It is very easy to get a loan nowadays. Loans are available just by sending an SMS. But beware of easy loans! Your may want to own a car, a home or some other luxury, but ideally you must not go for too many loans at the same time.

Buy things one at a time so that you have enough money for yourself and to save and you are not too indebted.

9. Don't join any scheme without verifying the credentials

There have been several cases of fraud, where innocent investors have been cheated by crooks posing as smart investors or advisors. They may lure you with all kinds of schemes of getting higher returns at the shortest possible time. Always cross-check facts and figures and their credentials before you invest in any plan.

You must also be aware of the fine print. Ask for all the details even it is time consuming. At the end of the day, you must be thoroughly convinced that you have made the right choice.