We are living in an era where nothing comes for free. Money is the most important thing for all. Earning less or more is individually capacity. But living a healthy life style always needs money. Younger generation should learn to control unnecessary spending and should understand its value.
I have been meeting a lot of young clients since many years, the only issues I find with them is not actual the Income/ earning but their spending habit. Over Commitment is another challenge where people gets stuck with, like owning a house, car etc. Huge chunk of their income goes to pay EMI. In many cases it is more than 50% of their income. This brings a lot of stress in day to day life.
After-all we all need a peaceful and happy life. So, I am going to pointing out few mistakes which people should do once they start their work life.
1. Make a habit of saving at least 30% of your income in the beginning for your future requirements. I would say instead of saving, try to invest your savings for better returns.
2. You should stay away from using credit cards. Even if you use, should not miss the payment before billing cycle. This leads to a lot of penalties and extra charges. Also, should not withdraw money from credit card because charge are hefty. If you use credit card wisely, it is a wonderful thing to have.
3. Over-commitment makes life stressful at workplace and also at home. I have seen people buying home through EMI. They are always tense about their job security. Invest a good amount of money and buy your dream home in future. Renting a home is equally good than owning it. Many people have myth that they can save their rental by owning a house through EMI. You should plan for buying a house in your late 40 or 45. Though, there is no hard and fast rule, but by that time you turns to 45 years, with a proper financial planning you would be in a position to accumulate good chunk of money to own a house with out any hassle.
4. One should adopt the modern way of savings rather than traditional savings way. I am sure no body wants to own Nokia 3310.
List will keep on going....
To lead a healthy & strong financial life, its always important to have a financial Consultant by your side who brings discipline in savings ( Investing) and helps in achieving financial goals.
Please let me know your views on this...
Cheers,
Sunil Chauhan
I have been meeting a lot of young clients since many years, the only issues I find with them is not actual the Income/ earning but their spending habit. Over Commitment is another challenge where people gets stuck with, like owning a house, car etc. Huge chunk of their income goes to pay EMI. In many cases it is more than 50% of their income. This brings a lot of stress in day to day life.
After-all we all need a peaceful and happy life. So, I am going to pointing out few mistakes which people should do once they start their work life.
1. Make a habit of saving at least 30% of your income in the beginning for your future requirements. I would say instead of saving, try to invest your savings for better returns.
2. You should stay away from using credit cards. Even if you use, should not miss the payment before billing cycle. This leads to a lot of penalties and extra charges. Also, should not withdraw money from credit card because charge are hefty. If you use credit card wisely, it is a wonderful thing to have.
3. Over-commitment makes life stressful at workplace and also at home. I have seen people buying home through EMI. They are always tense about their job security. Invest a good amount of money and buy your dream home in future. Renting a home is equally good than owning it. Many people have myth that they can save their rental by owning a house through EMI. You should plan for buying a house in your late 40 or 45. Though, there is no hard and fast rule, but by that time you turns to 45 years, with a proper financial planning you would be in a position to accumulate good chunk of money to own a house with out any hassle.
4. One should adopt the modern way of savings rather than traditional savings way. I am sure no body wants to own Nokia 3310.
List will keep on going....
To lead a healthy & strong financial life, its always important to have a financial Consultant by your side who brings discipline in savings ( Investing) and helps in achieving financial goals.
Please let me know your views on this...
Cheers,
Sunil Chauhan
