Are you in your 20’s? Believe me, you are in the perfect stage of life to do the right things with your money. Resist our temptations to postpone your investments, for your good. By the way, investments in 20’s are easy than you think, provided you take the right advice.
You would love yourself a decade later for making the right move early on in life. Read this post to learn why and how it helps if you begin savings and investments in 20’s.
The biggest advantage on your side is TIME! You have decades in hand to grow old. Given the power of compounding, your investments grow with time, keeping you secured later on.
The below infographic helps understand how time reaps money.
If you start saving just INR 2,000 per month from 21 year age you would end up with 2 crore retirement fund by the time you turn 60. To accumulate the same amount by the same age, you will have to start your investments with INR 9,000 from 31 years. The difference is huge.
Now, do you agree that you have the time advantage and you have to make the best use of it?
The best mantra to value your earnings is to save more. It may sound like you have to sacrifice on many things. Can’t afford a little saving when your life has fewer demands? How could you save when you begin your family life, burdened with responsibilities? Assume that you are jobless at some time in life, won’t your savings come to rescue until you recover?
Understand the importance and make savings a habit. Even if you start with a little at the beginning, keep putting in more money as your earnings increase.
Seek Help to Manage Money:
Take assistance from experts for fatherly advice. Approach unbiased fiduciary advisory like ArthaYantra for financial planning. We are SEBI-registered advisors offering holistic advice on money management and financial planning. Securing your financial future with the right advice.
Having a proper financial planning in place help lead a stress-free financial life. In simple words, plan your budget based on your income, expenses, and savings. A budget can help you minimize your spending and avoid debts. The excess amount could be used as funds to invest.
Be prepared to face everything in life. Plan for an emergency, retirement, health expenses, child plans, insurance, etc. No, it’s never early. All these would be a part of your life. Planning today would make you prepared for tomorrow.
Every little bit helps when investing, as time is on your side in your 20’s. You do not have to wait until you accumulate huge corpus. Free up as much money as possible and go ahead with investments like mutual funds. Find the best online advisor to manage investments for you.