One of the kids I know (too lazy to search through the archives I guess) wanted some tips on get me rich quick kinda stuff. So here is an attempt at a post like this. The sad part is that many of these things are EASY to say. However not every one of you out there will be able to implement it. So here are a few tips…

1. Spend less than what you earn: Sounds easy? so very difficult to implement. Many people do not even know when things are going beyond control. The plastic card is addicting and most people do not know when they are going beyond the current month's income. Add to this the stupidly bought big house, unnecessarily bigger car, etc. just keep piling on the misery.

2. Start investing now: postponing of investments / savings is one the MEGA crimes of all generations. Procrastination is a disease. Over come it. Go download a form and start a SIP in a good fund. However if you are serious, stop reading this. NOW. Go and fill up a form for the same..

3. Earn More: You have no choice but to earn more. If you want to do a big SIP you need to make a lot of money. You cannot get rich by spending less. It just does not work. Oops, sorry.

4. Stop spending money to impress people: I know many kids in the 22-28 age group, they laugh at some of their colleagues if they try to impress them with their spending habits. Remember your friends know what you earn, what is your family, etc etc., so what are you trying to impress if you yourself..

5. Take a basic health and term insurance: Your health cover should include all those people whose medical bill you will pay. If you are supporting your dad's sister, she too should be covered by a medical cover.

6. Track your expenses, and your investments: It is nice to watch where you are spending and what you are investing. Making a statement showing your earnings grow is amazingly satisfying. It keeps you focused on your goals.

7. Improve by 1% every week: on your ability to save, on your health, on your investments - strive for being the best. The process of trying to improve by a targeted number is a great picnic kind of an experience.

8. Write down what you have and make a semblance of a WILL: You never know when things could go wrong. Be careful.

9. Work towards your true passions: If you are a Musician at heart and are working as a clerk in a lawyer's office, do not forget your passion. Describe yourself as a musician - and the bills are being paid by the clerk till the musician starts earning well.

10. Live life for yourself, and your spouse: Stop worrying about what the world thinks about you. Seriously, it is none of your business.

(Contributed by P V Subramanyam, financial planner at www.subramoney.com)