very often we hear that financial literacy is very important for kids but it is as important for adults. to be fair, it doesn’t matter how much money you’re earning every month. it’s how wisely you’re spending the money that makes you rich. so the question rn is what is financial literacy? huh. now to put it in millennials language, financial literacy is learning about budgeting, investing and management.

you know you have started taking steps towards financial literacy when you are investing in the right projects. when you’ve finally started killing the urge to spend recklessly saving money for more important chores makes you a more mature learner.

so enough about it, no? here are the top reasons why is financial literacy important?

1. to help your future

when you are learning about finance, you’re not only making your present better but you’re also taking a step towards a smart future. it helps you make the thin line between your wants and needs. As a teen, we think it is super important. Gone are the days when you could’ve talked a teen about a date and made them spend their bucks.

teens now would much rather invest in crypto and mutual funds than on meaningless dates no offence, really. once you hack the art of money management, you can save up for your college or even better, fix the money and gain interest in it.

2. it makes you the smartest dude there is

when you want money, you have it. but when you start learning about the tricks to grow your money, that’s when you separate yourself away from the crowd. if you’re a teen, you’d legit see all your friends spending money and think, if only I had the money, I’d do 21 din me paisa double.

financial literacy makes you a smart earner and of course a smart investor. and in no time, when everyone would be questioning ‘why is financial literacy important’ you’d already know the answer. not saying you need to give out financial advice but bro, be ready cause once you make gains, you attract potential investors like a magnet.

3. you can become a financial guru/influencer

to be honest, finance is a very evolving thing right now, the speed of spread is usually more than before and we all wanna have a taste of it. there are sooooo many beauty/travel/fitness influencers but so few financial influencers. you can probably cut a future out of all your monetary learnings and guide people about what’s the best.

there are many people out there who are still trynna figure out why is financial literacy important. and with every passing day, the more people are listening about crypto, mutual funds and well, even normal hacks to save money and tax, they want in. you can be their inspiration. however, we highly advise you to only teach about the topics you have expertise in.

4. financial literacy makes you independent

while other kids would be writing assignments for their siblings for money, you can just go clubbing or hanging out with your pals with all the extra money you made. When you have the will to learn about money, it surely slides a feeling of ‘if you’re spending more, you gotta earn more’ in yo’ mind. taking up a side job will make you independent and you can be your own boss.

you also start saving up and thinking about a future. So when you’re in the time of any need, you needn’t give interest on extra money.

5. you can dream big and achieve them

come on, let’s take a challenge. a small one, if we might add. start saving smartly for just 6 months. start taking a side gig and freezing that money in a fixed deposit that you can break after half a year. the results would be magical. Every time you just order the food, try restricting it to once a week and cook for the rest of the week. In short, don’t splurge at all on anything.

after the given period when you see the amount in your account, you’d be shocked. and that’s what happens when you are financially aware. you start making this a habit rather than a challenge.

6. you’ll be prepared for your first job

this may seem kinda strange but folks, it’s very true. Working requires a rare sort of discipline. well, good for you cause you were already practising for it. you’d probably get even better at managing your money and booking better profits on them.

formalities like filling out taxes, rent and everything would be under control cause you know how to get the best out of your salary. financial literacy literally prepares you for all the super aspects of handling the bucks from quite an early stage.

7. to manage the rainy days

The best part about being financially awakened is that you won’t really have to face the wrath of rainy days. and even if you do, you can just take out your emergency fund and you’ll be good to go.

you’d also be able to help out your family or friends during their financial crisis. There’s no feeling better than that. there are one too many answers for why is financial literacy important, you just gotta find yours.

ending on a lighter note,

we know that you folks are already aware of the boon that financial literacy has in your lives. But to all our friends who are still looking for a reason to stop splurging and start focusing more on financial awareness, here is a sign to start today.

teens are focusing more on being woke when it comes to money and why shouldn’t they? the prime of their life is when y’all wanna be your own boss. get an akudo card and take a step towards handling your budget. there’s always a start, right? maybe here’s yours.

fellas, let’s get started on savings, shall we?

as Indians, we were never taught about taxes, loans, investments or any other personal finances guidance in school. people learn the lesson of responsible finances quite late in life and we have no one but ourselves to blame.

but now, the times are changing. with the abundance of knowledge about personal finances on the internet, gen z and millennials are on top of their game. but along with the internet, there are some books that every young person should read before they jump into the world of finance. here are some books that you can flex it out with and be the next wall street guru or a regular teen making thousands effortlessly. learn about the right steps for a bright future with these best financial books for beginners in their 20s.

top 13 personal finance books for beginners

• The Millionaire Next Door by Thomas Stanley and William Danko
• I Will Teach You To Be Rich by Ramit Sethi
• Rich Dad Poor Dad by Robert Kiyosaki
• Your Money or Your Life by Joe Dominguez and Vicki Robin
• The Total Money Makeover by Dave Ramsey
• Why Didn’t They Teach Me This in School? by Cary Siegel
• Broke Millennial by Erin Lowry
• Broke Millennial Takes On Investing by Erin Lowry
• Clever Girl Finance by Bola Sokunbi
• The Financial Diet by Chelsea Fagan and Lauren Ver Hage
• Spend Well, Live Rich by Michelle Singletary
• Retire Before Mom and Dad by Rob Berger
• The Automatic Millionaire by David Bach

1. The Millionaire Next Door by Thomas Stanley and William Danko

this book on personal finance is for all those readers who are entering the game of getting their finances together. the book busts the myth of how all rich people live in mansions and enjoy royal life. the authors point out how rich successful people are just like anyone else with some common traits that make them who they are. get your hands on one of the best personal finance books across the world.

price – INR 699 on Amazon

rating – 4/5

read for – inspiration and tips

buy here – ,https://www.amazon.in/Millionaire-Next-Door-Surprising-Americas/dp/1589795474

2. I Will Teach You To Be Rich by Ramit Sethi

this is a perfect read for independent souls who are just entering the real world. the author shares an outline of a 6-week plan that will have you living as the rich do. he will empower you to live a guilt-free life while spending responsibly. this quirky book will make you the master of getting out of late fee payments, earning profits without an investor commission, paying off student loans and more. there is a reason for this book to be one of the best finance books for beginners along with being a top seller.

price – INR 1050 on Amazon

rating – 4.1/5

read for – financial planning and beginner tips

buy here – ,https://www.amazon.in/Will-Teach-You-Be-Rich-dp-1523505745/dp/1523505745/

3. Rich Dad Poor Dad by Robert Kiyosaki

inspired by the author’s own father and his friend’s father, Rich Dad Poor Dad dives into the realities of what the author learnt about money while growing up. he talks about how you don’t need a lot of money to become rich, the right investments and what youngsters need to know about personal finances that their schools won’t teach them. this best personal finance book is a must-have on your reading shelf.

price – INR 240 on Amazon

rating – 4.1/5

read for – assets, liabilities and personal finance for kids

buy here – ,https://www.amazon.in/Rich-Dad-Poor-Middle-Updates/dp/1612680194

4. Your Money or Your Life by Joe Dominguez and Vicki Robin

in this book, follow a nine-step plan to strengthen your relationship with money. the authors take you through a technique of not only becoming financially independent but also saving money and retiring early. this is the best personal finance book for debt management, early retirement and ecological approach to building wealth. yes, in an ecological way. learn how these financial habits can help you reduce waste and protect the environment.

