Money is Everything.
If someone says:- “Naah! Money doesn’t matter”- Check their bank balance first.
Making a Budget
What gets measured, gets managed.
50/30/20 Budget Rule
It’s not how much you make, it’s how much you save. (~Robert T Kiyosaki) It's not how much you make, it's how much you save Click To Tweet
The habit of Saving
How to get better at savings?
Take Leverage of your Bank Account(s)
Your Emergency Fund.
Track your expenses
Sometimes you just need to earn more
The credit card is not the villain.
Minimalism and its impact
“We buy things we don’t need, with money we don’t have, to impress people we don’t like.”
Types of Investments
- Stock Market: Refer to above example. You’d be a part of the company when you buy its shares. Because this is a beginner’s guide to Personal Finances, I’ll write a separate post explaining the nuts and bolts of every type of investment.
- Mutual Funds: Some intelligent investors take your money to invest in share market and then they take a commission and give you the profits from these investments.
- Cryptocurrency: This is still a controversial sector. But I have seen my money going from 10,000 to 40,000 and then coming back to 10,000 within 6 months.
- Others: Real estates, PPF, bonds, FDs etc etc etc
I’ll publish a detailed post about the different investment types soon.
Before opting for any investment strategy, there are myriad factors to look out for:
What’s your retirement plan?
What’s your current debt status?
What’s your earning potential and targets?
How’s your risk appetite?
All these answers need to be answered before planning for any investment type.