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Mistakes I made with money in my 20s
Actions that I take to correct those mistakes in the early 30s
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Actions that I take to correct those mistakes in the early 30s
A thread...
I grew up in a small village in India.
My father is a private teacher & debt was our asset, unfortunately
Hand to mouth existence.
One of the reasons I always hate money.
I think so, Money is the main issue of all problems we had with neighbors, relatives, or in general
My father is a private teacher & debt was our asset, unfortunately
Hand to mouth existence.
One of the reasons I always hate money.
I think so, Money is the main issue of all problems we had with neighbors, relatives, or in general
I never make a genuine effort to understand. how to maintain and grow it.
Post my 12th standard I moved to big cities to work on our family dream aka IIT engineer, you know how it is in an Indian family.
But I failed & again we are in more debt.
Post my 12th standard I moved to big cities to work on our family dream aka IIT engineer, you know how it is in an Indian family.
But I failed & again we are in more debt.
After two years of the stupidity of the Rat race, I joined a private college & things going on, pressure on me to get a job asap so that I can repay the debt.
Luckily I got a job on campus & moved to Chennai
But wait It& #39;s COBOL time & due to 360* change in my life
Luckily I got a job on campus & moved to Chennai
But wait It& #39;s COBOL time & due to 360* change in my life
I should have focused more on repay the loan but I was not happy with the job, I again started & luckily find soon & moved to Gurgaon.
I took loans to buy a car & bike.
Never consider the price deprecation of these products.
I didn& #39;t take into account inflation
I took loans to buy a car & bike.
Never consider the price deprecation of these products.
I didn& #39;t take into account inflation
Whenever I made any extra cash, instead of paying off the loan, I again buy another liability.
I changed jobs & convinced myself that I would make money enough to pay for my loans.
This never happened until the time I feel lost in terms of money.
That& #39;s what I did!!!
I changed jobs & convinced myself that I would make money enough to pay for my loans.
This never happened until the time I feel lost in terms of money.
That& #39;s what I did!!!
Time to buy a house now as usual peer pressure but this time I never wanted to make the same mistake.
I read more & more books on investing/ money.
I took a consultation from many money firms.
I read a lot on Quora
I talk to peer but you know 95% doesn& #39;t understand money.
I read more & more books on investing/ money.
I took a consultation from many money firms.
I read a lot on Quora
I talk to peer but you know 95% doesn& #39;t understand money.
I attend a lot of investing seminars.
Hired an asset manager & basically went in-depth about how money actually works for us.
Self-exploration is a key asset
I answer lot of questions on quora
I decided, will not buy a home until I have a 50% down payment & plan accordingly
Hired an asset manager & basically went in-depth about how money actually works for us.
Self-exploration is a key asset
I answer lot of questions on quora
I decided, will not buy a home until I have a 50% down payment & plan accordingly
I fired that asset manager soon as I didn& #39;t like his approach.
I invested in all asset class
Equity | Gold | debt MF | Index | FD.
Every class is important.
Choose based on your goals.
Don& #39;t go with adverstiment.
I invested in all asset class
Equity | Gold | debt MF | Index | FD.
Every class is important.
Choose based on your goals.
Don& #39;t go with adverstiment.
I discouraged my wife/mom from investing in FDs and buying gold.
It was their investments that saved us.
Many times in life.
While I knew how to make it, I never understood how to keep it. How to grow it.
Today I think I know some better ways to manage money.
It was their investments that saved us.
Many times in life.
While I knew how to make it, I never understood how to keep it. How to grow it.
Today I think I know some better ways to manage money.
If you have excess cash, wait.
Wait for the right opportunity & markets to drop.
The price you buy determines your return.
Last year I buy my house with more than a 50% down payment & I did it.
But wait it& #39;s not the end.
Wait for the right opportunity & markets to drop.
The price you buy determines your return.
Last year I buy my house with more than a 50% down payment & I did it.
But wait it& #39;s not the end.
Few lessons which are really important to understand here.
-Liquidity is critical.
-Compounding takes time. A lot of time.
-Taxes are a thing.
-Inflation is a thing.
-In your 20s, Live within your means.
Pay your bills, and then pay yourself by saving & investing.
-Liquidity is critical.
-Compounding takes time. A lot of time.
-Taxes are a thing.
-Inflation is a thing.
-In your 20s, Live within your means.
Pay your bills, and then pay yourself by saving & investing.
-Do not take loans for your desires, they are just show off.
- Take loans only for things that appreciate in value. Education. Maybe a house. Only one! but again try to give down payment as big as possible.
-Explore, learn & respect all asset classes.
- Take loans only for things that appreciate in value. Education. Maybe a house. Only one! but again try to give down payment as big as possible.
-Explore, learn & respect all asset classes.
I& #39;m 33 but very strict with personal finance basics:
- Only home loan debt
- Investment in Stocks/MFs/FD/Gold
- Personal Health Insurance
- Term Insurance
- 1-year Liquidity in Savings
The plan is to re-pay home loan debt in the next 3 years & I will be free.
- Only home loan debt
- Investment in Stocks/MFs/FD/Gold
- Personal Health Insurance
- Term Insurance
- 1-year Liquidity in Savings
The plan is to re-pay home loan debt in the next 3 years & I will be free.
Takeaways:
-Don& #39;t Hate money secretly, Learn & Understand it.
-Debt-free is stress-free.
-Never took loans for your desires.
-Equity is the best investment.
-Money buys freedom.
Cheers!! Understand your Money.
-Don& #39;t Hate money secretly, Learn & Understand it.
-Debt-free is stress-free.
-Never took loans for your desires.
-Equity is the best investment.
-Money buys freedom.
Cheers!! Understand your Money.
