3 personal finance lessons you will not learn from your parents

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Your parents may have taught you many useful life lessons. But there are some personal finances lessons that you may not have learned from them.

Transcript

3 personal finance lessons you will not learn from your parents Lesson number one. Always have a budget. Know where every rupee you earn is going. This helps you meet your expenses comfortably And save for specific goals. Lesson number two. Consider buying a house only when you can afford it. If you have to take on a huge debt simply in order to buy a house, Maybe it's a wiser idea to wait till you have more financial security So you can buy a house comfortably in the future. Lesson number three. Save first, then spend. Your parents often won’t tell you about the months it took to save for that big family vacation. Or for that laptop they gave you as a birthday present. But the truth is, it’s important to save first and then spend. And here’s a bonus lesson – Invest according to your risk profile. Financial products can be helpful here, because they come in different kinds, Each suited for a different risk profile. Learn more about these funds in the upcoming chapter of Smart Money.