I am a 21 year old student and I want to learn abiut money so that I can create a financially free life⦠Hence getting time to pursue my other dreams that are not related to money.
Money is a topic Iβve always found complex and ran away all my life but I want to learn about it now.
Can anyone tell me how can I learn about money and put it to use
(Also it will be a great help if someone can tell it in a Indian perspective i.e for an Indian kid)
I am also a student. I have not made any single penny by myself yet but I would like to share my thoughts on this.
There are infinite ways to make money. You need to choose how you wanna do it. I recommend doing it ethically.
However, Spending money is more critical than making money. There is no limit on how much money one should make if he knows how to use it.
Buying luxuries are definitely not a good way to spend money, You pay 10% for the utility and 90% for the brand. Ofcourse buying them occasionally for your own satisfaction is okay, but donβt chase them. Most of our society is now influenced from western culture which believes in extreme materialism.
Donβt take loans, Loans are a good source if they have the ROI as well. Buying luxury cars, bikes , phones on EMI will only make things worst. Even their value depreciates faster than you think.
Education loans are worthy but only when you are going to good college. Rest of the loans you should not take unless you have 60-70% as downpayment or it is needed so much.
But sometimes loans can help you in saving taxes as well, Govt provides you Rs 2,00,000 as an expense if you use it for House acquisition. Now this is related to tax planning. You can learn more of it from internet.
Now there should be portion of your income you need to invest. Unless you understand finance and market analysis, you should not jump directly for equity trading.
There are safer and better ways to invest. Go for Mutual funds, bonds, SIPs and index funds. They are very simple for a layman. They provides great value in long run. If you want to learn about investing, Go on the internet. There are tons of resources. And most importantly, just start doing it. It is not a theory you need to understand before applying. It can only be learnt by actually doing it.
In India, people are generally not aware of their finances. People treat money like God but donβt know how to use it properly. Spending on wants is also essential but one should know what he can actually afford.
Also Donβt chase Materialism , Chase financial freedom so that you can do things which makes you happy.
Thanks a lot man
This really was an help.
Somebody else has any other advice, please.
ΰ₯€ I need help please help me fastΰ₯€
Just 1 thing
Dont fall to the trap of fast and easy money
I suggest you to read the book βRich Dad, Poor Dadβ it will make you learn everything you need to know about money.
Iβm Malaysian Indian , if u want to achieve financial freedom learn forex,stock, crypto trading from right mentor and now Iβm regretting I wasted alot of time when I was 20yrs , u give a try in this financial market analyst industry and itβs not easy 90% traders lose in this game I can only share about this cuz this is what Iβm doingβ¦u cant join my team cuz my guru is Malay we learn in Malaysian language if u want to join go search Karen foo on yt from Singapore
With respect to this since u r indian
Check out varsity app by zerodha
It covers the basics for investment
More inclined towards stock market
But this will give u a rough idea
Once done with that
Message me ill share u other stuffs
Also the modules on varsity now have video lectures so u can see the video ones if u dont wanna read
Thanks man i needed someone like you
This topic was automatically closed 30 days after the last reply. New replies are no longer allowed.
