On Your First Job...

"Congratulations !! you just got your first job...."

All humans have a tendency to emotionally attach things that happen first time in their lives. Be it your first birthday, your first gift, your first college, first job and your first paycheck. The feeling of 'FIRST' is always special. So, when was the last time you remembered your first job and first salary?. I'm sure most of you will have good memories attached. The first job brings financial independence, a feeling of responsibility and a vision to become more successful. Its good to celebrate your success with others but do not get carried away. Some people indulge in bad habits and spend money lavishly instead of preserving. Yes, money grows when you allow it to grow. You must have heard of "The Compounding Effect" theory where money keeps multiplying over time. The earlier you start investing the better returns it's going to give back. Having said that, there are lot more ways how you can make money and become successful. With years of experience and suggestion, I would like to share some useful tips for a good start.

TIP1: Understand Your Job

Your first job is always special. You have earned it through hard work and hence you must value it. For any new fresher or intern who joins the industry, focus should be completely on learning the business process, the technology used and company culture. Most people who hold the leadership position have gone through tremendous learning, trainings and must have worked really hard to reach that level. They are experienced over time and have better understanding of the client business. But there are some professionals who value money more than learning and keep switching companies. Any organization looks for a stable candidate and not frequent hoppers. Switching after 2-3 years is considered idle. My suggestion for newbies would be to first develop skills and acquire knowledge before changing the company.

TIP2: Develop a Habit

The second best tip for you would be to live a disciplined life and develop habits which would help you achieve your goals. One recommended book is "The 5 AM Club" by Robin Sharma. This book has changed my complete perception of living life and brought more discipline. So divide your goals, set targets and action plan. You should also make it a habit to exercise daily and take care of your health and diet. Similarly, you can develop a habit of saving by controlling on unnecessary expenditures. Follow the 50/30/20 rule of budgeting. 

TIP3: Stop Spending...Start Investing

In my last section, I discussed about money saving rules. The 50/30/20 rule talks about financial budgeting that could help you track your expenditures and help you plan your investment goals. This rule says that 50% of your salary should go on your "Needs" like housing, transportation, groceries, healthcare, insurance and utilities, 30% on your "Wants" like takeout dinners, movies, drinks and parties and 20% on your savings like paying your debt or growing money. For example, if you earn Rs. 30,000/month ... then 50% of 30,000 = 15,000 should go in "Needs", 30% of 30,000 = 9000 should go in "Wants" and 20% of 30,000 = 6000 should go in "Savings". Additionally, you can take financial advices, follow financial gurus or read books and blogs. Knowledge of investment is the key to money making.  

TIP4: Keep Learning and Sharing Knowledge

Your learning journey should never stop. With great knowledge comes greater wisdom. Keep exploring new things in the market, as new ideas bring new innovations. Don't be afraid of the change as fortune favors only those who are brave. Develop a habit of reading good books. I will write a separate article on some must read books. Use mediums like youtube, blogs, live classes and coaching to share your knowledge and experiences.

TIP5: Spend Time with Family and Self

Finally, don't just be a 'workaholic'...instead spend some time of your day with family. Plan for a vacation, go on frequent trips or join some clubs. Giving time to family helps you bond relationships with them better. Exploring new place gives you a chance to understand a new culture, new language and meet people from different diversities. Similarly, develop some hobby which you can carry in free time like painting, cooking, music, sports or even writing blogs like me. In short, life is too short and as you are growing, time is also running. Hence, doing things right at right times matter alot. Remember, you have only one life and have many goals to fulfill ... so don't just create rooms for Regrets. 

Start Hustling, Keep Learning...!

ALL THE BEST