Personal Finance – Basics for you get started

1)     You should track every dollar/rupee – your income and your expenses – it gives you clarity on any areas of improvement (if present) and also holds you accountable.

2)     The unsaid rule is to always have save some part of your income. But how ? For the start – put aside atleast 10% of your money/income or pocket money for savings and near future.

3)     Now this money saved would be eaten raw by inflation. So there’s a need to invest this money somewhere for it to generate returns and compound those returns – resulting in increased financial wealth followed by financial stability.

4)     So for investing – you have to be WISE

W ->  Watch your money – so you know how your investments are performing

               I -> Ignore the advices from peers, whatsapp groups, internet unless they are from a highly        trusted source.

              S -> See a proper consultant / financial advisor / CA

              E-> Enquire properly before putting your money it.

There’s a lot more to investing than just being WISE but this will be bare minimum and enough to keep your money from scammers.

5)     Try having more than one source of income – that will reward you on more ways than you can think off. #finance

 

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