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5 PERSONAL FINANCE HABITS THAT WILL MAKE YOU RICH

Ayush Arya, Leave a comment
How to Use a 21-Day Financial Fast to Improve Spending Habits

First of all, i will clear one thing that there is nothing like “overnight successes” ,may be you see some people become successful at a very young age but the thing you don’t see is years and years of hard and deliberate work.The good news about creating wealth is their are nothing secrets,their are some principle that works for everyone.If You can sacrifice your time and spent that in building some core skills while many of your friends may enjoy this time having fun,then i would assure you that your efforts and sacrifices would not be wasted and you will surely get reward for that in future

The habits that i mention below can work but like everything this also needs time.You just have to start now and start creating your wealth.

Here are five personal finance habits that will make you rich.

1.Invest Your Money At A Young Age

This is one of the most important habit that will be greatly help you to attain financial freedom at younger age,You know traditionally many people starts investing money when they starts earning well enough but soon they realised that they must started investing earlier with small amounts so that till now they could have a decent finance but now, millennials wants to be rich early as possible so they starts investing as soon as they have sufficient funds to invest.

I will advise to all millennial out there to please follow this habit and starts investing and enjoy the power of compounding and if you want to earn money online check out our post-Make money online in 2020.

2.Avoid Debt

Nowadays, there are many fin-tech startups have opened,which make it easier for people to get loans with less paperwork or usually at the comfort of their home through mobile phones.As,we know that previously,taking loans from bank is not as easy because it demands lot of paperwork and sometimes even collateral security so people don’t take loans from banks and take it from some another money lenders but this facility of taking hassle free loan make people sometimes tension free of all loan process and due to that ,they starts taking loans for everything they need or wants starts with home loans to personal loans, and soon they realise that they are in a debt-trap and they end-up paying a huge sum of their income in form of EMIs.

So to all millennial out there i will suggest you, its better to not take loan for everything we want,we must have to convince ourselves to buy it after sometimes and also not spend too much on materialistic things for just to show people

3.Save As more money as you can

I will suggest you to not to save just for the sake of saving money instead create some financial goals like buying a house,car etc then starts saving money for it,one thing you can do to save money is whenever you purchase something remind yourself that you have a financial goal that maybe also have a certain time limit and then realise that is you really need to purchase that thing,maybe yes or maybe not and also keep that in mind that your small saving can too help you to achieve your financial goal but you need to remain consistent in that

So,just start saving money right away keeping in mind your financial goals and saving money not only help you in achieving financial goal but also reduced unnecessary purchase or wastage of money on unnecessary things

4.Spend Less Than You Earn

some people say that this thing is a common sense but due to the availability of credit cards and some offers on things most people end up spend more than they really earn,this is the basic habit to have to be rich faster as if you spend less then you can invest that money in something else which can give you some return on that,i will not write long on that because this is very simple to understand this many people follow 70 : 30 rule means invest 70%of income and spend 30%of income which you can follow too and also before investing your hard-earned money,do analyse the investment options properly on the basis of risk-return factor and your goal.

if you want know some investment options check out our post-
Know your investment options in 2020

5.Choose your career wisely

Choosing your career is one of the most important decision in everyone’s life,we spend most of our life in our career doing our job so please choose your career wisely, don’t choose your career just for the sake of money or any other benefits please be make sure that you love doing the nature of work and you must get satisfaction from your work .There are many people who hate their job but still do it because of the compulsion of money or any other priorities.

So,try to think about that and choose a career which you enjoy and for which you passionate about,it will save you from a great degree of stress which many people suffers who hate their job

There are some more habits that you can follow to be successful faster but the above ones are very basic and important,there are many people who have interest in stock trading and investing,and if you are a beginner and really interested in stock trading then you can check our post – How to do successful trading at stock market, by reading this you can get a basic idea on how to start trading,

please share this post to spread financial literacy among people

5 Kind of online frauds,where investors have lost money

Ayush Arya, Leave a comment

With the inrease of technology, online frauds have also been increased.This is the digitalisation era where people are using internet for everything including buying,selling,payment etc, there data have been flows on the internet,there data privacy is not much hide from these fraudster and these fraudster use there data to find the potential person to whom they can make fraud. So today, we are gonna discuss about some of the very common type of frauds that these fraudster using in order to make people fraud

Fraud #1 – Verification Call from Bank using OTP

This might be a not a new thing for many investors. In this type of fraud, the target is generally uneducated investors who are not that much educated or who are very new to internet banking. The fraudster poses them as a bank verification officer and gets all the information like debit card number, expiry date, CVV number, and even OTP number while doing the online transaction parallelly.

