Even though I do not yet have a degree in finance, I am at final stage of two highly reputed Finance oriented courses and I think I am qualified enough to answer this.
Severe exposure to financial disciplines coupled with ardent interest in personal finance has obviously had a great influence on my personal financial life. What further adds to such influence is my bias towards frugal living. I am qualified as well as determined enough to manage my own money.
It’s not that I don’t make large expenses. I do. My most important criteria in deciding whether to buy something or not is how much would I use it. My annual expenditure on coffee is more than my two month income, but I never intend to lower it, because it gives use to my daily being.
Warren Buffet said “Price is what you pay, value is what you get”
Value in this context refers to Value-in-usei.e. what value do you derive from it. Measure of value will always vary person to person. My value-in-use for coffee is greater than a lot of people, so I spend more on coffee, but at the same time I cut back on many other things. It is important to balance your monthly spending by cutting back on certain things in case you go overboard on some other things.
Having said that, I don’t think that pursuing finance for the mere purpose of self financial planning is a worth your time. You should specialize in what you do for a living and learn basics of personal finance on the side. What I wrote above could be expanded, modified and used according to your needs.
See an expert and use professional management for your money.
And lastly, don’t let frauds fool you into taking unnecessary risks.