price – INR 599 on Amazon

rating – 4/5

read for – debt management and early retirement

buy here – ,https://www.amazon.in/Your-Money-Life-Transforming-Relationship/dp/0143115766

5. The Total Money Makeover by Dave Ramsey

as the name suggests, get a total financial makeover with this book by Dave Ramsey. learn how to avoid the traps of services like rent to own, credit payment, advances, etc. the author also focuses on how you can save yourself on a rainy day by starting an emergency fund. read this best personal finance book and you’ll become the next savings fund guru amongst your friends. share the wisdom of savings, college funds, mortgages and more.

price – INR 359 on Amazon

rating – 4.2/5

read for – savings and emergency fund

buy here – ,https://www.amazon.in/Total-Money-Makeover-Classic-Financial-ebook/dp/B00DNBE8P6

6. Why Didn’t They Teach Me This in School? by Cary Siegel

a question we all ask ourselves when we drown in the real world of finances, especially taxes and investments. well, worry no more. Siegel is here to rescue you with this best personal finance book for new graduates and teens. learn from a father’s first-hand experiences meticulously listed down for his children. his 99 principles and 8 money lessons for beginners is a great kickstart for youngsters looking for genuine and easy to follow financial advice.

price – INR 1248 on Amazon

rating – 5/5

read for – real-life finance experiences

buy here – ,https://www.amazon.in/Didnt-They-Teach-This-School/dp/0692116532

7. Broke Millennial by Erin Lowry

is that you? well, it looks like that’s all of us. but don’t worry, this book addresses all your personal finance drama in a way that any millennial will understand. this quirky book talks to all those who are stepping into the journey of finances. from student loans to discussing money with your partner, this finance book for beginners has it all. there is no embarrassment of not knowing jazz about finances. it will make you laugh at how there are people lost exactly like you.

price – INR 850 on Amazon

rating – 3.9/5

read for – being open about finances and personal finances in your 20s

buy here – ,https://www.amazon.in/Broke-Millennial-Scraping-Financial-Together/dp/0143130404

8. Broke Millennial Takes On Investing by Erin Lowry

Erin Lowry didn’t just stop with her amazing tips on finances in her first book. she came back with a bang for us lost millennials with successful tips on investing. she sees us beyond a crowd that binges on Netflix. in this book she tackles our confusion when it comes to juggling between investments and piling debts. we millennials are in good hands when reading this best personal finance book on investments.

price – INR 411 on Amazon

rating – 4/5

read for – early investments

buy here – ,https://www.amazon.in/Broke-Millennial-Takes-Investing-Beginners-ebook/dp/B07FZP4YFY

9. Clever Girl Finance by Bola Sokunbi

as the name suggests, the author aims at educating a young generation with anecdotes on women’s finances in the real world. this easy-to-read finance book for beginners aims to encourage youngsters to look out for unnecessary expenses, budgeting and living by that budget. learn how to navigate through the maze of debts, credits and salary increments unapologetically directly from a businesswoman.

price – INR 1595 on Amazon

rating – 3.8/5

read for – being bold about personal finance

buy here – ,https://www.amazon.in/Clever-Girl-Finance-Ditch-wealth/dp/1119580838

10. The Financial Diet by Chelsea Fagan and Lauren Ver Hage

this book is perfect for beginners in their 20s as it lays the foundation of budgeting and savings. the authors dive into the lessons of investments and savings for retirement and debt repayments. it is known as one of the best personal finance books as its techniques are easy to follow and cover a range of topics that applies to us all as beginners.

price – INR 1384 on Amazon

rating – 3.4/5

read for – budgeting and early financing

buy here – ,https://www.amazon.in/Financial-Diet-Total-Beginners-Getting/dp/1250176166

11. Spend Well, Live Rich by Michelle Singletary

inspired by the author’s grandmother who raised five kids on a less than average income, this personal finance book for beginners is a treat. it is all about making the most with a limited amount of money. the principles of money management in the book focuses on mantras that will empower you with financial freedom no matter what your financial situation is.

price – INR 1508 on Amazon

rating – 3.6/5

read for – inspiring personal finance and budgeting

buy here – ,https://www.amazon.in/Spend-previously-published-Mantras-Richer/dp/0375759042

12. Retire Before Mom and Dad by Rob Berger

looking to retire early, this is where you begin. hop onto a journey with this best personal finance book where you can explore the path of early retirement. the book is inspired by the FIRE movement that stands for financially independent, retiring early. this is your one-stop solution to live independently when it comes to finances while attaining retirement well before the age as per the norms of society.

price – INR 1300 on Amazon

rating – 4.3/5

read for – early retirement and financial independence

buy here – ,https://www.amazon.in/Retire-Before-Mom-Dad-Financial/dp/1733914501

13. The Automatic Millionaire by David Bach

well, the name itself makes you want to read the book, doesn’t it? and you should definitely read this book that teaches you how to automate your finances. a story of a young couple who achieve the perfect dream of purchasing houses, sending their kids to college and retiring early. it trains you to monitor your unconscious expenses and how it can make you stronger. this system not only pays you but automates your increasing wealth. deep dive into this best personal finance book for a financially smart future.

price – INR 610 on Amazon

rating – 3.9/5

read for – making a plan to build wealth

buy here – ,https://www.amazon.in/Automatic-Millionaire-Expanded-Updated-Powerful/dp/0451499085

so, what are you all waiting for?! these best personal finance books are waiting to make you rich and lead the race of responsible personal finance.

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no one can predict when can a situation show up where you would need a special fund. (no, not even psychics) an unusual situation can knock on your door any time and that’s why it’s important to have an emergency fund saved up.

so to put it in simple language, an emergency fund is that money that you can use to deal with any unpredictable situation or even chime in your long term goals. are y’all ready to take a deeper dive into the emergency funds? So hop in the boat right away.

why are emergency funds important?

now you may neglect the power of an emergency fund only when you don’t know how important it is. Imagine having a date and being broke or maybe having an important function to attend right after your car broke down. sucks, right? you’d easily be able to tackle these situations if you have an emergency fund saved up.

here are some of the reasons why emergency funds are super important-

• helps you deal with an unpredictable situation
• doesn’t make you dependent on anyone else
• you won’t have to liquidate any asset if you have an emergency fund
• It maintains the financial sanity

types of an emergency fund

1. short term emergency fund

short term emergencies are the ones that you can tackle in a small sum of money. you don’t need to save a lot of money to take care of a short term emergency. Some of the cases are-

• repairing your vehicle or home
• have a spontaneous party for your crush :p
• unexpected family expenses
• medical needs or any health-related emergency

2. long term emergency fund

long term emergency fund actually requires you to save a larger sum of money cause the needs over here are bigger than short term investment. some of the long term investments are-

• job loss or a gap in work-life
• dealing with a bigger medical condition which will give a big bill
• shifting from one place to the other

The next question that pops into our mind is, how much money do we actually need to save, right?

