What is that one Financial advice that you always follow?

drashtishah·Sep 25, 2020

Posted in:Money

For me- I have a list actually1. Having 6 months of liquid funds as a corpus.2.Paying annual taxes a month before the due date.3.Making purchase only if I can afford two of it, otherwise postponing the purchase to be more stable.Let me know your thoughts

amandajude·Sep 26, 2020

Interesting! What’s the logic behind taxes a month early, any savings there? Also, I like the advice of being able to afford two of it! That’s a perspective that could be very supportive as a shift my own spending habits.

drashtishah·Sep 26, 2020

Hi Amanda,The logic to pay taxes in advance is to avoid last-minute rush. If there are any documents missing, you still have a month. One of the biggest benefits is if you are consulting a Financial planner, most clients come last minute and the consultants are busier.In India, Interest is an added benefit.

Tillie207·Sep 26, 2020

That's great!1. Everytime. I get paid, at least 45% part of it goes into the "me fund": investments, saving, emergency.2. Pay credit card debt in full - I love seeing $0 of debt

Iynna·Sep 26, 2020

YES to all of it! I love 3. another thing I recommend is think of your purchase in terms of how much time it would cost you ie. you see a pair of shoes that cost $100 that would represent 1.5 hour of work for instance.In fact there is a Chrome extension called Time Well $pent just for it which I've enjoyed https://chrome.google.com/webstore/detail/time-well-spent-%E2%80%94-see-pri/fagkeimkebmhbeelogmpfpcfdiamhpoa?hl=en

maggiewolff·Sep 26, 2020

1. Always set up my 401k contributions to get the maximum match from my employer. 2. Never purchase non-necessities right away. Wait at least 24 hours. A lot of times I've forgotten about it by then. 3. When searching for an apartment (or someday, a home) with a partner/spouse, set our budget as if only one of us was working. That way we aren't screwed if one of us loses their job, and in the meantime, we'll have enough for savings or emergency costs. And we won't be house-poor. 4. If the car still runs and regular maintenance costs are low, we do not need a new car.

drashtishah·Sep 27, 2020

2. I bet it is one of the best ways to avoid impulse purchases.I love buying domain names when I get random start-up ideas. If I would have not followed this strategy, I would have had at least 100 domain names registered in my name. I Agree with all them though

rachel·Sep 27, 2020

1. Don't spend beyond your means.2. Don't spend for the sake of it. 3. Experiences > things. 4. Wherever you can, be generous towards others.5. Explore the following questions:- What does money mean to you?- How does money make you feel?- What patterns do you notice around your spending/saving habits? - How would you like to be/feel around money? What would need to change in yourself and your life to enable this to happen?

Iynna·Sep 27, 2020

Love this Rach!!!3. VERY millennial of you hehe <3 :) what type of experiences would you happily splurge and not regret?4. You are a beautiful soul!5. What does money mean to YOU and does it make YOU feel?

rachel·Sep 27, 2020

Money = freedom and choices. At some point, it levels out (i.e. more money is not ALWAYS connoted with more freedom & choices), but in general terms that's how I think of it. It makes me feel powerful and/or allows me to step into my power (because I'm not having to rely on others to financially support me, and also don't feel like I'm lacking in this regard). I feel incredibly blessed.