What will you give an advice to 24yr old me
Hi guys,I wanted to know what financial mistakes or right things that you did at 24 yr.Which changed your perspective to see the life.And as a 24-year-old software engineer what should I focus on my next 5 years both personally and financially ?
DarkerKnight
Stealth
6 months ago
Don't go to strangers on anonymous site asking for advice.
Most of the time, friends/family won't give you good advice hence strangers on anonymous websites. I know strangers might not have full context but some of that can be provided. Also, multiple strangers can give multiple perspectives.
Dont take ULIP plans from LIC/ bajaj finance etc . Waste of money. I had to taken one 12 yrs back on advice of adamant relative who is an agent , and i literally got the same amount at the end that i paid all these years just this month.
Take a term insurance for atleast a crore as soon as you are married .
Put atleast 30% of ur income in mutual funds as sip, just sit tight or do some small tinkering here and there. Right now i just invest x every month but my portfolio increases by 2x every month and i just started few years back.
Max out ur 80c always.
Once married , buy a home and take a home loan , that satisfaction beats all the logical comments .
Take care of your health, else you'll end up as a 25yo with a 50yo back!
Qwerty2398
Stealth
6 months ago
Don't stay late at work. It won't make you safe from layoffs.
Never finish work early/ahead of deadline. Always complete at the last minute or preferably a little late.
Never volunteer for additional work. The "learning" opportunity your boss talks about is a lie.
Never be happy in office. Always pretend to crib and complain. cry babies are rewarded. Being happy is a punishable offence.
Mandatory save 50% of your salary. If you own a house / or expecting to get one thru inheritance dont buy a second house, never at T1 City.
Qwerty2398
Stealth
6 months ago
And take care of your health. Those fuckers will replace employees at a blink and leave you dry
Try to keep your expenses according to your passive income (fd interest, divided on stocks etc)
Get married ASAP (offcourse when you have suitable partner with you)
Have a good exposure to equity at early age.
Try to find difference between needs and wants
Look for family networth and not personal networth
Senior citizens get extra interest rate on deposits, women get discount on loan ROI,for kids there are gov schemes with better rates