The best judge on how much emergency fund to have is only you. emergency fund is different for different people. how? let’s say you’re a bachelor who’s living on your own in a tier 1 city. if you have rented a flat and bought a vehicle, you gotta have more emergency funds than a guy who’s living in a hostel without any vehicles. ideally, you can save up to 5000-1000 rs in your emergency fund. you can either save a larger sum of money in 3 months period or keep saving a smaller sum of money for 6 months.

emergency fund also depends on your status. As in whether you are single or married. While a single person wouldn’t have that much liabilities, a married person might have to save for their partners as well. it is advised to keep anywhere between 15000 to 20000 rs in your emergency fund.

and hey, if you have saved some extra you won’t be disappointed because sometimes the emergency might come in the name of your fav dress on sale. you might be able to afford it without feeling bad about it.

how much do you need to save for an emergency fund?

we all know how much we hate saving good things when you can use them right away, no? saving money for something that ‘might’ happen seems like a bad idea until you actually fall in that situation.

making a fund isn’t a superpower. that’s something you can start practising little bit until you eventually get used to it. you can just start keeping a small amount of money aside for your emergency fund. once you’ve reached the goal you can stop saving for some time.

if you are having trouble in putting the money aside and end up eventually splurging, you can create an autodeposit. Just set a small amount that you wanna save and the money would be stored automatically.

where should you keep the emergency fund?

you should keep the emergency fund at an easily accessible place. we mean, what’s the primary motive to have an emergency fund in the first place? to get the money at the moment you need it, right? We’d suggest you keep the fund as liquid as you can (if not all then at least some part of it) the rest part you can create a digital fund.

The best part is you would also be able to get a small amount of interest on the money you’re saving. keep one month’s saving aside as a liquid fund and from the second month you can directly create a deposit for the same.

You can get anywhere between 2 to 6 per cent interest on your emergency fund if you are storing them digitally.

Summering it up-

now that you are aware of what emergency funds are, get set going on it. you can start simply by jotting down your priorities, see what part of your living would require an emergency and create funding accordingly. your living condition has a lot to do with the fund so saving less might make you land in trouble.

usually, the term emergency fund is confused with rainy day funds while they are honestly 2 very different funds. While emergency funds, as well as rainy day funds, are both used to save unpredictable situations, they are used very differently. if you wanna know what a rainy day fund is, you can simply click here and read more about it.

so fellas, ciao!

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recently the word neobank has got kinda hot in the fintech fam. which makes us wonder, what exactly is a neobank? to put it simply, neobank is an online bank. you won’t be able to find any physical branches of these banks as they operate entirely online.

neo bank vs traditional banking?

traditional banking is the old process of banking where we had to physically visit the bank to get any task done. the banks have different branches which deal with your banking issues. they have also set different ATM machines throughout from where you can withdraw some cash.

rumour has it, neobanks are slowly taking the fintech industry by storm. of course, the smooth application process and quick approval prove it all. imagine doing all your bank work from your couch, sounds dreamy doesn’t it? you can kiss those days goodbye when you had to stand in a long tiring line to get the work done. neobank vs traditional bank has a clear winner.

although neobanks don’t really have a licence of their own, they collaborate with bank partners to give the bank based services. now that we have this trend of stay at home, neobanks are getting more attention as they’re filling the gap of customer satisfaction that traditional banks usually fail to deliver.

and wait, that’s not it. digital banks also make sure to give out new offers every time you shop. The features are enhanced, heck it, in some neobanks you can also get more interest on fixed deposits than your existing bank. surely makes us want to know more about it, no?

so umm, okay we got what is a neobank but now the question is

why choose neobank?

there are one too many reasons why people are shifting towards neobank and well, they’re all legit. it all started when demonetisation smashed our faces. folks started carrying lesser money in their pockets and more in their phone. the craze for digitalisation went so much that the idea of a completely digital bank was generated.

so without any further ado, let’s take a look at 6 reasons why people opt for neobank-

1. it’s smarter

one thing that we’re sure of is that neobanks are quicker, more efficient and smarter than any physical bank. you can legit sit at home and transfer money from one part of the world to the other without having to hit the bank. which explains why genzs are inclined towards it.

2. easy sign-up & approval

isn’t it plain straight bugging when you are standing in a long long line to open your account but voila! it’s lunchtime so the staff just went on a short (let’s say, 2 hours) break. however, when you’re using a digital bank, you just download the app, complete your KYC process via video call & boom, you’re done.

3. better user experience

having any payment issues? or wanna block your card in case of any misplacement. you can do it in a jiffy directly by calling the customer support centre of the banks. YES! from the comfort of your couch.

the customer representatives are super helpful and will find out the best solution possible in the blink of an eye. apps are designed in such a manner that you won’t even have to waste too much time calling.

4. amazing offers

although this is something you can also get in your traditional bank. however, you need to be a pro member of that particular bank to get the offers. neobanks are not only targeting a smarter bank but they are also ensuring that their customers get the best offers, pretty much on every platform possible. the best part is, you don’t have to be a platinum or any chic member to avail of the offers.

oh and we’re sorry, did we forget to mention the amazing cashbacks and rewards that you get after making the payment? cause it’s so bright that you might wanna cover your eyes. what is a neobank? shall we just explain it in a word? MAGIC! ‍

5. seamless payments across the globe

if you have a debit card from a traditional bank, you’re already aware of the hassle you have to face while making an international payment. you have to upgrade your card, request the payment and then it gets transacted.

however, when you’re using a neobank’s card you can make the payment pretty much anywhere. without getting upgraded and sh*t. you can just hit a button and send money anytime, anywhere. so what did we say about neobanks being smart?

6. dope expense tracking method

come on, let’s accept it. with the busy lifestyle and our spending habits, we’re all kinda broke at the month-end. and gone are the days when our ‘dear diary’ heard about our expenses. in times like these, neobanks come as the superhero.

you can watch your expenditure, savings and pretty much everything in the passbook section. you can also create an auto-deposit which will automatically put out some money whenever your salary comes. this way, you’ll never end up spending more than you’re supposed to.

Umm, wow! I’m interested. So the next question’s gonna be-

How exactly does a neobank work?

so like, you used to go to the bank, fill out a form wait for some days until your card arrived. it’s only after that you can start making the transactions right? also not to forget how we had to visit the bank for every small change that we had to get. or the deposits that we had to make.

times have changed now and there’s no better way we can prove it than giving you the example of neobank. you can simply download the app, complete the verifications within seconds and start transacting via the app right away. it’s only a matter of days before you will get your card parcelled to your home. And voila! you can also start making card transactions anywhere you like. after you’ve received the card, the process remains pretty much similar. just that you can explore many many features that different neobanks are coming up with.

wrapping it up,

we’re hoping by now you have a clear answer to ‘what is a neobank’ and what are its advantages over traditional banks. there are many more perks of a neobank but here’s the twist, we want you to witness it yourself.

Teen folks looking out for the smartest neobank, come here

are you someone who’s looking out to witness the magic of a neobank? then we have something for you. make sure to check out the akudo cards and take a step towards financial independence. we have amazing offers and cashback for you teens, making shopping a bit more fun. we really hope you guys are ready with a long cart cause we surely have a huge cashback plan ready for you.

so are you guys ready to manage your own money? After all, why should adults have all the fun? and don’t forget to help your friends in understanding what is a neobank. Just forward this article to them

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not just teens but having financial freedom is still a dream for many folks out there. even if you have the money flowing in, we’re usually not able to manage it properly. so if you’re someone who is looking for a magical spell on how to become financially independent, we have somethin’ for you

here’s 9 laid back habits that can help you, so without any further ado, lezzz go!

