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10 Things I Wish I Knew About Money When I Was A Teenager

Amit Somani

Nov. 25, 2019, 10:17 p.m.

10 Things I Wish I Knew About Money When I Was A Teenager
  1. Money does not grow on trees, nor is it tied to your grades alone. You have to learn how to make money. 
  2. Live well within your means but don't be too frugal either. Learn how to spend money effectively including indulging in what you care about and being skimpy in what you don't.
  3. Compounding is one of the biggest, open secrets about growing money. Save money and compound it.
  4. You can never become wealthy by just making a salary. You make money by creating value (be the best at what you do, innovate, build or sell things). The other way is to invest in people or companies who create value.
  5. Don't work for money; have money work for you. To make money (and learn), you may also have to lose money. 
  6. Read a lot of books about money. Hang out and learn from people who are good with money. A lot of knowledge and opportunities are already out there.
  7. Invest your time, energy and money in what you understand or are passionate about and not because of either greed or fear.
  8. Time, energy and money are limited. You will never have all of them in enough supply at the same time. Enjoy every moment.
  9. Just like your health you need to have a positive mindset about money. You can't be too obsessed with it nor can you abhor money.
  10. Money will never be enough if you compare yourself to others. Figure out what is enough for you. In the end, money is a means to an end and not the end itself. 

Which of these do you agree or disagree with? What is missing in the list? Please do share your thoughts and comments below!

About the Author -

Amit Somani Prime Venture Partners

(Amit Somani is a Managing Partner at Prime Venture Partners, an early stage Venture Capital firm based out of Bangalore, India. Prime VP invests in category creating, early stage companies founded by rock star teams. Prior, Amit has held leadership positions at Makemytrip, Google and IBM. He is also deeply engaged with the early stage startup ecosystem in India and actively volunteers with iSpirt, TiE and NASSCOM. He tweets at @amitsomani)

This article was originally published on Linkedin

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