We keep reading through articles that money has the power to transform life remarkably, be it earned or acquired. So, its valuable to start financially healthy practices at a young stage in life. As we grow up, the old good memories start to fade. This is exactly what happens with our financial pattern as child where we save more than spending. Habits in our childhood impact decisions that we take as an adult.
Do you still think about times when you were a child and received your first pre-approved loan from a financial company/bank? Of course, the proposition looked “too good to be true” and made you agree at an instant.
There’s a possibility that you did not use the card as much, however it must have passed on important learning about finances and debt. Most people utilize their personal experiences to solve long lasting issues. Its best to pick up the best about using the credit card carefully and not accumulating.
A financially stable life starts with good money management skills. Work on a budget in advance and then try to adhere by it.
Let’s look at the Best Financial Tips to give to the younger self:
If you ever get the chance to teach your children about how best to manage your finances, then read the following:
Save for a brighter retirement
Its best to think about your retirement first. The sooner you realize the importance of saving early, the better it will be. It is extremely important to build a substantial retirement fund as soon as receive your first paycheck. This is like taking baby steps towards a brighter & stress free future. Believe in the power of sustainable future where your money is compounded.
Start to develop interest in investments
It’s considered important to learn about investments & invest money into the most profitable streams. This is primarily done to get good returns on the money invested. Though, there’s another way to have profits by putting money into the account & receive interest in return. Learn as such about mutual funds, gold bonds, provident funds, etc.
Avoid spending on unimportant things
It must be thought early to children to limit their spending on frivolous items. Instead, save the same money & put into bank accounts. In fact, you could start with little contribution towards a PF account and keep the bank balance uptight.
Keep this always a lesson in mind to keep investments in place & live a minimalist life.
Interesting reads: How to set up your Short Term Financial Goals in 2020
Focus on your strengths
Have an insight about your strengths and idea to apply them too. Choose a pathway to follow your passion as an advice to the younger self. We strongly believe in the power of heart & mind. Essentially, focus on your career goals from the starting of your employment & earn good.
Do not depend on too many credit cards/loans
Swiping your credit card sounds swanky until you receive the bills of it. Credit cards or loans is used out of hobby can lead you to building more liabilities than debts. So, it’s best to keep distance from cards/ loans and rely more on earnings and savings.
Few years down the line the urge to buy the latest gadgets will fade away. However, your travel stories will remain forever. Building on experiences can nurture your life for later & build a lifetime investment.
