What are some financial tips that everyone should know? - letsdiskuss
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Anonymous

Financial analyst (Mudra finance company) | Posted | Share-Market-Finance


What are some financial tips that everyone should know?


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Employee | Posted


Hi, everyone should have a commitment to calculating the monthly budget and spend according to earnings and save for emergency needs. Don't go for any extra loans than what you need and get it to the debt trap.


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Financial adviser | Posted


1. Avoid buying property on loans as it eats most of your earnings unless you have a clear plan for its repayment. It's important to monitor cash flow. Though, the house will be your asset, your liability will be much more.

2. Start a SIP at a very young age. Try to save atleast 15–25 % of your earnings.

3. Avoid buying a car unless you use it everyday.

4. Do not let this sentence scare you. “Mutual fund investments are subject to market risks. Please read all schemes related documents carefully”. Most people avoid investing in mutual funds just because of this one warning. Yes, there is a market risk, but look at the history and growth of mutual funds.

5. Try having a simple wedding.

6. Atleast 20% of your wealth should be liquid so you can utilize it when necessary.

Considering inflation, you are actually losing money if it is in savings bank account. Do not keep huge money in savings bank account.

7. If you invest in stocks, pay due attention on the brokerage part.

8. If you invest in stocks have a separate account for delivery investment and Intraday investment. It is easy to monitor this way and also makes tax calculation easy

9. Do not sustain a belief that property and car make you rich. It's what you save and invest, that is significant.

10. Never invest in insurance for returns. Insurance is not an investment option. It is a risk management tool.

Your personal life and health is the most important investment. Remain healthy and live happily.


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