What is the best financial advice for young people?
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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