So friends, the first stipend which you receive is a proud moment for that person the first salary which gets credited in your bank account is something which most of us remember, it is a proud moment not only for yourself but also for your parents because it means you have started your financial independence. Now different people have different way of spending that amount so in this video, I shall be sharing about how I spent my first stipend, how much I invested, how much I spent on my personal use, and everything.
So I interned at JP Morgan Chase for around 7 weeks from May to July So this was not my first internship. I had done a couple of internships in NGOs too before, and small projects and I made small amounts from them too but this was my first proper internship.
So now let’s look at the breakdown of how I spent my money.
Now as I had to work from home due to the covid pandemic I did not need to pay for the rent which could have been added to my expenses so I saved a bit of money over there.
So first was my own personal expenses which included buying an SSD and giving a small party to my family and friends. I personally consider the SSD which I bought as an investment because in the long run it is going to help me, but I shall be counting as a personal expense for this video. So for this, I spent around 11 percent of my stipend.
Next came my investments and for this, I spent a bit more than 50 percent of my amount in 4 high-risk mutual funds. These funds are such that I know in the long run it shall give me a decent return, and I can buy them once and forget about them. I kept around 17 percent of my stipend in my bank account because it has a minimum monthly balance to maintain that. When I received my 2nd instalment, the markets were already at an all-time high and I decided that now was not the time to put money in equity, and I decided to invest in some good gold mutual funds at that time and so decided to invest around 17 percent of my stipend in a couple of good gold mutual funds. I also have invested some amount in crypto but I have mainly bought only 2 coins Bitcoin and Ethereum cause I understand how these two work, I am also planning to buy Solana very soon right now.