18 F need advice

[delightintheway]

@ladyw Keep at least 6 months expenses in a bank.
Half to 3/4ths of it as Fixed deposit.
Everything is online.

Start reading about various asset classes.

Stocks-avoid initially, and don't go by tips. If you buy, diversify. Stick to large caps unless you know better. Best to avoid.

Mutual funds- start investing here after you have a few lakhs in your bank. Can go via the SIP route.
Index funds are the international favorite.

Gold- I avoid it. Good for hedging.

Real estate- large ticket size/ capital requirement. May also need some muscle to handle it. Avoid, initially.

If you hate reading and learning about finance, stick to FDs in major banks-hdfc, icici, sbi.

 

[wstorm]

@ladyw Buy the following books on Amazon and read them before you get your first job

The Richest Man In Babylon

Rich Dad Poor Dad

The Compound Effect

The Millionaire Next Door

Let's Talk Money

The Automatic Millionaire

Think and Grow Rich

Your Money or Your Life

The Psychology of Money

Early Retirement Extreme

 

[ladyw]

@wstorm Thankyou

 

[kaypatt]

@ladyw Dont waste money on buying books read them on free online if you can

 

[ladyw]

@kaypatt That's what I usually do

 

[jakiarina902]

@wstorm lmao what kind of advice is this

 

[songonthewind]

@jakiarina902 Solid.

 

[jakiarina902]

@songonthewind sure

 

[ocromwell]

@ladyw F&O me kud jaa

 

[golfnut1913]

@ladyw Keep that money and use it for dire emergencies. Its a bit of a small amount so if you are not in a position to start SIPs etc, i would just put it in some cred like p2p lending platform for a short while.

 

[resjudicata]

@ladyw Use that money, spend it. Preferably in gaining some more skills. Investing such a small amount is not going to help you in anyway unless you get that much amount every month

 

[ladyw]

@resjudicata I just want to start that so that I can learn how to invest. But thankyou for your suggestion.

 

[songonthewind]

@ladyw Please red carefully:
When you want to be a carpenter, you learn about carpentry. Tools, Materials, Techniques and the like.
When you want to be an athlete, you would learn about physique, your and others bodies, muscles, diet etc.
Now for some reason when people want to invest they either go for a gamble stock pick or learn about stocks.
But the most fundamental thing people always miss is to learn about Money itself. At the end your goal is to get more of it. But can you be expected to succeed if you don't actually know about that thing that you want more of?

I highly suggest to learn about money, money systems, forms of money first. I speak from experience. Noone tells you this usually. It will take time, but the more you learn about money the more fascinating it becomes. Our journey from barter to simple forms of private/local currencies, gold or other precious metal coins, the gold standard and/or lack therof, digital ones and zeroes in your bank account, getting shifted around by credit card companies or mobile money operators, to blockchain based currencies of all kinds today.

Here are some book/video suggestions. Note there are references to cryptocurrencies, specifically Bitcoin in there. In case you are sceptical or think I wanna sell you something or whatever, feel free to skip these videos. I highly recommend them though as they provide very good insights in how money evolves and its history.

Books:
The Psychology of Money by Morgan Housel
The Fiat Standard by Saifedean Ammous
The Bitcoin Standard by Saifedean Ammous
All books/interviews/articles written by Ray Dalio

YouTube:
https://youtube.com/playlist?list=PLhyKYa0YJ_5CL-krstYn532QY1Ayo27s1&si=t68yrafbiYVu5jm3

These are some resources to get started. Once you got through them (and only then) feel free to DM me for more.

 

[durph08]

@songonthewind Thanks for compiling list of great resources.

 

[bella_lee]

@ladyw Hi do you mind me asking what do you do ? Im 18 too looking for some work

 

[ladyw]

@bella_lee I basically walk 2 kms to save the money my dad gives me to get a rickshaw to come home back from coaching. Tho when I had not started my prep I did a few internships(content writing and social media manager).

 

[bella_lee]

@ladyw How much did the internships pay you

 

[ladyw]

@bella_lee Somewhere between 2000-4000 per month. You can check out internshala.com

 

[harpsgigi]

@ladyw 1st and foremost, great work girl, now try borrowing 12k from your family and get a laptop and learn programing, start with simple html and css and then learn reactjs. Learning to program would be the best investment in your life, you would be able to recoup 18k as your 1st gig. I run a company which primarily does react projects. I can give you your 1st gig. You will make a ton of money if you get good at software

 

[liangahh]

@harpsgigi I’m trying my hand in python, will it be worth it ?