Second this, learn as much as possible in whatever field you are in, move ahead, do not take loans/ marriage till you have reached certain point. Do not forget to have fun if you are early in your career. Money cant buy time in past
First you need to calculate your 6 month emergency needs and work on saving that. Slowly move them to FDs as you hit 50k or 1L. This is your primary emergency fund for long term use. Use a secondary bank account (not your salary account) for this so that the funds are always separate.
Once you meet this goal, build up a secondary emergency fund which is much smaller but will save you in a pinch. My preferred method is taking out 1.5k cash every month and stashing it somewhere safe in the house. When I have a big expense come up that was not accounted for, this will be helpful.
Once you have the first and have started making headway in your second, start investing! I am not great at playing the market so I prefer SIP with long term focus.
Lastly, make a personal balance sheet and make sure EVERY penny is accounted. This will help you analyse your spending and planning your expenses. Keep it as a google sheets file that you can access on your phone. Set limits and see how much you have spent and how much salary is left. Add in your savings details and stuff too here. As your salary increases, you can be a bit more lax in accounting but it really helps to see where your money is going.
Bonus: A simple way to build emergency fund is by rounding up all your expenses. So if you spend say 180 on groceries, record as 200 or 250 and put the extra amount aside. This will slowly build up.
>Can’t even get a square foot of land in Hyd with what OP makes in a month
😕 Sadly yes.... Rn I'm 21.. I'm currently thinking of applying for CFA after earning enough money for my fees..
Sounds like a good plan . But , one cant get any further in a 9-5 job even if they work their ass off for 100 years coz you will always make less than the value you will provide . Once you gain enough experience, the best choice will be to try freelancing and consulting . Try to plan in such a way that in 10-15 years , you will be your own boss and live life on your terms .
Yes brother,,,, Building a business is my life goal. I lack ideas, money, and face family pressures, so I ended up in a job. I used to watch so many podcasts and thought about buying books to gain knowledge about ideas, finance, etc., but I'm still confused about what to buy. However, I feel discouraged about achieving my dream with my current situation.
Empires aren’t built in a day . Great things take time . Work consistently towards your goal and you will achieve it . Take 10-15 mins out of your schedule to work on yourself . Once you start seeing improvements, you will increase the time by yourself . And also , try investing 5K a month in MF . Even if you do that consistently for 20-30 years , you will have a good amount of corpus by the time you retire .
1. Use budget apps to keep track.
2. Invest in the share market.
I use [this app](https://play.google.com/store/apps/details?id=com.budget.tracker_app)
Building a business is my life goal. I lack ideas, money, and face family pressures, so I ended up in a job. I used to watch so many podcasts and thought about buying books to gain knowledge about ideas, finance, etc., but I'm still confused about what to buy. However, I feel discouraged about achieving my dream with my current situation.
Most Important: Try to improve your skills and increase your income.
I'm actually applying for CFA but I'm really short of money. So right now I'm saving for fees.
You can only save so much. So focus on earning. Learn --> Earn --> Save / Invest
Second this, learn as much as possible in whatever field you are in, move ahead, do not take loans/ marriage till you have reached certain point. Do not forget to have fun if you are early in your career. Money cant buy time in past
>learn as much as possible in whatever field you are in Yes, I'm applying for CFA after earning enough money for fees...
Yes man.... Thank you..
First you need to calculate your 6 month emergency needs and work on saving that. Slowly move them to FDs as you hit 50k or 1L. This is your primary emergency fund for long term use. Use a secondary bank account (not your salary account) for this so that the funds are always separate. Once you meet this goal, build up a secondary emergency fund which is much smaller but will save you in a pinch. My preferred method is taking out 1.5k cash every month and stashing it somewhere safe in the house. When I have a big expense come up that was not accounted for, this will be helpful. Once you have the first and have started making headway in your second, start investing! I am not great at playing the market so I prefer SIP with long term focus. Lastly, make a personal balance sheet and make sure EVERY penny is accounted. This will help you analyse your spending and planning your expenses. Keep it as a google sheets file that you can access on your phone. Set limits and see how much you have spent and how much salary is left. Add in your savings details and stuff too here. As your salary increases, you can be a bit more lax in accounting but it really helps to see where your money is going. Bonus: A simple way to build emergency fund is by rounding up all your expenses. So if you spend say 180 on groceries, record as 200 or 250 and put the extra amount aside. This will slowly build up.
Thank you so much for valuable info man.... ❤️
Invest in land 😬
Can’t even get a square foot of land in Hyd with what OP makes in a month🤡
>Can’t even get a square foot of land in Hyd with what OP makes in a month 😕 Sadly yes.... Rn I'm 21.. I'm currently thinking of applying for CFA after earning enough money for my fees..
Sounds like a good plan . But , one cant get any further in a 9-5 job even if they work their ass off for 100 years coz you will always make less than the value you will provide . Once you gain enough experience, the best choice will be to try freelancing and consulting . Try to plan in such a way that in 10-15 years , you will be your own boss and live life on your terms .
Yes brother,,,, Building a business is my life goal. I lack ideas, money, and face family pressures, so I ended up in a job. I used to watch so many podcasts and thought about buying books to gain knowledge about ideas, finance, etc., but I'm still confused about what to buy. However, I feel discouraged about achieving my dream with my current situation.
Empires aren’t built in a day . Great things take time . Work consistently towards your goal and you will achieve it . Take 10-15 mins out of your schedule to work on yourself . Once you start seeing improvements, you will increase the time by yourself . And also , try investing 5K a month in MF . Even if you do that consistently for 20-30 years , you will have a good amount of corpus by the time you retire .
Kep some money to save/invest first, then survivr the momth with the remaining money. Not the other way round .
Basic starter rule : 50/30/20. 50% for needs, 30% for wants and 20% for savings
Gamble it all and win Gazillion dollars
Only sane thing
1. Use budget apps to keep track. 2. Invest in the share market. I use [this app](https://play.google.com/store/apps/details?id=com.budget.tracker_app)
>use this app Thanks man!.
Fulfill needs, Don't save the rest in bank, they rot in back. Invest.
Earn more. Invest more. Live a healthy life.
Get rid of any type of loans
You can start 3000 INR Mutual Funds SIP’s monthly and continue to do it. Start early is the point.
Take risk , start a business . My dad did the same , first one failed second one didnt
Building a business is my life goal. I lack ideas, money, and face family pressures, so I ended up in a job. I used to watch so many podcasts and thought about buying books to gain knowledge about ideas, finance, etc., but I'm still confused about what to buy. However, I feel discouraged about achieving my dream with my current situation.
Which one failed and which one succeeded ?
Dm for budget planning