3. Budget, budget, budget
Habit > Accuracy
I got my major personal
finance breakthrough
from monitoring my
expenses religiously for
3 months.
It gave me a good
estimate of what I need
to spend monthly and
what to save/invest.
4. How To Track Your Expenses
https://drive.google.com/file/d/1413oVdQAtZQSQBgwaj_-rdN4nLUm8dBN/view
5. How To Track Your Expenses
http://wally.me/
You should check
out the many
budgeting and
expense tracker
apps on Apple App
store and Google
Play store
7. N1 (income) – 0.99k (expense) = ?
It can be very difficult to spend
less than you earn.
The trick is to reduce your
spendable earning. Pay yourself
first!
8. Save All Bonuses & Windfall
Don’t
celebrate
bonuses and
windfalls
with new
expenses but
with new
savings
10. Saving only to Spend
Don’t use vacation
or car purchase or
some fancy future
spending as your
motivation to
save.
11. Saving In Non-Interest Accounts
Don’t do monthly
contributions that yield
no return on savings.
Don’t put your savings
in a bank savings
account.
Your money should
grow over time.
13. Different Investment Vehicles
Bank Fixed Deposit
You negotiate a higher rate than
usual savings account interest rate
but comes with withdrawal
restrictions
Treasury Bills
You can buy through secondary
market (bank, finance houses). Rate
is often better than fixed deposit.
Money Market Funds
They put your money into treasury
bills, commercial papers and other
liquid short term instruments.
Equities Funds
They put your money into
equities/stocks. Comes with higher
risks than the previously stated ones.
Real Estate
You buy/lease land or building/house
purely for commercial purposes. Can
be very risky as market is not
structured.
Alts
Cryptocurrency, crowdfunding, fx
trading and many others that are not
in the earlier categories. Very very
risky.