What is the best financial advice for young people?

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Advice that anyone can take. You can take these advises even if you are 70 of just 17.

Don’t invest in Materialistic flashy things

Car: Don’t spend more that 10% of your income on your car , its never gonna add more money to your bank account . Don’t invest even if you have loads of money

Mobile: Times have changed , no one really cares what phone you use . If you have friends who intrigue into buying expensive phone , you probably need to change friends.

Parties: Alcohol and cigarettes are expensive and does no good to anyone . Wanna have fun , just go for a trip instead of parties , trips are worthier .

Online shopping : When you have to buy something , just go and buy only that thing , don’t peek into things you are not gonna buy .

Savings : Spend what you have after saving and not the other way round.

Investment

Mutual funds : Invest regularly

Stocks: Invest but not before having knowledge.

Properties : Invest when you need it the most.

Invest in Intellectual properties: When you have an Idea stay day and night on the idea and make sure the idea also generates money repetitively over time over years .

Never underestimate Inflation : Make sure you stay Financially prepare for the worst days of your life.

Plan your retirement : Irrespective of what age you are , Plan your retirement right away . Do not rely on kids as you can see inflation taking its toll over time, your assumptions from today are not gonna prove viable when you actually retire.

Invest in Assets : Don’t invest your money and your time into things that do not have stability and have high maintenance cost . I'll tell you the difference . Suppose you buy a house for 100,000 and decide to just keep it for future use, you'll still have to pay basic maintenance and paintings and other side expenditures . Now if you just rent your home right away , you would just start getting returns right away . Reinvest the money into something else and you'll see that by a few dawns you'll have multiple assets generating revenue for you passively , at some point of time you passive income will surpass your active one and you can live life easily.

Don’t Aim for money , aim for financial independence : The main goal here is to understand how money works and make money work for you and not the other way round

CP: Quora[Credits]

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