Ten Rules To Follow Just After Getting Your First Salary
Just getting a job after college life, is a great achievement for everyone.
Actually, we don’t get any guidance or training in terms of finance & life in our academic courses.
So commonly we waste our precious money & time.
Here I have tried to share my life experience for the management of life & money just after your first salary.
Gift some valuable items to your parents & your younger siblings and your beloved if any.
2. EDUCATION LOAN:-
Now calculate the EMI of education loan if any. If possible try to repay it as soon as possible by increasing the EMI amount.
3. AN ADVENTUROUS TOUR:-
Start an adventurous tour with your friends every 6 months & continued it up to you to become the parent.
For Trekking:- Siang Valley in Arunachal Pradesh, Hampta Pass & Kinner Kailash Circuit in Himachal Pradesh, Roopkund & Dodital Lake in Uttarakhand, Sandakphu In West Bengal.
River Rafting:-At Mandovi river in GOA, At Beas River in Kullu Valley in Himachal Pradesh, at Kali River in Dandeli in Karnataka, At Kundalika River at Saje (120 Km from Mumbai)in Maharastra, at Ganga River at Rishikesh in Uttarakhand
Paragliding:-in Goa, Bir-Billing in Himachal Pradesh, in Vagamon at Munnar in Kerala, inKamshet (110 Km from Mumbai)
Skiing:- in Kurfi & Hanuman Tibba at Himachal Pradesh, in Gulmarg at Jammu & Kashmir, in Auli at Uttarkhand
Bike Trip:-Manali to Leh, Rann of Kutch in Gujarat
Scuba Diving:- In Goa, at Malvan in Maharashtra, in Andaman and Nicobar Islands
4. BOOKING OF FLAT:-
If you have satisfied with your place of posting, book a flat after searching for a good location. In case of your transfer, you can sell it or give anyone on a rent basis.
Because early edge Investment gives you the benefit of “POWER OF COMPOUNDING”.
POWER OF COMPOUNDING:- It is just like the snowball effect. Due to the early investment you get more years of compounding of your money. So you get more interest in your principal amount.
Today I find one interesting calculator for salary paycheck. You can use it as your salary calculations also.
5. MUTUAL FUND & STOCK MARKET VS FD:-
You have to invest in Mutual Fund in SIP format means a monthly scheme. Also start learning stock market rules, after some learning start purchase of stocks from the Stock Market.
Please purchase it in a direct format instead of a regular format. In Direct format, you will get more money after the maturity of the scheme compares to the Regular format. Nowadays investment in Mutual Fund & Share market is more beneficial than FD in Banks.
7. MEDICLAIM & TERM INSURANCE:-
Start a Mediclaim Policy & Term Insurance Plan with the different reputed companies. Here you also gain more due to “POWER OF COMPOUNDING”.
Mediclaim will make you safer for any type of medical expenses. Term Insurance will provide a lump sum amount after your death to your family member. Monthly Rs. 600 investment will pay you up to Rs. 50 lakhs in case of your death in terms of Insurance.
8. BUYING A CAR:-
After marriage, you can take a car on EMI. Before marriage, you can use the public transport system for office going. Your car is your liability, not a property.
10. INVESTMENT IN YOURSELF:-
Invest in yourself to get a higher professional degree before your marriage. Add some specialization in your professional degree learning specific courses.
11. MINIMUM SAVING:-
Try to save monthly 30 to 40 % of your salary. Avoid credit cards. If any, then use it wisely for your need, not a lavish lifestyle.
12. LIFE & HEALTH:-
Personal life & health is the most important investment. Stay healthy with regular health checkups and physical workouts every day.
I have mentioned links for basic rules for investment after the first salary.Nine smarter ways to use your bonus/extra money.