Top 10 financial tips for the youth out there!
Credit cards will bankrupt you. Stay away, in a nutshell! If you can't pay it off in full when you get the bill, you're wasting your money. Don't give in to the temptation; you'll end up in a lot of trouble.
Car payments aren't a way of life for most people. You may pay cash for a great used automobile and save the typical monthly car payment of Rs 5000.
Your best buddy is budgeting. It's simple: if you make a monthly budget and stick to it, you'll be a money winner.
The Joneses are out of money. Don't attempt to keep up with the Joneses. They may appear attractive, but they are enslaved by debt and are only one emergency away from financial ruin.
It's fine to decline. There's nothing wrong with declining a friend's invitation to go on a trip or out to dinner if you don't have the funds. Your pals will know. If they don't, you'll have to make new pals!
You don't need a loan to be a student. Part-time employment, scholarships, grants, and more economical colleges are just some of the options for paying for college without going into debt.
Retirement is as important now as it will be in 30 years. Start saving for retirement as soon as possible and take advantage of compound interest.
It's possible that your first job will not be your dream job. Develop your skills, gain experience, and advance your career. It's possible that the corner office won't appear straight away.
Always diversify your investments, don't invest always all your resources in a particular investment scheme, a lot of people put all their money in mutual funds, which isn't a very wise decision, try breaking your investments in small places and invest in various places like in gold, stocks, bitcoin, real estate.
It's possible that your first home will not be your ideal home. Keep in mind that it took your parents 20 years to get their house. Expect that level of the house to take a while.
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