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Thursday, March 20, 2014

You have just begun earning a salary. How do you make the best use of the money you are making?

Vivina Vishwanathan, writing in Mint this week,shows first-time wage-earners how to make the best use of their salaries. Here is her seven-point list:
  • Pay off education loan
  • Keep track of expenses
  • Study financial products
  • Save for small goals
  • Buy an insurance plan
  • Keep 10% for long term
  • Reward yourself 
Each point is explained in detail in the article. Check it out here: "Make the best use of your initial salaries".

PS: If I had had the luck to come upon such a list when I first began working in 1981, I wouldn't have had to wait till I got married in 1984 and my wife took our money matters in hand before I could begin pointing to a reasonable bank balance. Ultimately it is only because of her financial acumen that we were able to put together a decent nest egg.
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