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1. Know Your Money
You need to sit down and assess your money (tip: use an excel sheet to do this). Jot down your monthly expenses and income, and see where your money is going. Knowing where every single paisa of yours is being spent is your first stepping stone. You need to be in control of your money and not the other way around, right ladies?
2. Identify And Set Goals
Once you have an idea about how much you’re making, you need to think about your personal goals. What do you want to do in the next 5 years? 10 years? 20 years? Based on that, plan for your short-term, mid-term, and long-term financial goals. This way you have a clear idea of what you want and you can make future decisions based on it.
3. Make A Security Net
Before you step out and start investing your money, make sure to clear off all your debts. Investing your money before clearing off your debt is not a wise move. It will only weigh you down. Once that’s done, buy health and life insurance for yourself and your family. You never know what life may throw at you. Do your research and then put your money to make sure that you and your family are protected against any shortcomings and surprises in life.
4. Save And Start Investing
Start as early as possible. Once you have in your hands your first paycheque, start saving and investing your money. Because while no one regrets investing early, everyone wishes they had started sooner. Again, do your research because gone are the days of FDs. There are a plethora of investment options in 2022 that give better returns over shirt, mid and long-term durations. Make sure you don’t put all your eggs in one basket. Diversify your investments and reduce the risk of losing all your money.
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