3. Invest a portion of your savings
Now that you have started the habit of saving, let’s start investing. Don’t worry we will guide you through the steps. No matter at what stage you are – see below on how to start and what can you invest in.
4. Learn about investing or hire an advisor
If you don’t think you are familiar with the concepts, read more. Read books or read stories of real life people who were now successful investors. Learn from their lessons. The more you can learn, the closer you are to being financially free. You could also start learning by taking courses such as Courses on Tradebrains.in or Courses on InvestAcademy
5. Start retirement planning
Yes, its never too early to start retirement planning! You never know what can happen in the future – jobs can be lost, financial emergencies can arise, etc. All these can put a dampener on your savings – hence start saving for your retirement today so that you have a comfortable lifestyle during your retirement.
6. Invest more time in personal finance management
Finances are very important, the more time you spend understanding your finances, savings and investments – the better you will be able to manage them. Budget for bigger expenses – be consicously aware of your budget and spend within that budget, even if the new iPhone is going to be come out or you want to take a trip to Thailand. Know your limits, and operate within them.
7. Create another source of income
A passive source of income such as an income from a side project, house rental, etc always goes a long way in supplementing your monthly income from your work/business. The more number of incoming cash flows you have, the more financially free you will feel. Think about that skills you possess and if any of them can be marketable. If not, it is always a good idea to learn a new skill. Also, learn about how dividends can generate a passive income by clicking the links below.
8. Avoid unnecessary expenses
It is easier said than done, we get it! But try to limit unnecessary expenses or reduce them. Reduce the amount you spend on high ticket items such as phone, electronics, travel, bags, bikes, cars, gadgets clothes and so on. Explore local brands.
9. Do not get too greedy, and avoid mistakes!
Once you learn the basics of investing and start getting a better handle on it – its very easy to get greedy and want to make more and more money. Remember that you are saving for a better future and do not gamble away your hard earned money. Learn about the common mistakes that investors make by clicking below.