5th April 2020
7:43 a.m (IST)
The most important step in the game of financial independence is to "Save". In this world no one has ever become rich without saving and its the step you should command first followed by power of investment & leverage.
You will encounter the phrase of "Paying yourself first always" in many financial & business books - from "Rich Dad & Poor Dad" to "The Richest Man in Babylon"
So now the question is -"What's the right way to save"?
The best way to save for early financial independence is by saving up to 60% of your income and leaving only 40% for your expenses. For most of you this might look shocking percentage but you have to realize how important is saving if done in the right way and If you're in your 20's then you have to realize the power of frugality in this time. The more frugal you live the more you will able to save.
Let's suppose you earn 20K/month and saving around 12k (60%) for lets suppose for 2 years. So in 2 years you will save 2,88,000 which is decent amount of money.
This ~3 Lakhs can give the edge you always wanted - by investing in stock market or as down payment for your first real estate property which we will discuss in the following blog posts. But realize this fact you will not begin your journey of financial independence without "SAVING".
"Living few years of your life like most people won't, so that you can spend the rest of your life like most people can't".
-
SHUBHAM RAO
7:43 a.m (IST)
SAVE!
You will encounter the phrase of "Paying yourself first always" in many financial & business books - from "Rich Dad & Poor Dad" to "The Richest Man in Babylon"
So now the question is -"What's the right way to save"?
The best way to save for early financial independence is by saving up to 60% of your income and leaving only 40% for your expenses. For most of you this might look shocking percentage but you have to realize how important is saving if done in the right way and If you're in your 20's then you have to realize the power of frugality in this time. The more frugal you live the more you will able to save.
Let's suppose you earn 20K/month and saving around 12k (60%) for lets suppose for 2 years. So in 2 years you will save 2,88,000 which is decent amount of money.
This ~3 Lakhs can give the edge you always wanted - by investing in stock market or as down payment for your first real estate property which we will discuss in the following blog posts. But realize this fact you will not begin your journey of financial independence without "SAVING".
"Living few years of your life like most people won't, so that you can spend the rest of your life like most people can't".
-
SHUBHAM RAO
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