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How to Increase Your Financial Gyan?

Vikram Brahma is a Digitalpreneur, and full-time Blogger, Writer, YouTuber. He is launching and publishing his first book by Jan' 2021.

Introduction

Do you know you can also become rich and wealthy? Most people are not wealthy because they lack financial knowledge. This one subject must be compulsory taught in school and colleges. When I was in college I never had any privilege to understand something like this. Even when I was in a job, nobody told me about such concepts.

So, in this article, I am going to share a few ways through which you can increase your financial gyan. And just like any other subject this also takes time to learn and master. The golden rules are to learn and implement.

Financial Gyan

Financial Gyan

Watch Free YouTube Channels

The first easy method is to use all free resources available on the net. For this, you can start watching YouTube channels. On YouTube, there are many channels available which you can subscribe for free and start learning.

Within finance, there are many options if you want to learn how to invest and grow your wealth. There is no magic formula. Every investor has learned about this system by investing and with experience.

Let me share the names of a few channels from whom you can learn about the stock market, mutual funds, tax etc. Since currently, I am writing this article from India, I am sharing a few channels run by Indian in Hindi.
1. CA Rachana Phadke Ranade (for the stock market)
2. AryaaMoney (for the stock market)
3. myTaxDost (for tax-related issues)

Need to read books

Need to read books

Acquire Knowledge By Reading Books

Do you know who is considered the world’s best investor? Yes, it’s Mr Warren Buffett and by investing all his life he made $85 billion and still counting. And he gives credit to all his success to the habit of reading books and journals. So, never underestimate the power of reading books.

There are many books available on this subject and if you want to start from the beginning then try these three books first.
1. The Richest Man In Babylon
2. Rich Dad And Poor Dad
3. The Intelligent Investor

By the way, The Intelligent Investor is the favourite book of Mr Warren Buffett. So, you must read this one before start investing in the stock. It will clear many doubts about investing.

Track Your Monthly Expenses

Start tracking your monthly expenses and soon you will understand where you are wasting more money. If you want to become wealthy then you need to stop wasting your money on unwanted items.

By applying this concept you can start saving more. If you can save more that means you have more money to invest. And investing in assets is the key which can make more wealth in the long run.

Assets are those items through which money comes in. For example, a rented building is an asset, a commercial vehicle is an asset, a blog through which you are earning is a digital asset. So, build and invest only in assets.

Trained by mentor

Trained by mentor

Get Trained Under Mentor

If you are serious about investing then it’s always better to get trained by a mentor. Even the world’s best investor Mr Warren Buffett learned about investing from Benjamin Graham. By the way, Mr Benjamin Graham is the author of the book “The Intelligent Investor”, which I have mentioned above. And if you wanted to purchase this book and check out this link. https://amzn.to/3mOIeiO or try this book written by Warren Buffett himself. https://amzn.to/3mV8fx3

By the way, there are many courses available on the internet which you can purchase and learn. Remember learning is not enough, you have to apply the concepts by practising them.

Now, before you start investing let me share one golden rule. You don’t have to invest that money which you need for day to day expenses. That’s why you have to start saving and then after a few months, you have to start investing by using that saved amount.

Conclusion

Intelligent investment in assets is the sure-shot ways to become wealthy in the long run. The entire goal of gaining knowledge is to make you financially free. And I am there is hardly anyone who will not like to see him like this. So, if you are young and energetic then start increasing your financial gyan and set yourself free.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 Vikram Brahma

Comments

Vikram Brahma (author) from Assam, India on August 08, 2020:

Thank you, my friend, Yes, Liz, you are right, making money is one of my favourite subjects beside digital marketing and self-improvement.

Liz Westwood from UK on August 08, 2020:

You make some interesting points in this article. You seem very focused on making money.