Allocate a part of your earnings for investments
This is something every earning individual should be cautious about. A part of the earning income should always go towards savings or investments. This is something that I learned from my family as a practice. When I was a kid and when my relatives give me some money to buy something for myself, I used to keep it safe and count it regularly. It used to be a kiddish activity to open my money box and count the money now and then. There used to be a puppy fight between me and my sister on that as well. She used to get more than me.
But though it was fun, that thought me a great lesson about saving money at a very young age. As a kid, I could have easily preferred buying something for myself or buying something that really attracts me. But I hesitated to do that and instead saved the money for the future. Of course, I used to buy things for myself now and then but saving the money for the future gave me more happiness than that, to be honest. Thanks to my parents who thought me this wonderful habit. Poverty was also another reason why we had to be like that but I'm sure it thought us lots of financial lessons.
Today I'm thinking about saving money a lot. I diversify my investments. I do not put all the eggs in the same basket. There is multiple savings plan available which we can choose. We have to either do the research by ourselves and learn everything by ourselves or go to someone who had already done that and gain the knowledge from them. When it comes to investment, it is important to fully understand what we are investing in and what will be the future of our investment. But every single month as soon as we get our paycheque, we have to start thinking about investing. A part of our earnings can be allocated towards investment.
In my case, I have liquid fund savings that I have been doing regularly every month. I make sure I have enough liquid funds with me for emergency situations. Our life can run smoothly today but we may not know what can happen in the future. Just to keep everything smooth and safe, it is important to have some liquid cash flow in hand. I have a savings plan where I deposit money to that plan and I get around 6 to 7 percentage for my invested money. The interest is also a compound interest. The big advantage of this savings scheme is that I can withdraw this money at any time by closing the savings plans. The amount will be credited to my account within a half hours time. Last time when I used this scheme, the amount was credited to my account within the next 5 minutes.
To conclude, saving every month is very important especially as soon as we receive our monthly salary. A small part of the income can be consistently sent every month towards a good investment plan. Remember that we have to consider investment on both movable as well as immovable assets.
saving money to buy something from the market that was kind of fun when we all are little.
I have invest most of my money to buy toys and I used to trade them with my a childhood friend. that was kind of fun I really miss those days a lot.
I think that small saving habit from young age is the key for our investment even after growing up. 😀
yes you are 101% right about all of this.