I will give you the best tips, it may not relate this question but this tips really changed my life.
- Have ZERO liabilities. Don’t get any loans unless it is emergency. No house loan, no credit cards, no car loan, etc., If you want to buy house, buy it with your own money. Strictly no liabilities.
- Always try to increase your assets. Assets are Gold, Real estate, MFs, etc.,
- Only spend money on stuffs which you NEED. Don’t spend on stuffs which you WANT.
- Buying car is worst thing you can do with your money, unless you travel a LOT or millionaire.
- Don’t give credit to anyone (except your blood relatives, ofcourse). It’s not worth it.
- No job is secure whether it is IT, Banking or anything. Automation is eating jobs. World is changing exponentially. We don't even remember our once favourite brands Nokia, Blackberry. Airtel made banking 100% virtual. Rupay destroying mastercard and visa. Whole Internet is struggling because of a simple application called Adblocker. So, always have some secondary skill.
- You will lose your money to inflation if you put them in Savings account or Fixed deposit. Only invest in instruments which gives you decent return after deducting inflation and tax.
- If you do online shopping a lot, then use cashback sites. Regularly check debit card reward points (points have expiry time).
- Shop from Big supermarkets. They give discounts.
- Always maintain emergency fund (preferably in FD).
- Insurance is not an investment.
- If you are investing in mutual funds, visit the fund house website, register and invest directly (Direct plan). Don’t go via brokers like Bajaj Capital (called as Regular plan). These brokers charge commission and in long term they eat lot of your money (in Lakhs).
- Save 20% of your income no matter what happens. Just think that you don’t make that 20%.
- Learn about taxing. There are soo many legal tax deductions which helps you to reduce your tax.
- If you are into trading, don’t do Day Trading. Day trading is the best way to lose all your money. Only do positional trading.
- Donate. This is not exactly a financial tip, but if you help someone in need, someday someone will help you when you are in need. Karma.