Need finical tips

[Aizen164]

Hi , i am 20M from Gujarat , currently studying in MBBS , What should i am doing in my 20s & what not . Tell me which mistake i avoid & good habits implied on my self . What should you do if you are in 20s ?

 

[TaxWiser]

Hi , i am 20M from Gujarat , currently studying in MBBS , What should i am doing in my 20s & what not . Tell me which mistake i avoid & good habits implied on my self . What should you do if you are in 20s ?

To Do:

• Start tracking your spending.
• Evaluate your expenses every month and try to save as much as possible by compromising on some wants without hampering your needs.
• Use those savings to experience new things as much as possible.
• Invest some time in learning personal finance without cutting down on daily activities.
• Spend as much time as possible with your parents.

Not To Do:

• Stay away from Loans and EMIs.
• Steer clear of get-rich-quick schemes.
• Be aware of financial scams happening in our country.
• Never make decisions based on your emotions or FOMO.

After Getting your 2nd month Salary:

• Get a term life insurance and health insurance. Avoid ULIPs (Unit Linked Insurance Plans).
• Build an emergency fund of at least 9 months.
• After accomplishing this, start your investment journey according to your risk appetite and do your own research (DYOR).

Here are some YT channel recommendations that might add some value in your 20s:

• Labour Law Advisor
• Akshat Shrivastava
• Pranjal Kamra
• Sarthak Goswami
• Mohak Mangal
• Zero1 by Zerodha
• GT Plus
• Lapaas Voice
• Gen Z way
• Bekifaayati

Note: Never follow and trust anyone blindly except yourself

Enjoy and utilize your 20s to the fullest

 

[RishabhDugar]

One more channel which I had initially learnt from, "Asset Yogi"
One more to add to the list "Finance with Sharan"

 

[amitvicky]

To Do:

• Start tracking your spending.
• Evaluate your expenses every month and try to save as much as possible by compromising on some wants without hampering your needs.
• Use those savings to experience new things as much as possible.
• Invest some time in learning personal finance without cutting down on daily activities.
• Spend as much time as possible with your parents.

Not To Do:

• Stay away from Loans and EMIs.
• Steer clear of get-rich-quick schemes.
• Be aware of financial scams happening in our country.
• Never make decisions based on your emotions or FOMO.

After Getting your 2nd month Salary:

• Get a term life insurance and health insurance. Avoid ULIPs (Unit Linked Insurance Plans).
• Build an emergency fund of at least 9 months.
• After accomplishing this, start your investment journey according to your risk appetite and do your own research (DYOR).

Here are some YT channel recommendations that might add some value in your 20s:

• Labour Law Advisor
• Akshat Shrivastava
• Pranjal Kamra
• Sarthak Goswami
• Mohak Mangal
• Zero1 by Zerodha
• GT Plus
• Lapaas Voice
• Gen Z way
• Bekifaayati

Note: Never follow and trust anyone blindly except yourself

Enjoy and utilize your 20s to the fullest

The moment I read the question/title... I knew that some great advise gonna come.
You never disappoint.

1 more thing... I believe Ankur Warikoo can also be added to the channel list/personalities.

 

[divakartvns]

You are studying MBBS that is great, with MBBS you can skill yourself with new technologies. While Artificial intelligence is already in existence you can upskill your self with AI which can help you in your profession also.

Also Earning money & managing money both are different concepts. I will suggest you to learn how to manage your finance that is very crucial.
For this start recording your earning and your expenses at daily basis. This exercise will make you clear about your unnecessary expenses which can be eliminate from your budget.

 

[zacobite]

To Do:

• Start tracking your spending.
• Evaluate your expenses every month and try to save as much as possible by compromising on some wants without hampering your needs.
• Use those savings to experience new things as much as possible.
• Invest some time in learning personal finance without cutting down on daily activities.
• Spend as much time as possible with your parents.

Not To Do:

• Stay away from Loans and EMIs.
• Steer clear of get-rich-quick schemes.
• Be aware of financial scams happening in our country.
• Never make decisions based on your emotions or FOMO.

After Getting your 2nd month Salary:

• Get a term life insurance and health insurance. Avoid ULIPs (Unit Linked Insurance Plans).
• Build an emergency fund of at least 9 months.
• After accomplishing this, start your investment journey according to your risk appetite and do your own research (DYOR).

Here are some YT channel recommendations that might add some value in your 20s:

• Labour Law Advisor
• Akshat Shrivastava
• Pranjal Kamra
• Sarthak Goswami
• Mohak Mangal
• Zero1 by Zerodha
• GT Plus
• Lapaas Voice
• Gen Z way
• Bekifaayati

Note: Never follow and trust anyone blindly except yourself

Enjoy and utilize your 20s to the fullest

Three Rules :
1) Income, then investment then expenses..
First two should be as high as possible, last one as low as possible..
2) Avoid Loans except for House / Education if absolutely necessary
3) Get Adequate Insurance & Emergency Funds arranged before any other spends

BE PATIENT.. Time Grows Money

Influencers Influence - Good and Bad!!