• have a goal
• create a budget
• make sure to pay your bills every month
• always pay yourself first
• start investing
• have a source of income
• try living below your means
• negotiate, negotiate and negotiate
• get an akudo card

1. have a goal

you can’t achieve something that you aren’t sure of, right? so the first step is to set a goal for yourself. why do you wanna have financial freedom? how free do you wanna be and how exactly are you planning to achieve it Honestly, your lifestyle determines the majority of your goal, adjusting accordingly will help you take a step closer to achieving the goal. write it all down to have a clearer picture of your goal flow.

2. create a budget

usually creating a monthly budget is the best way to track your expenses. when you know how much money are you making every month, how much are you spending etc, you have some room for saving This way you won’t end up spending on stuff you don’t really need.

3. make sure to pay your bills every month

once you have the habit of splitting your bills, you start making that your habit. even if you have money, you’d feel the need to divide the bill and eventually end up splurging the extra money. and the money is like “I’m outta here” before you even know, so friends always make sure to pay your bill on time.

4. always pay yourself first

are you constantly questioning how to be financially independent? well, one of the most important steps is savings. Whenever you receive your payment, make sure to lock in some part of the amount before you go gaga on the entire money. Someone created the option for ‘auto savings’ cause they knew we’re super emotional and we’d end up using the entire money so the next time you receive the money in your account, the bank would lock it and send it to fixed deposits.

5. start investing

money sitting in your account isn’t the answer to ‘how to be financially independent. however, when you start investing, you are actually growing your money. honestly, this is quite literally the best way to earn money easily. all you gotta do is find the right place to put yo’ money at. today, you have more options than ever. You can simply explore magical crypto or find a stable stock that can provide you with good gains.

Always make sure to diversify a lot. Do not keep on investing in one project only because it has caused you some gains. Having a diversified portfolio is as cool as having a fancy sports car today! You can also check out the top 13 cheapest cryptos to invest if you’re looking for some help.

6. have a source of income

lol, we hate to break it to you but yeah, here comes the toughest but the leg of how to be financially independent. Yep folks, you gotta earn! Only then you can afford to dine in at all the cool places you put the IG story about.

a great man once said, if you’re good at something, never do it for free. making money is honestly easy with all the resources that we have. you can simply sit on your couch and write a blog or create a design or two. Influencers, artists, freelancers the door is wide open my friend, you can just choose wherever you wanna go.

7. try living below your means

It’s a habit, when you start splurging, you just keep on splurging. it’s like a never-ending circle, no matter how many clothes or sneakers you have, you always see a new one and well, wanna buy it this is where you gotta be hard on yourself, no you aren’t going to wear those extra pairs of beach shirt you just bought.

try cutting down your expense before it cuts down your savings. You can try spending on the things you really wanna have and get good riddance from the things you’re buying for fun.

8. negotiate, negotiate and negotiate

never underestimate the power of negotiation. whether you are shopping or you’re asking your old folks for your pocket money, make negotiation your habit. you start looking for better deals, services when you have the will to save some bucks.

The art of negotiation is a must when you are looking for how to be financially independent. now this is where girls get to use their superpowers at it’s best.

9. get an akudo card

of course, we saved the last hack to be the best one. how do you feel about getting paid every time you pay, sounds impossible? well, not anymore. every time you make your payment via the akudo card, you would get rewarded. From now on, shopping is all about cashback and offers.

how to get Akudo card? Download our app, sign in with your details and voila! you’ll be all set. you can also manage your expense and save a lot of bucks in the easiest way possible. so were you asking the genz friendly way of how to be financially independent? Well, this is the smartest option you have.

ending on a lite note,

so, folks we’re no financial gurus but hey, experience over anything else, no? now that you already know these 9 ways to become financially independent, what are you waiting for? take out a pen and a diary today and make a note of your expense. and remember, you don’t have to go too hard on yourself. treat yourself every once in a while to keep yourself going.

we know teens today are all about breaking norms so why not break the stereotype of teens being far away from finance? After all, money is for everyone. and we teens are just smart with our money, we’re here to show it to everyone.

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• 8 ways in which you can help your child deal with peer pressure
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Yep, we’re cool, smart and want to explore the financial side while being in the prime of our lives. whether we talk about earning money or investing it right, teens today prolly are keener to explore how to invest money effectively. The risk-taking factor always remains high but hey, isn’t that something which makes us richie rich?

so let’s take a dive into the stock world and let’s learn a bit about it? so basically, the stock exchange is a place where investors and traders trade security with the support of a broker. nse and bse are the most famous stock exchanges in India.

nse vs bse

nse is an abbreviation of National Stock Exchange while bse is an abbreviation for Bombay Stock Exchange. now you must be wondering so what’s the difference between nse and bse, right? come on, let’s learn a bit more before we take you to the stock world.

what is bse?

this is kinda known to be the Godfather of stocks cause it is one of the oldest and the first stock in Asia. the stock jumped out of the financial womb in the year 1875 and went by the name- the native share and stockbroker association, back then.

bse introduced the word ‘Sensex’ in 1986 as its newest equity index. it was majorly brought to identify the top 30 trading companies of the exchange in 10 or more sectors.

Sensex is the most important indices of bse but apart from that, bse also has these as its other important indices such as bse 100, bse 200, bse 500, bse Metal, BSC FMCG, and some more. bse provides services such as risk management, market data services, suppository services and central depository services limited (CDSL)

in 1985 bse established online trading also referred to as BOLT and that was the time when it hiked off. The transaction capacity skyrocketed all the way up to 8 million transactions per day Today on 13th January 2022 the all India market capitalisation of bse is seen to be over 3.7 trillion USD

the swag of bse is so high that it is counted under the 10 most precious exchanges on a global level.

Okay bruh so like, now what’s nse?

nse is also known as National Stock Exchange was introduced after bse and is based out of Mumbai itself. although launched in 1992, nse is seen to be the leading stock exchange market along with nse came the paperless stock exchange in India, the electronic system was seen to take the market by storm. and that’s how a major difference in nse vs bse was just explained.

the market was formally seen to be called as ‘stock exchange’ by SEBI. in 1994 nse introduced the wholesale debt market which was followed by the launch of the cash market shortly after.

somewhere between 1995 to 1996 nse introduced the NIFTY 50 index and started the settlement as well as trading in dematerialised security. nse increased its offering for the products apart from all the services it used to give, it has included equity derivative instruments, clearing and settlement, currency derivatives and commodities. the total market cap of nse has reached over 3.4 trillion as of today, on 13th Jan, 22’

major nse vs bse differences

• although both bse and nse are the oldest stock exchanges in the country, bse still remains the oldest and slightly more powerful one

• bse is kinda older than nse as it was recognised in 1957 while bse was recognised in 1993. so you know, that speaks volumes for the major difference we can see in nse vs bse

• nse introduced the modern idea of electronic exchange systems in 1992, therefore, bringing a wave of modernity. however, bse introduced the electronic exchange BOLT in 1995

• today although bse is the oldest stock exchange in the country, bse has just taken to be the biggest one

• one of the most significant differences in nse vs bse is that nse’s NIFTY provides the top 50 stock index while bse’s sensex only gives the top 30 stock index

• the total number of listed companies in nse is just 1790 while the number of companies listed in bse is somewhere around 7400, so well it’s a significant rise in numbers, isn’t it? ‍

• while speaking of global ranking, bse has secured 10th position while nse gives it a tough competition by securing a place right next to bse that is, 11th position

• the game of nse vs bse game has been going for quite some time and it’s time we close it with the last and major difference. in case of liquidating the stocks, nse is a clear winner, you can liquidate your stocks for cash right away. but you might see some problems in liquidating your bse stocks.

now, what should the investors use to transact?

aghhh! choosing is tough we want to have apple pie but why not have ice cream as well. so basically if you are wondering what should you choose from nse vs bse, that purely depends on the stock you’re tryin’ to have.

