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.

  1. Start with making a budget plan
  2. Pay off your debts
  3. Create a Rainy-Day Fund
  4. Start Investing
  5. Obtain an Insurance

It is always a smart idea to work towards financial independence as early as possible!

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