10 Salary Mistakes That Keep You Poor! | First Salary Guide & Financial Planning
Are you making critical financial errors that could push your progress back by 5 to 10 years?. In this deep-dive conversation, we explore the 10 biggest salary mistakes people make, from their first paycheck to long-term career planning. Key Financial Lessons Covered: • The First Salary Trap: Many middle-class youngsters use their first salary to fulfill suppressed childhood desires, often falling into credit card debt for luxuries like branded shoes or bikes before they even understand how interest works. • Credit Card Misconceptions: We explain the "Minimum Due" trap and the lack of financial education regarding monthly vs. annual interest rates, which many banks fail to clarify. • Home Loan Warning: Taking a home loan too early (in your 20s) can act as a "spider web," restricting your ability to take career risks or explore freelancing due to heavy EMI pressure. Understand the Total Cost of Ownership, which includes maintenance, furniture, and electricity, not just the EMI. • The 5% Upskilling Rule: Education doesn't end with a degree; you should invest at least 5% of your income into upskilling to exponentially increase your value in the market. • Celebrating the Wrong Things: Our society often celebrates expensive liabilities like cars but discourages "risky" investments like equity, even though wealth is what is not seen. • The Power of SIP & Time: Data shows that while the first 14 years of a 21-year SIP might only show 29% of the total profit, the final 7 years deliver a massive 71% of the gains. • Insurance is a Compulsion: Most families are just one medical bill away from poverty; health insurance is a necessity to protect your savings and SIPs from being liquidated during emergencies. • The "Vanwas" Period: Success requires a dedicated period of sacrifice and hard work—your own "Vanwas"—to transform from an average earner into a financially free individual. Stop procrastinating and start your financial journey today, even with as little as ₹500 or ₹1,000.