For instance, let’s say that you wanna invest in bse then your only option cuts down to nse. but bruh, don’t worry cause almost all the stocks are listed in both nse as well as bse so you can choose one of your choices!

wow, read so much already? are you feeling proud of yourself or what? Well, you should because now you have a better insight and we’re sure to see you spending better

And and and, before you invest in any stocks don’t forget to give it a small read. After all, money doesn’t grow on trees na.

now when you have big plans for going on an expensive date or hangin’ out with your pals, you don’t have to butter your mom for how beautiful she’s looking. neither do you have to do 5 tasks for your older sibling in exchange for money, wanna know why? cause we are gonna tell you how to get financial freedom without any hassle.

so without wasting any more time, let’s reveal the mystery of how to take a step towards financial independence without trying hard.

9 steps to get financial freedom in India

• make an expense tracker
• start savings ASAP
• understand your goals
• start a side hustle
• differentiate b/w wants and needs
• learn about scholarships
• get in crypto investing and trading
• don’t opt for too many lenders
• more ideas on how to increase your income
• get an akudo card

1. make an expense tracker

your tracker is your one true friend, with all your expense insights it can have the answer on – how to achieve financial freedom. so the first step towards financial freedom is to track your expenses and put a red flag on whatever’s making you spend a lot.

set up a monthly budget and make sure to make your expenditure accordingly. obviously, if you manage to save some extra money, you can put it in your emergency piggy bank. and of course, you can utilize it later when the need be. this tracker will teach you how to manage your money wisely. keeping a check on monthly expenses is the most important personal finance tip for everyone.

2. start savings ASAP

no, we’re absolutely not trynna be the joy killers over here. the easiest way to have financial independence during the prime of your life is to save the bucks. imagine a relative visiting you and giving you let’s say ₹2500, now instead of spending it right away on the things you do not require, you can simply put it in a piggy bank. one day when you feel like buying your fav game or anything literally, you remember that you saved and bam, you bought something on your own. the secret over here is to treat your savings as an expense the next time you feel like buyin’ something.

set a savings goal, whether we talk about pocket money or money that your nani gave you. savings would never disappoint you during times of emergency. so the simplest answer to how to get financial freedom would be “SAVINGS”.here are other ways you can try to manage your personal finance.

3. understand your goals

we don’t wanna sound old schoolish but honestly, writing down your goal is the best way to move closer to financial freedom. why are you saving money? is it because you are having huge plans for your boo for a one year anniversary? or to save money for your dream college? you would be able to execute things better if you have a plan of action in place.

so the main question is how to do it? make a note of the top 10 things you are saving and investing for. write down how much are you planning to save or invest and what’s the deadline for it. you’ll automatically be more aware the next time you’re splurging on any item that you don’t require. lastly, don’t forget to keep a realistic goal. if you are going too hard on your budget, chances are you’ll just fail. smart goals are the direct answer to your question of financial freedom. based on your future goals you can start investing and saving today. here are the top tips on investing as a teenager in India.

4. start a side hustle

if you are wondering how to achieve financial freedom in India, this is quite honestly what you were looking for. there’s always this one thing that we folks are super passionate about. whether we speak of fashion, finance, environment or ANYTHING! And starting with a side hustle is the easiest way to the gate of financial freedom.

there are a number of sites online that allow you to write for them. all you need to do is create a sample work that you can send across, fix a legitimate rate for your article, and you’re home. as a matter of fact, if you’re a writer, we have news for you. instead of looking for other places to freelance, send us your resume and get a chance to work with us and earn good bucks. here are top ways to make money as teenagers in India

(P.s- we’ll be waiting to witness your talent :p)

5. differentiate b/w wants and needs

you’ll know that you have cracked the code of financial freedom when you start figuring out the difference b/w your wants & needs. try to understand what needs your immediate attention and only spend on that stuff.

there are a lot of things that we buy not because we need them but because we just want them. however, in the end, we fall short on money for the important stuff. once you have saved some money you can invest the saved money in different ways and you can treat yourself with whatever you want.

6. learn about scholarships

getting a scholarship is quite easy these days because, unlike the old days, now teens have access to scholarships in a wide variety of fields. make sure to run through the websites and know about the scholarship of your field. prepare for it and make sure to give your best in the test.

it’s not about how much money you are getting in a scholarship. of course, if you are getting rewarded with a huge amount it’s a reason to celebrate but any reward is a reward, big or small. scholarships usually solve the mystery of ‘how to achieve financial freedom’ easily. so go, bag a scholarship and enjoy your teen life at its best.

7. get in crypto investing and trading

if done right, this may be the most beneficial thing you can ever do to become financially independent. however, trading is kind of a cautious area cause the concept of ‘high risk, high rewards’ is applied in this. let’s say you have some money sitting idly in your bank account, how can you make it double up? well, we say quite easy, invest in crypto.

all you gotta do is search for good projects that are not only stable but also cheap. some of the tokens that you can invest in are – matic (polygon), ada (cardano), eth (ethereum).check out the cheapest cryptocurrencies to invest in India.

there are many crypto wallets in India like Wazirx, Coin DCX to invest in cryptocurrency. just put in a small amount of money when the prices are really low and wait for the magic to happen.

8. don’t opt for too many lenders

when you have the liberty of shopping from too many cards, you forget about your financial status for a while. and at the end of the month, when you have to repay the debts, you wanna pull all your hair off (trust us, we know the feeling. Been there done that)

you can just take money from 1 lender and repay your debt on time. make sure to opt for the company that charges the lowest debt.

9. more ideas on how to increase your income

we’re gonna be very honest, in 2021 there are a lot of ways by which you can be financially independent. but, the process always starts with smart spending. once you have got a hold of your spending habits, you can try out literally endless things to make some bucks and give your old folks some rest.

some of the things which you can try out are –

• put up the kinds of stuff you have used on sales (like video games, expensive dresses that you do not wear anymore, movies etc)
• offer some help in exchange for money. (tutor someone, do household chores, write an assignment for your elder sibling)
• sing/play instruments at a cafe
• participate in online contests
• fill online surveys

check out top ways to make money as a teenager in India in 2022

bonus tip

10. get an akudo card

getting a personalised prepaid bank is not a dream anymore for teenagers. in a world where only adults have access to cards, we teens are way underestimated for our financial skills. with the fast-moving world, we have more idea about shopping and grabbing em’ discounts than our parents.

so folks, don’t forget to get yourself an akudo card if you are a teen who’s looking out to have a smarter life. and as they say, happiness is doubled when shared so if you know someone who can make use of an akudo card, don’t forget to refer it to them and get your hands on a referral bonus. so if you have not been able to crack the code of ‘how to achieve financial freedom’ this is your one-stop solution.

p.s- you also get exciting cashback every time you make transactions from your akudo card.

