term goals Figuring out the right asset allocation for various goals Basics of insurance How to manage your behaviour during bad market phases How to review and maintain your personal finance plan The most common mistakes he sees investors make Do check out the personal finance chapter on Varsity, and If you have any questions about personal finance, please do post them here.