#ContestAlert🚨What would you tell your younger self about finances?

Hello everyone! :wave:t3:

If you could impart some of your current financial wisdom on your younger self, what would you say? :woman_student:t3:

Would you tell him to save more? Would you tell him to not splurge unnecessarily? Would you tell him to do his taxes better? Would you tell him to read up more about investments and learn about the stock market?

Here’s what I would tell my younger self:

#DearYoungerSelf,

Please stop wasting money on avoidable things. You don’t need that extra watch. You don’t need new heels to match that new top. Yes, you’re saving some money in an RD and yes you’re also contributing to your PF account. But that’s not enough to sail through life comfortably. SAVE MORE!

It’s your turn now! Tell us and win exciting goodies. :star2:

#Dear YoungerSelf,

Practice a strict discipline and limit opting for Credit Card / EMI purchases unless otherwise you have solid income for paying bills on a timely manner. It’s always good to lead a debt free life whenever it is possible!

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#DearYoungerSelf
Create multiple source of income for yourself and park the money generated in places that give you comparatively higher return with least possible risk and invest some in stock market to build your wealth over the long run and spend only on things you can afford without any credit or loan.

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#DearYoungerSelf

Learn from the crap, polish yourself as rough as to become a diamond, invest your time to yourself to bring joy around you and the people around you.
Pay attention to yourself, indulge yourself to work hard and enjoy your life too.
Learn as much as you can. Every day learn atleast 1 thing to secure your finances

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#DearYoungerSelf
If i could impart some of my current financial wisdom on my younger self things would been preety smooth in life financially down the road. I could have spent on things which I genuinely required rather than buying things in order to look cool and hippie amongs peers. Most importantly investing in things like creating Rd, Fd, Mutual funds and also focus on creating multiple streams of income.

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#DearYoungerSelf,
If I have the option to go back in time and change my decision financially than it would be:-
1.) Credit Cards Aren’t Free Money.
2.) Pay Your Bills First, Yourself Second, and Everything Else After That.
3.) You Don’t Need to Impress Your Friends.
4.) If You Don’t Have the Cash for it, You Can’t Afford It
5.) Invest.
6.) If You Want to Be Reckless, Now’s the Time to Do It.

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#DearYongerSelf,

The first and foremost point is planning for retirement. The sooner you start a retirement plan, the more benefits you are likely to enjoy later. It is vital to contribute as much as possible towards your retirement plan and begin as soon as you start earning. This will help you build a big corpus for your golden years, and you’ll be able to live worry-free. Most of us start understanding and fretting about our retirement funds when we reach our mid-thirties or early forties; however, it is best to start investing in your retirement fund in your twenties due to the power of compounding. Look at this as a dependable way to remain financially independent for your entire life.

Thank you…

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#DearYoungerSelf

  1. A credit card is like a hidden treasure, learn to use it wisely
  2. Maintain a great credit history
  3. Take out time to research term insurance and different insurance policies
  4. Find out about the best investment strategies
  5. Park your surplus money in the best possible way
  6. Create multiple sources of income
  7. Make your money work for you
  8. Do not buy any unnecessary things
  9. Make it a point to do SIP
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#DearYoungerSelf

Time is wealth. Spend more time calculating your propositions and invest time in money management. Be wise and begin savings early. Savings not only mean RDs and FDs. There are many tax saving propositions like Mutual Funds, Equity tax saving plans. Invest for long term. Think of Term coverage. Invest in health insurance also. Always invest with reliable sources who care about our wellness as much as we do. Stay happy!

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#Dearyoungerself

If you haven’t buy that playstation and if you have invest that money in some funds you could have more money then present. If you haven’t skip those finance lectures in school and college you could have more knowledge about shares market and mutual fund. If you haven’t party all weekends you could have saved more money. It’s okay to be little selfish for saving money. You can ditch your plan just to save money for your future plans. Speak to your friends and family about financial things they will listen or may be they will give you right direction. Try to learn by yourself about financial things. And also try to avoid taking credits from bank or other sources. This will make you future more financially stable.

Have fun and don’t forget to enjoy your life. :slight_smile:

Yours present

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#Dearyoungerself

That pool of big amount that you are planning to accumlate- starts with small monthly savings. Keep on adding funds - possible in a bank account that paya higher interest. Also, keep a log of your monthly expenses - will go a long way in saving you from spending money on un-necesaary stuff.

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Welcome to the Niyo Community @me_shveta and thanks for participating! :relaxed:

It’s been a while since we’ve seen you here @HumbleBeast ! Glad that you’re back. Thanks for participating! :relaxed:

It’s been a while since we’ve seen you here @iamsurti! Glad that you’re back. Thanks for participating! :relaxed:

It’s been a while since we’ve seen you here @Devin_butani! Glad that you’re back. Thanks for participating! :relaxed:

Welcome to our Niyo Community @Michael_Anish! Glad to have you on board. Thanks for participating! :blush:

Thanks some great advice @ashishjogi9! Thanks for participating! :relaxed:

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Welcome to our Niyo Community @Saurabh_Rathi! :blush:
Thrilled to have you on board. Thanks for participating!

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#DearYoungerSelf
Keep yourself updated with the latest finance news, learn A LOT about diversifying and investing your funds, and spend wisely (because you’re going to need a lot of money in the future!).

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