What I’ve Learned About Finances as a Student

I am a student who isn't doing any kind of job rn, but I've earned money from many sources. My first earning was from a Discord bot Karuta (only OGs know it), and I also got money from some other various sources.

Adult money is crazy. Either you spend it the right way or learn a lesson from it. Here is what I learned about finances by managing that money.

Investing Because Someone Told Me To

As I am a student, my parents fund me for all my accommodations and needs, so I invested all the amount in stocks and mutual funds just because someone told me to do so, My money haven't compounded too much as it's only few years since i started but i have collected a decent amount with a total of around 15% gain, and I made a good habit doing that

Never Lend Money to Close Ones

Another lesson I learnt is never lend money to your close ones like friends and cousins. I lent a good amount of money to a close friend of mine and ended up losing that friend, and he won't even pick my call, even for hanging out. So never lend money to them. Only give the amount you don't mind losing and think of it as charity.

Impulse Purchases

I also did some impulse purchases and then didn't use them. I bought them in a hurry just because they were coming at a discount price. Also, some gimmick purchases, some are worth it and some are not.

So, when you are about to buy something, just wait for another day. You'll know if you really need it or not. And when buying something from physical shops, always use cash despite having the convenience of UPI or any other digital payment.

Never Borrow for Lifestyle

Another thing, I never borrowed money just for lifestyle. It costs double. I saw some of my friends doing that, like buying a very expensive phone on a longer period of EMI which isn't required, as they are only watching reels on it. I'd rather buy a good laptop and use it for my work and goods.

Your Friend Circle Makes Sense

Also, your friend circle makes sense here. Why I am saying this is because that friend who taught me about stocks and mutual funds taught me about IPOs like 1 year ago, and I made a good amount of money doing that. Always thankful to him.

I'm still learning about money, and I'm sure I'll make more mistakes along the way.

But so far, these are some of the biggest lessons managing my own money has taught me.