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Friday, August 27, 2010

6 money mistakes to avoid when you've just started working

Today's Mint has a very helpful piece by Harshada Karnik for youngsters who are into their first job. That first cheque may give you a high, she says, but before blowing it up, you should take a look at what a small part of it can earn in the long run. And then she lists the mistakes many youngsters make when it comes to financial planning:
  • Mistake 1: Don't really know where I spend
  • Mistake 2: I saw, I liked, I shopped
  • Mistake 3: I live on plastic
  • Mistake 4: Not now, maybe later
  • Mistake 5: I like risks and adventure
  • Mistake 6: My uncle has it, I'll also buy one; it'll save my tax, too
If you are making all or any of these mistakes, you need to read this: "Into your first job? 6 mistakes to avoid"

2 comments:

  1. ArpanAugust 27, 2010 at 4:11 PM

    Hehe! The other extremes being:

    Mistake 1: Don't know where to spend

    Mistake 2: I saw, I liked, I made my friend buy it for me

    Mistake 3: I live on plastic (literally, I don't eat at all!)

    Mistake 4: Not now, maybe later (birthday gifts for friends)

    Mistake5: I like risks and adventure (so I don't spend on autos,regardless of how late at night it is; I walk!)

    Mistake 6: My uncle has it (so I'll just borrow it from him!)

    PS: For some of my miserly friends who too have recently started working!

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  2. UnknownAugust 30, 2010 at 9:42 PM

    Thank you so much!
    This was a big help at this point when we all are staring our first jobs(and responsibilities) right in the eye! I had decided a long time ago to always save atleast 10% of my salary. But in the last few lines of the article, the writer says- If you are savvy enough, you can save 50% of your salary!
    Now that is a little too much I feel. With today's youngsters? No, not at all. Only if you are living in Ladakh!
    Anyway, it was a very interesting read, sir. Thank you again.

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