- Do not spend more than 50% of your salary in a month if possible.
- Save 50% and invest in at least 3 different places. Be it Mutual funds, PPF, Stocks, Gold, NPS, Leasing, Crypto etc as per your risk profile.
- Constantly thrive for 2nd source of income. Don’t count on spouse income as 2nd source, rather consider that as an emergency fund.
- Must have health insurance for your family and term insurance until you have enough for dependents to rely upon.
- Do not try to match up ur lifestyle with others. Instead, try to match up with their hard work.
- If you are taking a loan, buy assets with it, not liabilities.
Assets:- Education loan, Loan for low-risk business with regular cash flow, House loan only if the EMI is equal to or slightly more than the rent you were paying.
Liabilities:- Loan for expensive flat, Buying an expensive car, High-end vacations, etc. If you own a car then Get upto 85% off on car insurance - Never rely on your Parent’s money because they are not relying on yours.
- Ways to decrease expenses:
-Control your fingers on food delivery apps.
-Avoid unnecessary shopping in malls or via apps. If you shop then check for discount, deals & cashback card on shopping.
-Take metro, auto instead of Cab whenever possible.
-These apps and easy upi payment system is built upon to force you take decisions that you really don’t require most of the times. - Dont fall in the trap- Most of the activities can be momentary pleasures but not life-fulfilling experiences.
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