What should you be careful of?
- Excessive spending would leave lesser amount in your hands for investment
- Excessive debt would always eat into your earnings eroding your surplus
- Poor utilisation of your surplus may reduce your chances of earning attractive returns on your investments
What should you do to make your money work for you?
- Avoid impulsive buying
- Plan and monitor monthly expenses
- Make effective use of credit cards
- Avoid excessive borrowing
- Make a list of your goals
- Forecast amount you need to achieve your goals
- Prepare an effective investment plan
- Monitor and revisit your plan at regular intervals to make it more effective
PersonalFN is of the view that merely earning high income doesn't ensure fulfillment of all your life goals. Although high income increases your chances of attaining your financial goals comfortably; it may not help if you make poor utilisation of your financial resources. Financial discipline is crucial and starting early is a key.