In Early 20's we all like to party, if not all, well most of us do.
Being in college or working for an Organisation. Stress,tension & worst of all depression is killing us, where immediate remedy for this is chilling out with Friends or Family.
This all ends up with Empty pockets & hell of a burden because we all know that having empty pocket is the biggest burden which makes us sad, unhappy & depressed. So yeah, it's a cycle and it keeps going on & on.
We really need to deal with it as the whole generation is going through this without having any fault.
We need to understand ourselves and our world and to try to overcome. The action plan is very simple and we all know, where nobody will follow the same due to the peer pressure created by this world.
We definitely need to track our Income & Expenses. We need to plan our Consumption and see what is important and what is not.
Partying is cool & should be done but too much party will definitely going to hurt you Financially if you don't have huge or triple the amount of income than your expenditure.
We must understand what is Necessary for us and what is not.
We must not spend more than our pocket allows or end up being in Debt.
HERE IS HOW TO MAKE GOOD MONEY DECISIONS-
SAVE - You maybe earning in lakhs or Crores but good savings is must. Save at least 25% of your income the moment your salary credits in your account. Just transfer 25% of it in a different account.
INVEST - You must have heard about Warren Buffet the Greatest Investor of all times. Well his Dividend Income from Coca Cola is more than the CEO of Coca Cola. It would be dumb to say to leave your job and become an Investor. But you can Invest a part of your income in Capital Markets and see the Magic of Compounding. https://www.moneycontrol.com/personal-finance/tools/magic-of-compounding-tool.html?classic=true
We have various Investment Products in this world to earn some extra Interest and to grow our wealth X times.
You can Plan To Invest in
a) Mutual Funds through SIP or Lump sum.
b) Directly in stock markets ( risky )
c) Fixed Deposits - They at least generate more interest than a Savings Account . You can easily put small amount of money and earn a return up to 7-8% p.a which is good than just keeping the money in house . You just need to find which bank is offering more.
There are more Products but these are good and common .
CREDIT CARDS - People love to have Credit Card and it is completely fine to have one but you must check about the cash backs they are offering and their schemes. Don't end up spending too much that half your salary goes into E.M.I's. Just buy till amount you can PAY OFF comfortably. Don't buy everything on E.M.I do SIP instead it is just the same all you need to do is to plan your consumption little early.
SHOP SMART - Try to Shop on Sale time and roam around which product you can get cheap with same or better quality. We have tons of Places to Shop and can find Sale in Festive seasons and at end of the season . You may end up buying more with that limited budget only. Try to shop early in sale days.
SPEND SMART - We earn to Spend but it doesn't mean we end up spending tons on things we don't want just because one of our friend have it or the thing is cool or just to show off . This is just like burning your money and you'll have empty pockets when you really need to spend on something. We must Understand our Needs,wants & desires .
" Don't buy if you can't buy it twice."
BUY POLICIES - You can by different policies as per your need. Don't buy Life Insurance too early but you can plan to have some Wealth Maximizing Policies to boost your Wealth with low Premiums and you can Increase the Premium amount as your income increases .
Being in college or working for an Organisation. Stress,tension & worst of all depression is killing us, where immediate remedy for this is chilling out with Friends or Family.
This all ends up with Empty pockets & hell of a burden because we all know that having empty pocket is the biggest burden which makes us sad, unhappy & depressed. So yeah, it's a cycle and it keeps going on & on.
We really need to deal with it as the whole generation is going through this without having any fault.
We need to understand ourselves and our world and to try to overcome. The action plan is very simple and we all know, where nobody will follow the same due to the peer pressure created by this world.
We definitely need to track our Income & Expenses. We need to plan our Consumption and see what is important and what is not.
Partying is cool & should be done but too much party will definitely going to hurt you Financially if you don't have huge or triple the amount of income than your expenditure.
We must understand what is Necessary for us and what is not.
We must not spend more than our pocket allows or end up being in Debt.
HERE IS HOW TO MAKE GOOD MONEY DECISIONS-
SAVE - You maybe earning in lakhs or Crores but good savings is must. Save at least 25% of your income the moment your salary credits in your account. Just transfer 25% of it in a different account.
INVEST - You must have heard about Warren Buffet the Greatest Investor of all times. Well his Dividend Income from Coca Cola is more than the CEO of Coca Cola. It would be dumb to say to leave your job and become an Investor. But you can Invest a part of your income in Capital Markets and see the Magic of Compounding. https://www.moneycontrol.com/personal-finance/tools/magic-of-compounding-tool.html?classic=true
We have various Investment Products in this world to earn some extra Interest and to grow our wealth X times.
You can Plan To Invest in
a) Mutual Funds through SIP or Lump sum.
b) Directly in stock markets ( risky )
c) Fixed Deposits - They at least generate more interest than a Savings Account . You can easily put small amount of money and earn a return up to 7-8% p.a which is good than just keeping the money in house . You just need to find which bank is offering more.
There are more Products but these are good and common .
CREDIT CARDS - People love to have Credit Card and it is completely fine to have one but you must check about the cash backs they are offering and their schemes. Don't end up spending too much that half your salary goes into E.M.I's. Just buy till amount you can PAY OFF comfortably. Don't buy everything on E.M.I do SIP instead it is just the same all you need to do is to plan your consumption little early.
SHOP SMART - Try to Shop on Sale time and roam around which product you can get cheap with same or better quality. We have tons of Places to Shop and can find Sale in Festive seasons and at end of the season . You may end up buying more with that limited budget only. Try to shop early in sale days.
SPEND SMART - We earn to Spend but it doesn't mean we end up spending tons on things we don't want just because one of our friend have it or the thing is cool or just to show off . This is just like burning your money and you'll have empty pockets when you really need to spend on something. We must Understand our Needs,wants & desires .
" Don't buy if you can't buy it twice."
BUY POLICIES - You can by different policies as per your need. Don't buy Life Insurance too early but you can plan to have some Wealth Maximizing Policies to boost your Wealth with low Premiums and you can Increase the Premium amount as your income increases .
BUILD SIDE INCOME - 9-5 jobs are tough to handle.We all need something after that to relax ourselves and if we can monetize it than nothing can be better than that. All you need to find a side hustle which you like to do in your free time and if you'll able to earn even a little out of it you can increase your income. So just relax and ask yourself what's the thing you love and can do to generate another source of income.
Don't be Broke & Dumb just manage the money well and prioritize your spending more logically. Balance your spending with your income and stop being Stupid & Broke while enjoying a night out with friends or even plan and save for your next trip.
It is all so simple the though thing to don is to take action and work on this and just stop being Dumb about Materialistic things.
Don't be Broke & Dumb just manage the money well and prioritize your spending more logically. Balance your spending with your income and stop being Stupid & Broke while enjoying a night out with friends or even plan and save for your next trip.
It is all so simple the though thing to don is to take action and work on this and just stop being Dumb about Materialistic things.
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