Fraud #5 – Please verify your bank details (Phishing)

It’s a very common kind of fraud in the online world. It’s called Phishing, which aims to steal your sensitive data like username, password or card details.They send you the link on which by clicking open a fake website which maybe look like an original bank site or You get an email asking you to verify your account or details, failing which your account will be closed.

When you click on the link, it takes you to the website which looks exactly similar to your bank or card company, you enter your details thinking that it’s your bank website only. But in reality, it’s a fraud website which captures your sensitive information, which later is used to do transactions and you lose the money.

Fraud #3 – Fake Job Offer

In India, there are millions of people unemployed and due to that this fraud have increased i.e, job offer scam. In this, you get an email offer from a reputed company which invites you for their interview. You see all kind of numbers, venue, last date etc, and then you see a line mentioning that you need to deposit a security deposit or some basic fees, which will be refunded later.

Due to being unemployed many people fall into this trick. The emails look very genuine when you read it, as it contains the company logo, or it might be on the letterhead of the company, but when you dive deeper and check the email id from which it was sent or the website link, you can figure out that something is wrong.This type of fraud is still prevaling in some areas.

Fraud #4 -Buying products over phone

This is a new type of fraud which only happen with people doing e-commerce or with resellers and selling products online using facebook,instagram or other social media sites where you find potential buyers for your products.So,let dive deeper and let’s know about the whole process of this

Firstly, you know selling a product online is not an easy process as people don’t trust you and if a person trust you and thinking to buy then he/she is also having various queries related to products like delivery date,mode of payment etc so its difficult for a reseller to sell their products and these fraudster take this advantage and they order the product without having much question bcoz they don’t have to do anything with the product they just want to lure the reseller and after placing the order they don’t want to do payment in cash but they want to do online payment through UPI(unified payment interface) and if the reseller agree to accept online payment then the fraudster ask him for his/her whatsapp no. and then send his barcode of UPI(on which by scanning through any other phonepe app the amout would be deduct from their account) and after sending the barcode he call the reseller and explain what to do next in order to accept payment and he speak very quickly and the person on the other side just do whatever he said without knowing ki uska hi katt rha hai and then the fraudster say click the barcode i sent to you in your phonepe or paytm app the money has been transferred from your account to the fraudster and when you realise it will be very late my friend so be sure if you are doing e-commerce or if you are a reseller.

Fraud #5 – I am calling from IRDA

This is a popular scam these days. Almost every investor has some or the other kind of insurance policies, especially from LIC. So these fraudsters give a call to you and ask you about your policy and tell you that they are calling from IRDA and you are eligible for some bonus after many years and in order to get your bonus you will have to either send some money or buy some policy again.

A lot of times, they have some more details about you and your policy and they look genuine at times. And many investors fall for these scams.

Fraud #6 – Help a child in an Emergency situation

Many of us have sometime got a call from somewhere where someone request us to help us by giving some money for the treatment of a child or for education of a poor child who also have lost his/her parents.

 There are many other scams going on in the name of helping someone.There are n number of website of fraud campaign also who disguise themselves as an NGO who are providng education or providing money for poor person’s treatment.

How to prevent yourself from getting trapped in these situations? 

From the last 10-12 yrs, this kind of online frauds has increased because the whole world has moved to the web and all kind of transactions are now online. It’s important to be protect from these frauds and keep safe our hard earned money

  1. You will never receive a phone from RBI or Other banks for reasons such an Aadhaar not linked etc.. Please be aware that if there is any recent activity such as if you have deposited some cheque then you might receive a call if bank officials want some information regarding the cheques. Otherwise, no calls from banks for any backdated activity.
  2. Never share your card number, CVV number, OTP etc.. to anyone.
  3. keep yourself updated with technology to be smart and aware.
  4. Don’t visit at suspected sites or don’t login with you ID at every site
  5. Keep protect your data by not sharing it unnecessary.