PANDEMIC has taught us a great lesson. Especially the way we have been dealing our personal finance.
You would be wondering why should we worry about earnings, personal finance and investing when we haven't started earning yet.
I'll tell you why!
Few of your parents or your support system for all these years who have been helping you to reach your dreams would have lost their income partially or fully. Now you're in need of money for buying essential items for your competitive exams. That's where emergency fund and recurrent savings habit will lend you a hand.
Difference between savings and Investments
The biggest difference between saving andinvesting is the level of risk taken. Saving typically allows you to earn a lower return but with virtually no risk. In contrast, investing allows you to earn a higher return, but you take on the risk of loss in order to do so.
Savings or investment starts with setting up the goals. Short term to long term goals. Ex. For your small purchases, emergency medical expenses etc..
