HOW TO Get Rich: A Young Person’s Guide

In this week’s Youth themed topic, we take you on a beginners guide towards on building your wealth.

1. Make a plan: For some people, it’s an early retirement, for others it’s building an emergency fund. Take small steps & achieve it. For example, put at least 10% of your monthly income into a savings account if you want to create an emergency fund, just in case something comes up.

2. Self-control: Use a balance sheet. It’s quite simple: you balance the money which goes into your bank account vs your monthly expenses. Make a budget for transport, food and drink, rent & utilities, mobiles & internet. If you have extra funds, allocate a small portion of your earnings to a ‘spending fund’ which lets you go out and enjoy life… in moderation.

financial management, money, savings plan, investment, investing
Start saving as soon as possible

3. Invest wisely: Overall, the country is doing well. The Colombo Stock Exchange (CSE) has been improving gradually, so you should consider investing a small amount into stocks which are ‘strong’, and over time reinvest, or take the safer route and look at preference shares or other investment options. However a word of caution: wealth takes time to build. If you lose money beyond a certain amount, walk away.

4. Improve your financial awareness: If you are not financially sound, now’s the time to start learning. The more you know about finances, the fewer mistakes you will make. Start by tracking where every Rupee goes, and then move on to the next stage. The knowledge learned and your personal experiences will allow you to generate more wealth and help you reach your financial goals faster. Some good books to start with include ‘The Investment Answer,’ ‘Rich Dad Poor Dad’, ‘I Will Teach You to be Rich’, ‘The Money Book for the Young, Fabulous & Broke’ and ‘Think & Grow Rich’

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(Two great books to improve your financial awareness. Photo credits: Amazon)

5. Pay bills on time & skip the credit card: This is a favorite of mine, and sounds pretty obvious. However, a lot of people don’t pay their bills on time-sometimes they forget, or just don’t have a lot of funds. Bottom line is that companies will dislike and possibly slap you with a fine if you don’t pay bills on consistently, on time. On top of that, say no to credit cards. It’s a bad way to get yourself into debt by purchasing things which you don’t need with the money you don’t have.

Pay bills on time
Seriously, dont forget to pay your phone bill

6. Invest in what you need, not what you want: Speaking of needs, invest in the things which are important. As a young person, this may be a bank loan for your education, a car, stocks & bonds, investment plans, life insurance or a house. It makes less sense to overindulge in food and entertainment as they are things which you ‘want’, but are not necessary essential items which you ‘need’.

7. Stay Healthy: Sounds obvious but it makes a lot of sense to stay healthy. If you were to fall ill or get into an accident then it would cost you a fair bit on hospitalization cover and possibly lost wages. Take time to exercise and stay fit, because not only is it a good habit, but guarding your health is one of the smartest things you can ever do.

What do you think of these ideas? Give us your thoughts in the comments!

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

How TO: Get a Job as a Young Graduate

In keeping up with our theme of ‘Youth’ for this month (see the tab marked ‘Youth’ in the menubar for more articles),  we decided to focus on a topic which is of particular importance for young Sri Lankan job seekers: Youth Employment, This article gives you the 8 secrets to getting a  job you want.

1. Identify your passion: Ask yourself, ‘what do I want to do?’ It’s highly recommended that you pursue something you are genuinely passionate about: be it photography, working in tourism/hospitality, graphic designing etc as it gives you more incentive to keep going when the going gets tough.

2. SMART Goals: Make sure your goals are Specific, Measurable, Attainable, Result and Time Orientated. For example, if you are looking for potential jobs online, make it a smart goal:

Check jobs online in the field of nature photography on online job sites such as topjobs.lk for 1 hour, 3 times a week.

3. Create and build your resume. There are plenty of online sites which let you create resumes easily. If you don’t have much work experience, add your school/university projects under ‘experience’, as well as you’re O/L & A/L results. Also look into creating a Linkedin profile as well.

4. Look at job websites and websites of places you wish to work at as most companies advertise jobs online.

job hunting, jobs sri lanka, youth sri lanka, young people jobs sri lanka
Is This You? If so, time to make a change. You can do it!

