What is the best financial advice for young people?

Jun 11, 2022By Warren Antao

As oxygen is for life , financial management is same as oxygen to live in the human world .

Money is every thing . Our ancestors have evolved from a ape to a society where money is the universal.currency for every good or service .

We living in this materialistic world it is a must we should know some few tips to get our lives going peacefully and live to the fullest

  • Make sure your expenses are half your income
  • Never run for fast money
  • Make small savings consistencly that can help out building a retirement fund
  • Make sure your passive incomes cover your fixed expenses
  • We should make sure our money works for us and not we work for money
  • Health insurance and life insurance are must for every one .
  • Earn early . Save early . Retire early
  • Be frugal . Never wrong in it .
  • The number one falcade is to imitate others . Never ever do it . Be on your time line .
  • Discipline in savings and investment and attribution of funds
    • Every portfolio should be divided into three parts
    • Low risk — 70% portfolio
    • Medium risk — 20% portfolio
    • High risk — 10 % portfolio
  • No school teaches us financial management , we should make sure that we learn in our life .
  • Let us take an example dastagiri a person who is a software professional earn $2000 per month and saves about $ 100 per month and invests leading a luxury and comfortable life style and on the other end mr lokhaya a person who is a finance professional who earns the same $2000 and saves $1500 . Lives a frugal and basic life style . At the end of 20 years we would shocked to see
    • Dastagiri is left with $70000
    • Lokhaya is left with $2000000
    • That makes the difference in long-term by the effects of compounding and investing .
    • It may be small at the end , it creates a big difference .
  • Never borrow and invest
  • Make sure your debt to equity is always 1:4 healthy ratio
  • Debt is the biggest disaster

Make a difference in life and see how it works

Thanks for reading .

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