One morning every month I spend checking out what my savings is doing and any thing needs to be done. It’s frustrating to see that for every 100 Rs I earn, I hardly get 50% to spend. Rest all goes to various direct and indirect taxes. Some tips to create wealth
The smartest thing I ever did, financially, was decide to save a percentage of each salary. I began by putting 10% and gradually increasing as salary increased. Every month without fail. Never to pull out of that fund. The first time I used that fund was for sons wedding.
You make sudden more money and splurge. This can create a problem. So be careful with your spending even if you’re suddenly making more than you thought you would. You also will be unhappy if you chase temporary pleasure with money. Try to live just below your means, than above.
Automate your retirement savings. Like EMI you don’t control and gets deducted, so that it automatically gets deducted the day pay check arrives. Increase ur contribution to EPF as much as u can. I have paid double my employers contribution for last 15 years.
If you save into stock market/ MF, be long term and ask experts. Choose right experts. My first savings of 10000 I invested in a MF in 1995. Today it’s 23L +. Don’t be in it short term. Like steady state cardio is best for health so is long term investment. Slow gradual.
Avoid personal loans &credit card debt. Start early. From your first pay check. Be thrifty in your younger days. U may be able to buy a good car ten years from now for the iPhone 12 today. Don’t spend to show. In India most of us spend to show others.
The never to forget mantra is Save, Save, Save. There is a .5% possibility that you may die early without enjoying your wealth. But there is a 99.5% possibility to enjoy your life not dependent on anyone post retirement. Not worrying about money. Change ur habits.
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