12 things about personal finance I wish I knew when I was 20: (a Thread on Money Matters)
1. Saving is essential.... irrespective of the amount you earn.
2. Just saving is not enough, INVEST! Else, your money loses value with each passing day
4. You do not need a Credit Card. Spend from what you have. Period!
5. Life insurance is not the best investment, hell it is not even an investment.
6. Stay miles away from LOANS! Luckily for me, this happened by chance since I did not have too many wants.
7. Mutual funds sahi hai! Start small, increase over time, stay patient. Small amounts make big money in the long run.
8. The sooner you take a Term Insurance plan, the cheaper it is.
@ShubhamAggarwl has a gold mine of threads on Insurance matters, check them out
@ShubhamAggarwl has a gold mine of threads on Insurance matters, check them out
9. Health Insurance is protection from an unfortunate worst case scenario. Don’t assume that life will always be smooth.
For all things insurance, check out @Rahul_J_Mathur ‘s content
For all things insurance, check out @Rahul_J_Mathur ‘s content
10. The value of fancy cars, expensive clothes, accessories, etc. all goes down with time. Buy what you need & make the most of what you buy.
11. Learn about Equities & understand them before investing. Otherwise it is simply gambling.
12. When you lend money to family & friends, be aware that this money might never make its way back. So lend only how much ever you are okay to forget about, without effecting your financial health.
I learned all the above lessons the hard way. Wish our education system / society taught these to youngsters at an early age.
What you do in your 20s will have a big impact on your wealth later in life.
Work on your financial health right from your first salary!
What you do in your 20s will have a big impact on your wealth later in life.
Work on your financial health right from your first salary!
• • •
Missing some Tweet in this thread? You can try to
force a refresh
