A free amount of advice which you all know but still waits for the right time.

 “The biggest mistake that people make is that they don’t plan”

Financial planning is one key to a peaceful life. Even if one is new to earning a stable income, fix a ratio of needs (rent, electricity, water, petrol, essentials, etc), wants (clothing, travel, other luxuries), and investment.

2. “Ideally don’t take a loan or if you do then it should be less”

If an education loan is taken, do it in your name and not in your parents. It is better to reduce and eliminate loans in your twenties. In case you are planning to invest, it is better to have no such liabilities and that loan interest which will be paid by you will help you in tax deduction under 80E.

3. “I have started a war against fixed deposit (FD). I’m ready to fight with the person who can convince me that FD is a good investment”.

Especially if you are in your twenties, FD is not an ideal investment option. It only protects money and doesn’t give a chance to grow it. Stocks and equities, in my opinion, are the best options to start investing. Keep some liquidity in your bank and make it an auto sweep facility enabled by going to your bank and rest invest on some stocks and definitely if you think you would like to do it at right time then you should have thought about investing when the NSE and BSE were formed.



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