I am 18 ... I have been saving money from when I was just 6.... And now i have 30k INR ( I know its less but I never got pocket money... These are the money I earned but doing house work and from relatives).. Now I was thinking to buy a smartphone for myself... Because I never owned one.... But now my mom wants to use that money to buy a gold chain or some dresses for herself.... Is it fair?? All my savings was actually never mine??? Why?? So what if I am not her own blood Son.... I always considered he my actual mom!! What should I do?
Answers (1)
I have a poor opinion of smartphones. They cost far more than they are actually worth. You would be wise to buy silver coins or ingots and continue to save while you study investments. Explain to your mother that you expect to take care of her when she is old, so it is pointless to give her that money now to spend on a dress.
I don't know about conditions where you are, but here is the advice I give American young people. Get a simple job and a cheap pad within walking distance. That is so you don't have to waste your money on transportation. Save half of everything you earn. Yes, half. To start, keep your savings in gold or silver coins which you do not store in anybody else's vault. (IOW hide them at home.) Spend your evenings studying investment books at the public library. When you are smart enough then you can make other investments. If you earn ten bux an hour and save half, in only ten years you will have A HUNDRED THOUSAND BUX not counting interest or capital gains or paper profits: only principle. There is no other plan that will give you a net worth above zero in only ten years. And there is no school that will teach you any such thing.
Does this plan work? Andrew Carnegie worked five years, saved his wages, and then put it all into a tech stock: telegraph. You might have heard the name. His hobby was building concert halls and libraries.
get what you want 1st after all you saved all that money