Basic Financial Advice:
1. Saving
is a good habit but investing is a learnt habit which will put you on the path
to financial freedom.
2. Save
between 20-30% of your take home salary.
3. Work
your ass off. Doing 12 hour days and 80 hour weeks are not easy but nothing
that is easy takes you anywhere in life.
4. Work
hard, work smart but do get a hobby that creates nice big
social groups like swimming, cycling, running, cricket … work hard, play harder!
5. Learn
Money Management and learn the advantages of simplicity, equity investing
and compounding.
6. Never
ever stop learning. Education (no not the degree) is the gateway to
differentiating yourself from the crowd and constantly improving yourself so
you can adapt and evolve with the ever changing world. Make a start today. Empower thyself.
7. Do
something which others will love to pay you for. Create
health, or wealth for people. Take away their worries. Keep them happy. Yes,
you have to make a living, but put clients interest first. Always, A happy
client comes back.
8. Stop
spending money on useless “stuff”!! Don’t spend to impress your friends and your neighbors.
You’re not winning any brownie points or gold stars for owning things you can’t
afford.
9. Get
sensible amounts of medical and pure term life insurance.
Understand first then buy.
10. Be as
debt light as possible. If you must borrow, let it be only
for a house. That too about 50% of the cost of the house, not 110% as the BFSI
wants you borrow !!
