I started to follow some of these and posting it here since it might help you.
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- Pay all your debts.
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- Stop using the credit card and start using a debit card.
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- Get health insurance and make sure it covers all diseases and expanses.
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- Save at least 20% of your earnings.
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- Stop buying unwanted things.
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- Start investing.
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- Diversify your investment by creating a portfolio.
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Here are some of the ways to diversify your investment:
1. Invest in stocks: (I started to buy shares only when the price of the share falls low. I stay away from companies with high debts even if their share value is low).
Invest in stock after a complete analysis of the company. Look for the P/E value and other details. Invest only if you find the company will do better in the future.
Even the share value of a good company may fall periodically. So don't panic. Buy a stock for the long term, at least 10 years.
Never sell a stock that performs well and gives you a good return.
2. Bonds
3. Mutual funds
4. Gold, Silver.
Buy Gold and silver when their price hits low.
5. Property
Same. Buy properties when their price hits the rock bottom.
6. Keeping money on Bank account: Savings account & Fixed deposit
Keep the money on the Bank who gives you the best interest rate. So, you may beat the inflation.
Top National Savings Account Rates (Nov 13, 2019)
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Fitness Bank - 2.60%
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First Foundation Bank - 2.40%
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CFG Bank - 2.35%
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BrioDirect - 2.30%
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SFGI Direct - 2.27%
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State Bank of India (Chicago) - 2.25%
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Customers Bank - 2.25%
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Prime Alliance Bank - 2.22%
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CFG Bank - 2.15%
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TAB Bank - 2.10%
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Elements Financial Credit Union - 2.10%
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Vio Bank - 2.07%
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HSBC Direct - 2.05%
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Northpointe Bank - 2.05%
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Bank7 - 2.01%
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Envison Bank - 2.01%
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MySavingsDirect - 2.00%
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Live Oak Bank - 2.00%
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Comenity Direct - 2.00%
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CommunityWide Federal Credit Union - 2.00%
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UFB Direct - 2.00%
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One American Bank - 2.00%
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National Average for Savings Accounts - 0.09%
7. Cryptocurrencies: Bitcoin, Ethereum, etc.,
The value of 1 Bitcoin in Dec 2017 was $19,650 but it crashed to $3,400 in Dec 2018. But it's value increased to $11,865 in Jun 2019. So, you may buy it when it crashes again.
Yes, there is a risk (on all investments). So, invest the money only which you afford to lose. Read: https://www.forbes.com/sites/forbesfinancecouncil/2018/12/05/the-top-10-risks-of-bitcoin-investing-and-how-to-avoid-them/
There are also many other investment options.
Also, debt is not always bad