Never depend on a single income. Make investment to create a second source.
To earn a basic and regular source of income, we all are stuck with our 9 to 5 jobs which pay us to survive our day-to- day expenses. There is no source for a long-term income. But if spent wisely, one can create a pool for the future. Securing your present along with the past is a crucial step that one should take at an early age without wasting the time. Today, youngsters believe in living life on their own, not worrying about the future. Living in the present and making most of it has become the lifestyle and motto for the millennials.
It makes sense upto a limit to not waste your time in thinking about the future, instead of the same, work today, spend tomorrow and live in the moment. But a secure future is something that cannot be ignored to lead a smooth and worry-free life. Well, one of the important aspect that you should look for while planning is the accurate investment. Keep yourself ready to beat the inflation. Investing your hard earned money is really important if you want to have a secure and joyful future. What are a few things that you should do before turning 30, these steps are essential for having bright and secure future.
Start saving early:
Don't forget that a goal without a plan is not a goal but just a wish. If you want to spend your life more securely and comfortably then you should ensure that you have started saving for the same at an early age. And for doing so, you should start investing before you turn 30. It is the right age to think about
your future in a proper and planned way.
If you are new at investing and don't have the required knowledge, then make sure that you are investing a small amount every month instead of a large one. It is good to invest 5% of your income in initial days with an aim of 15 to 20% by the time you reach 30. For investing in initial days, you can take help of SIP. SIP is considered to be the best way to start investing. A person can increase the amount of SIP every year with the increase in salary. Do keep inflation in mind and then invest. It is advisable that don’t put all your money in on the asset class. Put only 10% of your amount in gold and invest rest in equity, mutual funds and real estate as per your needs.
Make yourself debt free:
Age 30 refers to be the smartest age and during the same people can make financial decisions in a better way without many responsibilities. So, it is advisable to save money by getting rid of all your debts. Remember, bad debt is all about sacrificing your future day needs for your present day desires and to lead a tension free life it is advisable to pay all your debts.
It is very important for you to create a budget first and then spend. With the same, it would be quite easy for you to clear your debt. Try to create a list of all your expenses and earnings every month, then spend and save the same accordingly. It is important for everyone to plan about your 50s today.
Invest in Property:
30s refers to be the youngest, energetic and the age where you can dream to fulfill your future goals. Home is something which every one of us dreams to own. And for the same, you should start saving before you hit 30. At a certain age, you can even rent out part of your house and earn money. But before investing in the same, you must be aware of different pros and con. Take the help of a financial advisor and then decide your next step.
Invest In Life And Health Insurance Policies:
At a young age, it is always good to invest your hard earned money in life and health insurance plans. It is true that life is unpredictable and that’s why we should make sure that we have enough backup that can support us and our family at the time of need. By investing in insurance policies, you will get peace of mind and can lead your life in a more relaxed way.
Never Ever let your past and present ruin your future- We have heard this statement a lot. It is good for everyone to invest at an early age at the right place so that one can secure their future in a planned way. With the same, it will be you who will enjoy your old age having a secure and healthy life.
Naval Goel is Founder & CEO PolicyX.com