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Vik

@vikceo

74 Following
6 Followers
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Vik
@vikceo
If you want to make a lot of wealth then be happy for the market to go down for the next 5-10 years. Just continue to make sound regular investments. If the market continues to go up then you will be buyinng higher and higher every month causing your dollar cost averaging to be going up rather down. #growth
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@vikceo
Use your bonus money to boost your investments rather boosting sales for Louis Vuitton
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@vikceo
Real riches won't try to impress you with their wealth
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@vikceo
How many stocks are too many Though there is no magic number. Aim to have 20-30 stocks not concentrated in a specific sector for a well diversified portfolio.
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@vikceo
Buying home has always been a matter of debate as a smart investment. I personally would advise delaying that as much as possible. Key reasons 1. You end up dumping all or majority of your savings into it and hence nothing left to grow it. 2. A primary home no matter how much it appreciates in market value, cannot be traded as easy as any other asset due to factors like emotional attachment to it. 3. Most of the people calculates the cost of acquisition such as down payment and monthly EMIs. It actually comes with a lot more maintenance cost for furnishing it to your taste, not able to ignore minor issue that you will otherwise in a rental. Ultimately if you think from the perspective of opportunity cost of growing the money otherwise, it’s not really an investment in 99% of the situations.
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@vikceo
Just because I have nice things does not mean I am rich. It means I spend poorly
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@vikceo
If child is capable then why to save for him? If child is not capable then why to save for him?
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@vikceo
Being rich and being wealthy are two different things. People who often show off are rich but people living a modest life are likely to be wealthy.
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@vikceo
Invest in kid’s education. It may be hard to do if you are financially very challenged. But remember that is the only way to break the generational poverty
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@vikceo
Earning to spend is the biggest culprit of all financial problems
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@vikceo
If you are confident that you know your expenses very well try to write down and you will be surprised!
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@vikceo
If you plan to sponsor your child's college education, remember to encourage them to pay at least 10% themselves. It's a crucial step in preparing them for a successful future. #Education #CollegePreparation
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@vikceo
Financial literacy should be a key ingredient in child education. Do not defer discussing how money works thinking they are too young to worry about it.
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@vikceo
Live a frugal life Do not buy latest model of technology items such as phones. Buy a version before and it is 98% same but half the price!
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@vikceo
Join my channel on financial freedom for daily insights, tips and guidance https://warpcast.com/vikceo/0xe5d229f9
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@vikceo
Where do rich people keep all the cash as banks mostly offer insurance only up to $250,000? Rich people keep all the money into investments. They draw for their expenses from business as business expenses or take loans against assets as collaterals. This way they don’t have to pay taxes either by drawing cash.
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@vikceo
Financial freedom is not a technique. It's a mindset!
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Vik
@vikceo
Financial freedom is not a technique. It's a mindset!
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@vikceo
Precious metals such as gold and silver provide excellent way to protect against inflation. Aim to have at least 5% of your portfolio into precious metals.
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@vikceo
Pay yourself first! From your income make a goal to save at least 10% before you spend your first penny. Never touch this money. This will drive you to the path to financial freedom
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