Chanakya Niti teaches us about money and financial discipline. Let’s look at 5 financial secrets from salary to savings & investment that you must never tell anyone.
Sometimes money impacts your relationships. When people know that you have a good salary they may want to compare their salary to yours. If they know that you save money they may want a loan. We often tell our friends and family about our income, bank account and future financial plans. We may feel that we shouldn’t hide anything from our loved ones but it isn’t wise to be open with everyone.
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Acharya Chanakya
Looking at Acharya Chanakyas policies, we can learn a few things about keeping your money safe and using it correctly. Let us take inspiration from his thoughts and discover 5 financial things to keep private.
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Don't tell everyone the full details of your salary
Your income is personal. Try not to mention your salary often. Some people may want to compare their income to yours. Some people may become jealous knowing that you have a high salary. Whereas others may look down on you knowing that you have a low salary.
Your savings are earned through hard work so it is not wise to give everyone information about your bank account. Some people may want a loan from you if they know your bank balance. It is best to only tell those you trust about your savings and bank balance.
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Don't share full details about loans and EMIs
If you have taken out a loan for your house/car or any other needs this is personal financial information. You don’t need to tell everyone how much you have borrowed, how much EMI you are paying each month and how much you still owe. However it is important to provide accurate information when asked by a bank, lender or trusted financial advisor.
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Don't show off unexpected money
Don’t tell everyone that you have received a bonus from your company, profit from an old investment or extra income from another job. Some people may expect you to spend more knowing that your income has increased. Others may ask for a loan due to their needs.
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Don't tell everyone your future financial plans
If you are looking to purchase a house, start a new business or invest then you don’t need to tell everyone. Sometimes you can become confused about what you should do due to receiving advice from many people. Some people may not have all the information and give incorrect advice. Do your research properly and seek expert advice if needed.
