Have you just got a job? Do not make these 5 mistakes, otherwise the dream of becoming rich will remain just a dream!

When a youth gets his first job after completing his studies, he starts earning money on his own. As soon as they get their own money in hand, often the youth make many financial mistakes. At that time they do not think about the future but start spending all the money. If said in the language of accounting, they keep increasing the responsibility in the balance sheet of their life, whereas they should focus on increasing the asset. Some youth think of saving money, but they are limited to saving only and that too makes a big financial mistake. Let us know today about 5 such financial mistakes, that many youth make as soon as they get their first job.

Most of the youth do not read about it before earning money. They think that when they start earning money, they will think what to do with it. However, you should read as much as possible about it before earning money. You should understand where to invest money and where to spend it. Also understand how to save tax, how much money to spend on insurance, how much money to invest where. You should start this financial planning as soon as you start a job, otherwise you will be left with nothing. Also, read- RBI’s 6 rules on CIBIL score, each one will be beneficial, just don’t make this one mistake even by mistake

If you have not read and learned about investing, then it is possible that you do not invest your salary anywhere and leave it in the bank account. You may feel that you are saving, but keeping the money idle in the bank is also a loss deal for you. You should at least get it FD done so that you can deal with the rapidly increasing inflation. Otherwise, the value of your money will keep decreasing with time. If you want to get a good return, then you can invest in mutual funds through SIP even with a small amount.