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5 financial rules

13-Nov-2018

With money comes responsibility, Developing good money skills also requires regular practice. Young earners are always excited about drawing an income. The joy of being able to spend as one wishes camouflages the responsibilities that come with adult life. It takes time to develop the right attitudes towards money, and this skill gets better only with practice. Here are few tips to help along the way. Begin with your bank account. Make sure you have one core account that receives your salary income and can be used to establish your financial status easily. Second, organise and tabulate your expenses as a percentage of your income. ideally, your mandatory expenses should not be over 60% of your income. Third, keep borrowing at bay. Prefer debit cards to credit cards. Fourth, recognize your need for funds to meet unexpected events. Have a small stash in the form of a bank fixed deposit. Fifth, do not be lured into trading in stocks, futures or options and needless to add, do not subscribe to any methods of making a quick buck. Learn how the world of investment works. There is enough money to be made by the diligent saver and investor.

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