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These are some pieces of advice I gained from financial experts.
- Be educated and be business minded: If you don’t start your business immediately after graduation, you have to continue as an employee but you have to be business minded. As you are studying carrier, make sure you are also studying money. Learn how to save money and make more money.
- When you get a pay raise: Don’t buy a new car, a new house or go for tourism immediately. Save to buy an asset, a property that generates more money, if possible monthly. Then, use the proceeds from your assets to buy a new car, a new house or go for tourism experience.
- Don’t change your job anyhow: You don’t change your job because of a slight change in salary. You have to consider many factors like accommodation, transportation, feeding, etc., in that area, and how much you have left as your savings
- Avoid debt if possible: Don’t borrow or take loan to do anything. But if it is very important you do, guide against bad debt, and go for good debt. Good debt is the money borrowed for business or assets acquisition. While bad debt is the money borrowed to buy things that don’t generate income or aid income generation at all.
- Don’t entrust your money into the hand of any individual: You don’t put your money in the hand of anybody in order to undertake a business on your behalf, it is risky. Deal in business you understand or you work in partnership with a genuine company.
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