I have the privilege of meeting kids in their 20s. I can assure older people one thing. God has created the same number of smart kids, dumb kids, responsible ones, …………for every gen equally. I meet all types!

I meet those who agonize over Rs. 400 auto fares and those who can blow Rs. 8000 on ‘hair straightening’. We all co-exist in the same ecosystem!

So here are some tips – some by seeing these kids, and some by having been there….

1. Being tight fisted is fine: some kids cannot say no. I meet people who will pay just for their portion of the bill – but be straight about it, and NEVER let somebody else pay for them. Nor will they pay for others. Not bad. Makes sense most times.

2. Develop basic cooking skills – you will save a lot of money compared to the eating out! and hey it is healthy too.

3. Choose right friends – those who over spend will make sure that you are broke at the end of the month! Choose a guy with decent habits, and money smart, not party smart!

4. Using public transport is far more sensible….but : Once you are 29 or your wife is pregnant there is tremendous pressure to buy a car….you know how the costs add up, right?

5. Do realize that people travel by train too when they travel out of station. Do it. The rupee saved now if reinvested will grow at a good pace…

6. Learn to stay away from friends with dangerous (pot?) habits and poor financial behavior

7. Avoid consumer credit and even credit cards – try to build up a good credit score!

8. Convert every expense to an ANNUAL or LIFETIME expense so that you can see the full implication

9. Do a SIP – debt fund for emergencies, and equity fund for longer term goals. If in doubt, Index.

10. Remember class 7? Understand the Power of Compounding!

11. Also remember, your grand father and father retired….and so will you !

12. If somebody offers you a deal too good to be true, it mostly is NOT.

13. How can I forget this? Read www.subramoney.com regularly…..!