Outlook Money
Pranjal Kamra, in a recent LinkedIn post, lists 8 easy money rules that everyone should know to prevent avoid significant financial errors. Here are 8 money rules to live by
Starting SIPs early allows your money to grow for a longer period. It provides time for compounding to act in your favour, accumulating wealth over the years.
Steer clear of personal loans and credit card bills unless extremely necessary. Student loans are fine, only if they assist you in creating a better profession.
Take one term life insurance and one health policy. These will help your family and your wallet stay safe from emergencies.
Stay clear from schemes, apps, or platforms that are not regulated. Even when returns look good, the risks lie hidden.
Wasting money on appearances depletes your savings. Prioritise living within your means, not impressing others.
Speculative trading for short-term profits is dangerous. Most people end up losing money that way. Long-term investment is safer and more stable.
Don't invest all your money in one instrument. Invest in gold ETFs, government programs, and mutual funds to diversify portfolio and mitigate risk.
Start creating a retirement fund during your 20s or 30s. The sooner you start, the better.