Save More!! To avoid consequences later

By Rahul Pithadia: During your early ages everyone has a habit of spending more but people fail to make a budget for themselves at the early age. There are people who intend to save from what they earn but because of their other priorities they avoid to maintain a benchmark for their future savings. We assume that if we cut down our expenses it is going to affect our livelihood which will affect our survival. The habit of spending is a big concern nowadays and people forget what other benchmark they have to achieve in the near future.

There are many people who have big aspirations in life towards achieving something but are not able to set a goal for them. A perfect financial planning arises when you start your investment at the early age so that you do not have to regret during later stages of your life. Long term investment planning is the most important phase in everyone’s life because it is going to outperform our savings in the coming future. One should always be aware about the outcome if they are not making a habit of saving for their upcoming generation.

What is a perfect financial plan? Saving at least 15 to 20% of your income from your early age is going to be kind to you and your family in upcoming future. Everyone has a mindset that you don’t want your children to compromise in terms of education and many more aspects for which your present investments is going to be beneficial to them in some way or the other. The earlier you start the better will be the returns when you quit .Your 30 to 35 years of savings is going to benefit for the span of next 20 years. If you have a goal or a target of 1 crore till your retirement then this is the correct opportunity to begin with atleast 6000 rs of saving per month. Here comes the question that savings but where? Solution to this is that one should make a saving or investment depending upon the age factor and the risk taking capacity of the individual. There are various investment avenues available in the market so choose wisely as per the needs.

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