5. Speak to your parents, friends and colleagues and actively ask if there are any openings in their workplaces or if they are aware or similar opportunities: you’d be amazed to know how often this leads to a job!

6. Gain experience: If you badly want to stay ahead of the competition, look into internships or freelance work. If you are into writing, designing, video editing, photography etc you can start small and build up over time: at the end of the day, some work experience is better than zero work experience!

7. Work & study part-time: It improves your time management skills and provides you with a little income to manage your daily expenses, or pay off your course. Furthermore, it grants you invaluable work experience, which makes you stand out as you have both work experience and the right qualifications

8. Study free courses from around the world: If the courses you are looking for are too expensive, study free online courses from reputed academies such as MIT, Harvard, TED, Coursera, Yale & Khan Academy, most of which cover  topics such as Computer Sciences & Engineering, Law, Business, Finance, Medicine, History, Math & Communications. Please refer the following links for more information.

Good luck in your job search! Share your job hunting experiences with us in the comments & subscribe to our blog!

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

CONTEST: ‘My Passion’ Quiz Winners Announced

Last month, we hosted a contest in order to reward those with a burning desire in their lives. We requested individuals to answer a series of questions about themselves and their passion in life.

We had well over a 100 responses and were especially blown away by the quality of responses: a lot of individuals focused on travel and photography. Others focused on becoming entrepreneurs or taking care of their family members, which we greatly admire.

Now, for the moment you’ve all be waiting for. Our winners are:

Congratulations to all our Winners!

1. Roshini De Silva

2. Vishvi Vidanapathirana

3. Rumesh Kavinda

4. Dinesh Adikari

To all those who didn’t win. we’d like to say this: no matter what your passion is, we at HNB Assurance are committed towards making that passion a reality. We will safeguard your aspirations with our ‘4 seasons of protection’ via our life insurance products: myChild, myLife, myFund & myPension. Call our 24 hour hotline on 0114-384-384 and secure your dreams today.

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.

HNB Assurance Takaful: In a Nutshell

 1. About Us

Here at HNB Assurance, we pride ourselves on providing innovative solutions to satisfy the various needs of our customers. With that in mind, we decided to promote HNB Assurance Takaful. This is the first company in Sri Lanka to get clearance from the Insurance Board of Sri Lanka (IBSL) to operate as an ‘Islamic window’ model insurance operation.

2. What is Takaful?

Takaful is an alternative to conventional insurance. This is based on the principles of Sharia, where a group of people pool their financial resources to guarantee each other against  loss/damage which they may encounter.

hands, HNB Assurance Takaful,
Takaful Is about believing in togetherness and being there for one another during times of need

3. Products Offered

Broadly speaking, HNB Assurance Takaful focuses heavily on Mortgage Reducing Takaful, which is aimed at homeowners or those who are looking to buy land/renovate a house. On the other hand, HNB General Takaful offers both motor and non motor Takaful solutions. The non-motor Takaful solutions cover Fire, Construction, Medical and Marine Takaful.

4. Benefits Offered

  • Surplus: is paid at the end of the financial year on the surplus left in the risk fund, it shall be distributed to Participants on agreed ratio based on the type of Takaful plan, provided that the Participant has not incurred any claim and/or the Certificate Holder has not received any benefits payable under each type of cover under this certificate whilst it is in force.
  • Protection/Coverage (guarantee and agreement to look after each other in the event of loss or damage that may be inflicted upon them)
  • Investment Profit (any profits from investment is shared by participant and the operator)
HNBA Takaful, HNB Assurance , Takaful Sri Lanka
Our Official Logo: HNB Assurance Takaful

5. How does Takaful work in practice?

Its as easy as 1-2-3.

  1. Takaful works on the basis of an agreement made by the parties involved in the Takaful insurance scheme.
  2. Each party agrees that he/she is both a participant and an operator.
  3. Each party pays a premium to the scheme which is then invested in an Islamically acceptable way.

Do you have more queries about Takaful? Tell us in the comments, in the meantime, check out the Mortage Reducing Takaful Brochure or give our dedicated Takaful line a call on 0114-677-000.

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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.