hopefully, we have helped you in getting the answer to “how to achieve financial independence”. you do not really have to follow each and every step but make sure to determine what works out for you and then make a practice to follow it from your heart. we thought it was high time we teens start showing the world that we are more than someone who makes regrettable life choices and then whines about it. (as much as we love to do that :p)

now that you have learnt a thing or two, go start making some bucks. and frenz, do not forget to treat yourself cause you are already in the area of financial freedom. so nothing should keep you away from celebrating a bit.

hope you loved this blog. you might also like:

• 15 personal finance tips you need for a better future
• best cheapest cryptocurrency to invest in India in 2022
• advantages and disadvantages of cryptocurrency in 2022
• top 11 ways to make money as teenagers in India in 2022
• top 9 ways how parents can teach their kids about personal finance

now as we are loaded with responsibilities in life, it is time to learn more about the best personal financial tips. it will not only help in money management but also in saving more for your future goals. so here are some of the best personal finance tips in India:

15 personal finance tips you need to know

• time to make a budget
• monitor daily expenses
• research on bank interest rates
• contribute to retirement investment
• study your insurance plans
• savings – it’s never too early
• learn about needs vs wants
• ask for employment benefits
• investing is the answer
• maintain your credit score
• go digital with online shopping
• side hustle your way in
• set up an emergency fund
• research well before opting for the loan
• learn everything about taxes

1. time to make a budget

parents should teach kids how to budget from an early age to give an idea about money management. it’s all about keeping a budget and tracking your savings & expenses. stick to the budget for efficient future planning and unpredictable expenditures. start using budgeting apps to make it easier. it’s never too late to start being financially responsible by following this personal financial tip. this money management tip will always never let you go loose on savings and expenses.

2. monitor daily expenses

start looking into your daily expenses and monitor what are the unnecessary costs. This personal financial tip will help you avoid irrelevant expenses without hampering your day-to-day lifestyle. the idea is to be frugal, but not cheap.

3. research on bank interest rates

in the current environment, financial literacy is a must to use various financial skills and plan better. parents should start introducing kids to real-life money management to make them financially literate from a young age. before opening a savings account, fixed deposit or investing in any kind of banking services, thoroughly research different banks and their rates of interest to get the best deal. do your homework before anything else. research on the best financial tips to invest in banks, watch videos by experts and ask people around you for guidance.

4. contribute to retirement investment

always and always opt for a provident fund contribution offered to you by your employer. It is one of the most sought out retirement investment plans. if not that, opt for a personal provident fund to save up for your future with safe compounding. as this is a long-term investment plan, you can combine this investment plan with other short-term investments like stocks.

5. study your insurance plans

don’t be tricked into buying insurance plans without maximum coverage. be it medical, life, car or any other insurance coverage plan, go through the entire benefits and scheme to avoid financial difficulties in the future for you and your family. you can also research the best insurance plans on websites like Policy Bazaar.

6. savings – it’s never too early

we can’t stress this point enough. one of the most important and best personal financial tips is to start saving as early as you can. your savings is your one true friend. pay yourself first to start your savings plan, monitor your expenses, learn all about investing and much more. this money management tip is your first step towards financial freedom. be smart about your future while seizing the day. take baby steps, but don’t wait too long.

7. learn about needs vs wants

we all need to financially grow up someday. for that, we need to give up on our impulsive shopping habits and start understanding the difference between our needs vs wants. that does not mean we should always give up on our wants, but we need to plan better before making luxury purchases.

8. ask for employment benefits

don’t overlook your employment benefits. maximize on employee provident funds, medical coverage, conveyance and more. also, ask your employer for investment declaration options to reduce taxes and other personal expenses. you work hard and deserve benefits for a secure future for your family and yourself.

9. investing is the answer

investments are the buzz these days with people investing in cryptocurrency, SIPs, real estate, etc. with so many investment options and easier accessibility, it is wise to start investing with prior research. research all about investments with akudo. another important personal financial tip when it comes to investing is to avoid being reckless. the idea is to play it safe. here are the top crypto wallets to invest in cryptocurrency in India.

10. maintain your credit score

using a credit card has many advantages like air points, extra discounts and also helps to increase your credit score. ensure that you pay your dues and bills on time to avoid late dues interest. keep a check on your credit score as it could create a black mark on your credit history and can hinder your loan requests in future.

11. go digital with online shopping

shift over to the e-commerce websites to make your purchases. make the most of the year-round sales and discounts to save those extra bucks. It also helps to compare the prices across websites and purchase the product at the best deal possible. You can also read online user reviews of expensive products and make an informed decision.

12. side hustle your way in

break into another source of income that wouldn’t eat into your primary job’s time. you can hustle remotely these days with options ranging from blog writing to being an influencer and creating your own brand. all this can be done from the comfort of your own house. this will also personally help you upskill yourself. you can invest this extra income in various places. learn more about investment options with akudo. here are ideas to start your side hustle today.

13. set up an emergency fund

one can never be ready for any unexpected situation. you should have a separate emergency and medical fund ready at your disposal. it could start off from a nominal amount and increase from thereon. however, this should be separate from your savings. we don’t want a dip in our savings fund. research on the best ways to set up an emergency fund.

14. research well before opting for the loan

there is a point in life where everyone has to take a loan from banks for various purposes like home, education, car etc. ensure that you research well on the best bank interest rates and EMI options. these loans run for a long time and you need to be prepared for the same. we don’t want you falling into debts that can ruin your CIBIL score.

15. learn everything about taxes

taxes. yes, that’s someone no one can avoid. so, it is better you just take some time out to learn everything about taxes and how you can reduce your tax cost in any way possible. be informed about investment declarations, tax deadlines, tax slabs, etc. this is that personal financial tip that everyone should be aware of from a very young age.

all the best personal finance tips in the world may not be enough to get you ready for the financial future, but they will help you think strategically. you don’t have to implement all the tips right away and stress yourself out. take one step at a time to dive into your money matters headfirst and surface up victorious.

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kids these days have made crazy gains over a meme coin and we cannot get more jealous. kidding? no, we’re absolutely not. who knew petting a doge could’ve made your wallet go crazy fat. now while good projects like bitcoin and ethereum have provided more stability to the community, cheap coins like shiba inu have attention from the young crowd cause they’re not only affordable but also have good chances of surging fast.

list of cheapest currency to invest in India

• shiba inu (shib)
• doge coin (doge)
• vechain (vet)
• ripple (xrp)
• matic
• wazirx token (wrx)
• basic attention token (bat)
• cardano (ADA)
• polkadot (dot)
• internet of things token (iotx)
• decentraland (mana)
• axie infinity token (axs)
• uniswap token (uni)

If you’re looking out for the cheapest cryptocurrency to invest in, we’ve got you covered. So without wasting any time, let’s get on to the list.

1. shiba inu (shib)

the key rule of the crypto world is, you should only invest in it when you are ready to take the risk. and well, we know that you teens survive on the risk factor. why else would we text our crush while we’re sitting in the same class? so if you are looking for a booming short term investment, we cannot see a better project than shiba inu.

the coin is currently lying at ₹0.00296435 (please note that the prices of the coins keep changing, to check the current price, you can visit any wallet or simply google it). although the chances of this coin increasing are high with more people trying to invest but the volatility of the coin is much higher. So risk-takers, unite. It’s either double or nothin’ :p

P.s- always make sure to check the time when you’re buying. if you’re purchasing the coin during its all-time high, the risk rate remains high.

