Fool’s Finances: Advice for Financial Future

Financial advice. It’s everywhere these days. The turn of the decade brought the sleeping financial gurus out of their slumber and now there’s a financial influencer everywhere we turn. Everyone is a self-proclaimed financial expert, from your chatty uncles and chai dhaba wali bhayya to internet strangers with get-rich-quick schemes. 

However, as widespread as it is now, giving out irrelevant financial advice is not necessarily new. In fact, we still follow many outdated financial tips to this day just because they have been passed down through generations. 

In this blog, we will de-bunk some famous financial tactics that worked in the age of our grandfathers but have no space in the modern world. Buckle up!

Fool’s Gold: The Biggest Outdated Tips We Need to Ditch

Want to get rich quickly? Well then, these are DEFINITELY NOT the tips you should be following!! 

Fool’s Finances: Advice for Financial Future

Gold is God

The significance gold has in Indian households can’t be overstated. It isn’t just a shiny metal. It is a legacy and part of our culture. 

While gold has its allure and is often a symbol of wealth, in today’s landscape it can’t be your sole investment. A well-rounded portfolio gives you better profits and allows you to stay above inflation. 

Education Over Everything

Education takes you a long way in life. However, with the cost of education being at an all-time high, it can make you question if pouring lakhs of rupees for a degree is worth it. Moreover, with digital resources available, it is easier to gain a degree and required knowledge on the subject at much less cost. If crippling student debt isn’t for you, then invest your money wisely and take an alternative path to education. 

Fixed Deposits Forever

Fixed deposits were once considered the safest way to earn retirement funds. While FDs are still safe, they don’t generate as much returns as they once did. Fixed deposits are very susceptible to inflation and their value can erode over time. Instead, other investment options that are designed for the modern investor can help you grow your money in the long run. 

Stock Market? Leave it to the Experts!

Most Indians are bridled by an unknown fear of losing all their money in stock markets. Markets are volatile and require immense research. However, stocks are useful tools for making money in the modern economy. 

With little research, the right advice, and timing, stocks can become your way to financial freedom. Dip your toe into the market to test the waters and make the right moves depending on the nature of the market. 

Run Away from Credit Cards

The taboo surrounding credit cards can make anyone think twice before taking one. Credit cards are a double-edged sword but they are only as good or bad as the consumer. Used responsibly, they can build credit, offer rewards, and provide a convenient way to pay. However, uncontrolled credit card spending can lead to a mountain of debt. The key with credit cards? Be smart and responsible with your plastic.

Financial Fitness for the Modern Age

Now that we’ve tossed out some outdated advice, let’s get you on the right track to financial fitness. Here are some tips for the modern world:

Be Tech-Savvy 

The clunky spreadsheets and illegible bank statements have now been replaced by budgeting apps and other online resources that can do everything from telling you how you have spent in a month to analyzing your spending habits. There are apps to suggest personal saving goals as well. Let the tech help you help yourself. 

Invest Wisely 

The first step to start investing is to start investing. Do your research and find the right tool to invest in. You don’t need a million bucks to start investing. The good news is, that the barrier to entry has never been lower. Remember, it’s about starting early and letting your money grow over time. Even a small investment can snowball into a significant amount over decades.

Embrace the Side Hustle

Working tirelessly through the week isn’t the only to success anymore. While making a living struggling through two jobs sounds dystopian, you can try a small side hustle that won’t consume too much of your time and energy for some extra money. Explore your options such as freelance gigs, online businesses, or anything that can bring in some extra income. Just remember to set clear boundaries to avoid burnout.

Learn Continuously

The financial landscape is constantly evolving, so stay curious and network! Read personal finance blogs, and listen to financial podcasts. While there’s a wealth of free information available, make sure to find the right resource. The more you learn, the more empowered you’ll be to make informed financial decisions.


Financial advice needs to match your personal journey. What works for your friend might not work for you. Do your research, find what works for your lifestyle, and don’t be afraid to break free from outdated financial “wisdom.” After all, your financial future deserves a modern makeover to suit the demands of the age of subscriptions and avocado toast!