The people who taught me what to do with money

Only earning money is not enough. One should know how to utilize the money that one has earned! I was quite lucky to get the guidance of many right people at the right time. I learned a lot of stuff, researched on my own and then started utilizing the money. Let me share my experience as a gratitude towards them and I hope you will find it helpful.

=> Tushar Thakur:

As you all know, we are business partners. Before meeting him, I used to spend money on personal stuff such as shopping, CCD, parties to name a few. Tushar shared a tip that when we keep our money in saving accounts, we tend to spend it. Also, we get only a 4-6% interest rate from a savings account. He suggested creating fixed deposits. His advice helped me to save money for the future use. Also, using TeamViewer he guided me to create FDs online and use VCCs.

Please note that in 2010-2011, we were not that aware of investing in mutual funds, share market or bitcoins.

In 2015, he suggested starting investing in the stock market. I used to invest in Mutual Funds before that; I was of the opinion that the share market is not for me and it’s risky. After his and Suraj’s suggestion, I started investing in the stock market. Now, after two years I am enjoying the great returns (Thanks to Tushar and Abhishek). Also, he gave me the contact details of Abhishek Shukla who professionally guided us based on our portfolio. Recently, he researched about bitcoins, and now we started trading bitcoins (thanks to various Facebook updates in last few days and Vivek Sancheti).

We have also created an income expenses sheet that helps us to track everything; you can check more details here: [link]

=> Abhishek Shukla:

As I mentioned above, Tushar referred him to me. Tushar had gotten good returns in the share market because of Abhishek. I opted for his stock market services and then I started investing in share market based on his suggestions. Professionally, he recommends different “high risk, high returns” and “medium risk, medium return” stocks. In the present situation, I am getting 34%+ average returns based on his suggestions.

He has an in-depth knowledge of the stock market, politics and religion.

=> Rich Dad Poor Dad Book:

“Rich Dad, Poor Dad” changed my entire outlook on the subject of money. In many countries, especially India, there is a negative mindset towards people who are going after money. This book taught me that having a stable future is not just something that one should aspire towards. In the book, the Rich Dad says that when you can’t afford to buy something, instead of saying, “I can’t afford it” and not buying it, one should ask themselves, “How can I afford it?.”

=> Tushar Tajane:

In one of the phone launch meets, he suggested me to invest in real estate. I took his advice seriously, planned properly and within a 12 months period I shifted to my own flat (at the age of 25). Earlier, I used to live in a rented flat. Thanks to Tushar for giving the right advice at the right time.

=> CA Ashish Karkare:

He is CA by profession and when I shared that I am thinking to invest in real estate, he created an excel sheet to elaborate how taking a loan is beneficial and advisable to save tax and gain more returns from investing same money elsewhere e.g. in the share market or mutual funds. Now, I am paying 8.2-8.5% loan interest and am getting more than 14-15% from other sources.

In one of our discussions, he adequately explained the difference between asset and liability. This is the main reason I am still using Bajaj Avenger (3 years old) and haven’t purchased any car yet. Check out this answer to know more whether it is sensible to buy a car - [link]

Please don’t debate in comments because every situation has some exceptions and different people have different priorities.

=> Mukund Namase:

He suggested starting SIP (Systematic Investment Plan) in equity mutual funds. He also told me about how ELSS is better than adding money in PPF. Also, he suggested reading the Wealth magazine regularly. Whenever I have a doubt related to any financial matter, he’s the guy whom I ping first.

=> Pranav Dhavale:

He suggested investing in NPS (National Pension Scheme), we get the tax benefit of ₹50,000 under Sec 80CCD (1b). So total you can save the tax of ₹200,000 (₹150,000 under Sec 80C). He also gave me suggestions about the liquid funds and equity funds.

=> Rohit Langde:

He gave me suggestions about how debt funds are better than FDs and he shared how balanced funds work.

So this is my journey from keeping cash in saving accounts to investing in bitcoins and how different people helped me in this journey.

I always advise spending time with like-minded people and always be open to the suggestions. You’re the average of five people you spend the most time with.

Thanks to all who, I mentioned in this article and also to those whom I forgot to mention. Please forgive me if your financial advice helped me in my journey and I forgot to add your name.

TL;DR

1. Don’t create FDs to save money, instead go for liquid or debt funds.

2. Invest your money in stock market, bitcoins and mutual funds to get higher returns.

3. Know the difference between asset and liability.

4. Always think about how to beat inflation.

If you have better suggestions then I am always open to them _/_

PS: Follow this status at your own risk because all these things require a proper knowledge and understanding. Do not blame me if you face any monetary loss. All the best

Tags: #MoneyManagement

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