The expert told a story about borrowing his parents’ red book to borrow from a bank to buy land. After two years, he paid off all the debt and the land increased by twice as much.
In “Financial Freedom” number 18 with the theme “Et O Et! Where has the money gone?”, When invited to share his personal experience in setting financial goals, Mr. Tran Anh Tuan – Director in charge of partner distribution channel development Dragon Capital Vietnam (DCVFM) said that he had set financial goals very early.
Right after graduating in 1996, Mr. Tuan had his first financial goal of getting a motorbike to go to work. Sharing more details, at that time his salary was about 400-500 USD/month and he deducted half of his income to buy motorbike installments.
After completing the purchase of a motorbike, he borrowed his parents’ red book and mortgaged it to a bank to buy land. At that time, the land was worth about 120 million. In a little over 2 years, the debts were paid off. However, the value of land at this time, “the number of times it has increased is very terrible”, the expert said.
The crux of the matter is still saving. When determining financial goals, spending must be really tight and disciplined. Besides that, use leverage.
According to Mr. Tuan, when buying an item, you can’t just use your salary and don’t borrow at all. That will not create an increase in property value. However, debts must be balanced in terms of ability to repay.
Mr. Nguyen Huu Quang – General Director of Digital Bank Cake by VPBank at the program also shared about his financial journey. Accordingly, when he was young, he focused on work, so his spending was limited and after only a few months, his income was greater than his spending.
Regarding the financial route, he said, after working for a while and having a stable active income, individuals can take advantage of money from banks and financial institutions to invest. invest in assets such as stocks, real estate, bonds, etc., so that assets can multiply rapidly.
Currently, there are many forms for young people to choose to invest. For example, the development of technology also comes with the development of blockchain, crypto, young people can also take advantage of it and earn a lot of money. However, it comes with many risks. Or some people can also choose a more solid investment path such as savings, or open-ended funds, etc. The problem is that each person’s risk appetite can choose the appropriate form of investment.
In general, the general formula of experts for unstable financial periods is to save, take advantage of financial leverage to invest in assets.
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
