We are barely taught money management in our school & college.
Usually, all of us are on our own and we figure out our relationship with money over time.
This leads to a loss of initial 10-15 years, which could have been saved with little awareness.
Remember these 5 things with respect to your money 👇🏻
1. Don't get confused between the assets that will give you money, and that will take away money from you.
Taking a heavy loan for an expensive car will direct your money towards depreciating assets.
2. Never buy an insurance cum investment plan.
Insurance is not an investment, it is an expense.
Once you have Term Plan and Health Insurance, you are sorted with respect to insurance.
3. Don't just invest in things for the sake of investing.
People usually invest under peer pressure from their families, relatives, and friends.
Every individual should make an investment that aligns with their goals.
4. Don't delay the process of investing and retirement planning.
20 seems an early age to invest, and retirement feels like a long-term goal.
But after a few years, we regret "wish I had started investing early".
5. People are forgetful in nature, and they forget inflation is eating up their cash in a savings account.
Invest your money in inflation-beating assets.
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Use your money effectively and learn how to grow it.
One bad habit can lead to several bad decisions and cost us a huge chunk of our wealth