2. doge coin (doge)

you know you’re always in profit when you buy a doggo, especially the one that Elon Musk has officially adopted. honestly, dogecoin is the single sh*t coin that we feel has the potential to boom in the future. take this year as an example, doge has given major profit to its holders and that too in a very short span. the juicy profits have simply swept everyone off of the floor.

started as a meme coin, doge is now a good project with an amazing scope as SpaceX has decided to launch a satellite named after doge which will go to the moon. of course, taking the price to the moon too

the current price of a doge is ₹16.15 but again, the prices are volatile. it may be up at one moment and crash at the other, so frenz, don’t forget to take out yo’ phones and check the price before you invest in it.

3. vechain (vet)

If you’re a teen with a mind of an adult, and you’re looking to invest in a safer yet cheaper project, this is what you were looking for. not to get into the tiny boring details but the project aims to provide a more secure digital transaction. When the real-world use case of a project is high, it is considered to be a stable and profitable coin, which vechain is.

currently, the price of vet is running at a solid ₹8.96 and is most likely to rise up surprisingly by the end of 2022.

4. ripple (xrp)

ripple started off as a dream project from banking institutions for it increased the speed of transaction so much that everyone went gaga over it. The token (xrp) has good potential to grow as compared to many other altcoins and is of course considered to be the cheapest cryptocurrency to invest in 2022.

although the recent lawsuit against ripple really screwed with it’s price. however, the grass seems to be green and things have started looking in the favour of the coin. In conclusion, you would be taking the right decision if you’re investing in xrp. that one sunday where you were gonna splurge with your friends, use that money to get xrp instead. you’d be thankful for the juicy profit you would have made by then. thanks to your akudo card ;p

5. matic

teens who are really looking for the cheapest yet best cryptocurrency to invest in India in 2022, matic might tickle your fantasy. To put it very simply, the project was created to solve the scalability issues of ethereum i.e. to increase its transaction speed. some do say that matic is an awesome blossom long term project. while some may also say that you can make killer profits from matic some may also argue that this is the best coin to cut you some crazy profit in a very short time.

The major reason why we consider matic to be a cracker project is cause it is linked to ethereum in one way or the other. meaning, the chances of the price going low or remaining the same are next to impossible.

currently, matic is running at a hot ₹141.66 and the signals of price surging are all green. so get your teeny urge to splurge turn into investment goals.

6. wazirx token (wrx)

wazirx token was released right after Binance released their token (bnb). and it is quite honestly one of the cheapest cryptocurrency to invest in India with the highest potential. The token is based on the Binance blockchain and tends to benefit the app users in more than one way.

considering the surge in bnb token, we are positive that wrx would only profit you in near future. we would not want to miss out on this magic token, the price of wrx is at ₹99.5. So go, grab some wrx token for yourself and take a step towards a smarter and more secured adulthood.

7. basic attention token (bat)

the token which starts with the name of our favourite superhero is bound to perform well, isn’t it? :p basic attention token has attracted a lot of potential teens not only cause it’s cheap but also because it has shown some crazy results in the past. The main purpose of the token is to distribute the bucks among publishers, advertisers and readers.

also considered to be one of the cheapest cryptocurrencies in India, bat is currently lying at ₹119.6. traders have made hot profits when bat magically rose practically from the ashes. and of course, the potential of which is seen to be sky-high.

8. cardano (ADA)

rumours are, cardano has the potential to be the next ethereum. the main use of this project is used in traceability and identity management. programmers from bitcoin are taking a shift towards cardano because of its smooth process to create smart contracts on its blockchains.

getting away from the tech-savvy words, if you teens are looking out for a cheap cryptocurrency to invest in, take the bet on cardano. you would never be disappointed. now that new contracts have started in the contracts, chances are that ada is gonna take a huge hit to the moon. the current price of ada is ₹125.87 however don’t fogget’ that the prices are volatile and might lie anywhere by the time you are reading this. So fellas, hit that search button while you are looking to invest in our all-time favourite coin.

9. polkadot (dot)

polkadot is that fat kid in the school who transforms and turns out to be an absolute bomb during their college days. and no, we’re not joking on this. the coin has sky-rocketed and shot up to a 1000% since august 2020 giving major FOMO to the trend followers.

unlike many other altcoins, polkadot has not even proved to be that volatile. as in, the coin won’t dissipate to zero (which many altcoins have the potential to do). in the near future, we can only suspect bombarding things on the way to this token. we love you and we would hate to watch you pull your hair on why you didn’t buy this earlier, so pick your akudo card now and rush to buy some dots.

the current price of polkadot is seen to be at ₹2,970 now as much as we hate repeating. folks, these prices are at the time this article was written.

10. internet of things token (iotx)

iotx is used to make transactions, for staking yo’ gems and even for governance. the name might not be as tacky but the project sure is. as a technology, the project is very promising

iotx is currently at ₹11.871 and looking at the future, we feel there can be a broader adoption of this token. of course, hiking the prices by a lot. not to forget that this token costs just as much as a packet of small maggi, so make your investments wisely :p

11. decentraland (mana)

if you are an active Instagram user, you are prolly aware of the metaverse hype. decentraland has hiked like crazy this year, particularly in the last 3 months as the virtual world got in more demand. whenever you’re done with this world, just go live your second life at a place you can do whatever you wanna

the current token price for decentraland is ₹343 and honestly, we’re only looking forward to the cause of the crazy hype this coin has. the most fun yet the cheapest cryptocurrency in India is here to blow your mind so don’t forget to get some mana in your wallet

12. axie infinity token (axs)

the market has taken up on virtual world crypto and it’s time other tokens start watching out for themselves. axie infinity is again a booming project. also leading the nft game, the most interesting part about this token is that you can have fun while you dig some bucks out of it.

the price for axs right now is ₹11,000 giving a sneak peek of the lucrative future to its holders. we mean, come on who wouldn’t look forward to get into crypto that is also a game that allows you to cut some coins side by side.

13. uniswap token (uni)

and we wanted the last one to be the best one so we saved uniswap until now. To put it simply, uniswap helps in trading ethereum tokens with the help of liquidity pools. the token has recently become leading decentralised finance of course kicking the prices to the moon which is currently running at ₹1717 (make sure to check the prices when you are buying it)

it goes without saying that uniswap is the best cheap cryptocurrency to invest in India with the highest potential. If you’re a teen, you can simply buy a small part of uni and just watch it grow.

Conclusion

according to us, this is the best era cause teens these days are more exposed to technology than we were. not to be a joy killer but with s teeny tiny bit of smart investment, you can multiply your money by a lot.

we hope you learnt something in the jolliest way possible. so don’t wait up, go be a part of the crypto-verse and stay tuned with akudo for more teensy related stuff. Cause at the end, we’re just here to make your journey go smoothly.

hope you loved this blog. you might also like:-

• advantages and disadvantages of cryptocurrency in 2022
• 15 personal finance tips you need for your future
• best tips on planning investment as a teenager
• best cryptocurrency wallets in India in 2022
• beginner’s guide to manage money wisely in 5 simple steps

you ask on which side we are? well, we’re teens and we are a bit biased about technology and modernity pretty much always, aren’t we? And not to forget the juicy returns that crypto promises. but today, we are goin’ to take a dive lil bit deeper and learn about cryptocurrency advantages and disadvantages.

list of advantages of cryptocurrency

• potential to give juicy returns
• pay for anything, anywhere
• aims to completely cut out the middle parties
• safe and secure way of paying
• the rising acceptance and usage

list of disadvantages of cryptocurrency

• high chances of volatility & huge loss
• high chances of getting misused
• limited acceptance and no refund
• chances of losing your virtual wallet
• can lose value and become worthless

cause we firmly believe in seedhi baat no bakwas, let’s get going.

advantages of cryptocurrency in India

why of course we are gonna talk about what makes crypto special first. (call us biased, cause we are :p) we’re in that time of life where everything comes with pros and cons. but not to forget that the prime motive of crypto was to make life easy. so how do you feel about taking a closer look at the 5 advantages of crypto? Lezzz goooo!

