5 Things you Need to Know Before Earning your First Salary
1 Start with Making a Budget Plan
Allocate your money for different purposes:
- 50% - Necessities such as rent, food, bills etc.
- 30% - Entertainment such as trips, shopping, movies etc.
- 20% - Investments.
2 Pay Off your Debts
- Pay off college loans on time, or even pay extra to avoid penalties.
- When you receive a regular income, start repayment.
3 Create a Rainy-Day Fund
- Save up for unexpected events.
- Have a backup source of fund for emergencies.
4 Start Investing
- Invest early to understand the financial principles and take advantage of compound interest.
- Types of investment to start with:
- Mutual Funds
- Fixed Deposits
5 Obtain an Insurance
- Having Insurance is helpful when things don't go according to the plan.
- Correct Insurance provides financial stability for dependent aged parents or family members.
Here is the recap of things you need to know before earning your first salary.
- Start with making a budget plan
- Pay off your debts
- Create a Rainy-Day Fund
- Start Investing
- Obtain an Insurance
It is always a smart idea to work towards financial independence as early as possible!
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