Imagining myself in 20’s and single is something that I can only sigh about!

Imagining myself in 20’s and single is something that I can only sigh about!

If I could go back and live my 20’s again, there would be a whole lot of things I would do differently. For sure I would sleep less and fill my waking hours with many interests and hobbies. I would definitely take better care of my health. And I would be wiser with my money.

If I knew then what I know now about money, I would definitely be in a much more comfortable position moneywise today. Anyways the benefit of my acquired knowledge and experience is at your service.

Heed these Mantras – they are really a way to wealth.

1. Whatever it is you are earning, calmly invest at least 30% of it into the equities. If you have the skill and time, do direct stocks. Do your research, don’t get carried away by sentiment and keep booking profits. If you don’t have either skill or time for this, then simply do SIPs into equity mutual funds.
2. Have only one or maximum 2 credit cards and watch your spending on it very very closely. Remember credit card companies charge you an interest at the rate of 24% to 36% p.a. on outstanding amounts due to them. Whatever you spend through your card, pay it off before due date. And never withdraw cash.
3. After a few years of working, earning and spending freely start looking for a property to invest, even if you live with your parents. With home loans available easily, the earlier you start on this, the faster you will free of debt in your later years. You can always buy a bigger and fancier home later, start with a smaller one now.
4. Buy an insurance plan – pick up a basic term plan online, it will work out cheapest. Even if you don’t have dependents now, you will in the future, so it is better to pick up a term plan now when you are younger and healthier and therefore will pay lower premiums.
5. Plan – whether it is a vacation, a bike or a guitar. Plan for it. Do your research or survey on the places you want to visit for a holiday, the options of bikes or types of guitar available. Select the one you want and put aside money for it every month and then enjoy.
6. Budget–if you have a budget and a plan for your expenses, you will realize that you have more money now to spend than before. When unplanned, you tend to incur wasteful expenditure – buy cloths, accessories and gadgets that you dint need, will not use or are unsuitable.
This is all you need to do, and we promise you will reap rich rewards.