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A simple thread for some basic guidelines to follow when starting out early.
Get this stuff right and you're ahead of most others.
Get this stuff right and you're ahead of most others.
1. Spend less than you earn.
If you can't control your consumption, you will never be satisfied with what you get.
You will always want more.
Curb your cravings and do your future self a favour.
If you can't control your consumption, you will never be satisfied with what you get.
You will always want more.
Curb your cravings and do your future self a favour.
2. Automate your savings
Hey, if you're young you probably don't have as much responsibilities.
Maximize that advantage.
Aim for 50% of your monthly income never hitting your bank account.
Straight to investment.
This will be easier if you follow the first step well.
Hey, if you're young you probably don't have as much responsibilities.
Maximize that advantage.
Aim for 50% of your monthly income never hitting your bank account.
Straight to investment.
This will be easier if you follow the first step well.
3. Educate yourself
You must be in a position to take financial decisions on your own.
The basics of personal finance are easier than you think.
Just being a little aware of the economic conditions will go a long way.
You must be in a position to take financial decisions on your own.
The basics of personal finance are easier than you think.
Just being a little aware of the economic conditions will go a long way.
4. Do your due diligence
Don't invest in something you don't understand.
No matter the reward.
Get a brief idea of the investment product before diving in.
Don't invest in something you don't understand.
No matter the reward.
Get a brief idea of the investment product before diving in.
5. Have a goal
Being rich is not a goal. Be more specific.
5k per month? 10k? It differs person to person.
If you fail to plan , you plan to fail.
Being rich is not a goal. Be more specific.
5k per month? 10k? It differs person to person.
If you fail to plan , you plan to fail.
6. Start as early as possible
Heard of Compound interest? Look it up.
Part of educating yourself.
The earlier you start, the more advantage you gain.
Understand this and you know more than most.
Heard of Compound interest? Look it up.
Part of educating yourself.
The earlier you start, the more advantage you gain.
Understand this and you know more than most.