1. potential to give juicy returns

it is no doubt that cryptocurrency gives immense returns when you have invested in the right project. as a teen, it’s really important that you read a bit about the token that you wanna invest in. currently, that crypto has become the talk of the town, people are legit doubling and tripling their money effortlessly.

many of them say that investing in crypto is like investing in a gamble. well, we disagree. now it’s true that the risk might be the same but every token has a usage which makes it important. and we already know, higher the potential of the project, the higher is the price gonna get. advantages and disadvantages of cryptocurrency aside, the bull market is what makes crypto as special as it is.

2. pay for anything, anywhere

whether you are hiring a web designer for your website or a ghostwriter to complete your novel. payment becomes direct, quick and hassle-free when you are making/ accepting international payments.

the process of remittance (sending money globally) becomes very easy if it is being made in cryptocurrency. usually, after making a global transfer, the receiver has to wait at least 4 to 5 days for the money to reflect in their accounts. however, in the case of crypto, say if the payment is made via bitcoin, the transfer would only take a couple of seconds.

3. aims to completely cut out the middle parties

every time you transfer an account, there is some fee that you are paying to the intermediary party such as banks, marketplaces etc. however when you are making the transactions via crypto, you do not have to pay any payment processing fee.

a small amount of token (literally negligible) may be used but that is charged by the wallet that you are using. there are ways in which you can make the payment without having to pay any processing fee. the benefit of completely eradicating the middle party is not just one. we mean, it’s always faster and better to talk to your crush directly than take the help of a friend, right?

imagine how fun would it be for us teens to use crypto as easily as UPI, cause well, duh! it is that simple. and we sure as hell are waiting for these days.

4. safe and secure way of paying

cryptocurrency is just as secure and password protected as teens these days keep their mobile phones xD. no one would be able to open it unless you provide your private key to it. crypto comes with a wallet or an account address that can only be accessed by you. no one else, in any way would be able to fraud and loot your tokens that easily.

institutions widely are using cryptocurrency to make payments for their orders. fund transfers are very safe and they can be done at minimal charges. advantages and disadvantages of cryptocurrency are to be debated upon while we are talking about the safety cause while some believe it provides more safety, others believe that crypto takes away the safety of a country or individual due to the anonymous payment system.

5. the rising acceptance and usage

cryptocurrency is used at least 5 times more today than it was used 2 years back. as crypto is taking steps forward, people are realising that this is the future. recently crypto has been started getting accepted at yo’ favourite food spots like- Burger king, Starbucks etc. in fact, you would be shocked to hear that there’s even an atm that allows you to withdraw cash via bitcoin.

cryptocurrency is marked to be more powerful than fiat money. To put it in simple terms- money sitting in your bank account would only depreciate (decrease) with every passing year. However, if you have that same amount of money, it is seen to fight inflation and increase with the value with every passing day. let’s say, the value of 10 rs was more than it is today. you could have bought things in 10 rs back then which are selling at 20-30 rs today. but if you keep that amount in any crypto, say BTC, the value would increase and now that 10 rs has turned to 20 or 30 rs. (so that means you can buy triple the number of whatever you wanted to buy a year back)

Disadvantages of cryptocurrency

now that we have taken a look at the brighter side of the crypto world, it’s almost time we take a round at the dark side too. although crypto comes with lots and lots of advantages, there are some downsides that come along with it. so without any further ado, let’s take a look at the disadvantages of cryptocurrency in India.

1. high chances of volatility & huge loss

one common factor that can be counted in both advantages and disadvantages of cryptocurrency is this. although there are hugggeee chances of high returns, you cannot neglect the high risk. cryptocurrency is decentralised, meaning we are the ones who are responsible for pumping and dumping it.

so one fine day when you wake up and find your 500 INR to be lying at 300 or even 250 INR, do not be surprised. It’s just crypto playing its games. yet, the key here is to wait. do not panic and sell your entire portfolio at a loss just because you are predicting the price to run even lower. In the bigger picture, crypto will ALWAYS prove to be beneficial. so folks, you just gotta hold on to what you have. keep a close watch on the timing you are buying or selling your crypto.

2. high chances of getting misused

the fact that we have the power to control crypto makes it unbacked and unregulated which means, the chances of it being used for the crime purpose are extremely high. Many illegal activities have been done in the past via bitcoin because of the fact that you do not need any identity to transfer the money via crypto. crypto can also prove to be vulnerable to cyber attacks, meaning one might end up losing all the tokens if the hacker is strong enough to get access to your private key.

3. limited acceptance and no refund

if you have reached here you already know that the advantages and disadvantages of cryptocurrency relate in some way or the other. on one hand where the acceptance is increasing for crypto payments, right now it is very very limited. you cannot make all the payments via crypto if you are living in India. people are still adapting to the idea of crypto. Even today, you would not find everyone staunchly supporting the idea of digital currency.

not to forget that you would not be able to get any refund via crypto major reason is the highly fluctuating prices. so if you have made a payment via crypto, there is no possible option of getting a refund in crypto itself.

4. chances of losing your virtual wallet

well, to be fair this doesn’t always happen, especially now that India has many many apps allowing people to create their wallets. but if you are using a decentralised wallet, you would have to remember your private key AT ALL COSTS. if you forget about your private key, chances are you would never be able to retain your money.

but if you are using a centralized wallet like wazirx, zebpay, coinswitch etc you can simply login to your account by entering your phone number. You may have to go through some process but you would most definitely not lose your wallet. Not to forget, again advantages and disadvantages of cryptocurrency move along, it’s in your hand how you can turn those cons to be pros

5. can lose value and become worthless

although we staunchly believe that the chances of crypto losing all its value and becoming worthless are zero, it might be possible. why? maybe if institutions start backing out from using good crypto projects for the company, chances are that there might be a huge fall in the demand and of course price of crypto.

or if in the future if companies find something more exciting than crypto and they decide to take a shift in that direction, the digital tokens would lose all their value. but as we said, we do not see that happening anytime soon because crypto is just the tip of an iceberg right now. there is a lot that we need to discover, a lot of profits that we gotta cut from crypto before we take a turn towards something different.

Conclusion

we believe teens nowadays are smarter than teens ever were and teens ever would be. do you know why? that’s because we are in the transition period. We have the smartness of the old days and the modernity of the future. crypto is a revolution, for sure. to miss out on such a legendary thing would be nothing less than missing out to be a part of the future.

one more factor that can be counted to be in the advantages and disadvantages of cryptocurrency is that they are limited. so if you are running behind in the race, you might not have your hands on the future gem.

so, fellas, that was all about the advantages and disadvantages of cryptocurrency in India. do not forget to do your research before you go and buy some of the booming tokens. if you’re someone who starts having FOMO about every popular thing, then we think you should run and grab some coins as soon as possible.

till then, stay smilin’ stay richie rich.

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