Priceless Personal Finance Tips
1. 🚀Avoid buying property on loans as it eats most of your earnings unless you have a clear plan for its repayment. It’s important to monitor cash flow. Though, the house will be your asset, your liability will be much more.
2. 💥Start a SIP at a very young age. Try to save atleast 15–25 % of your earnings.
3. 🙏🏼Avoid buying a car unless you use it everyday.
4. 💐Do not let this sentence scare you. “Mutual fund investment are subject to market risk. Please read the offer documents carefully before investing”. Most people avoid investing in mutual funds just because of this one warning. Yes, there is a market risk, but look at the history and growth of mutual funds.
5. 🌲Try having a simple wedding.
6. 👌🏻Atleast 20% of your wealth should be liquid so you can utilize it when necessary.
7. ✌🏻Considering inflation, you are actually losing money if it is in savings bank account. Do not keep huge money in savings bank account.