Happy Birthday my dear boy! You’ve turned 25 today and finally got a job. As you embark on this new journey, you may be excited at the prospect of being able to earn money and how to invest it. But at the same time, there are many other responsibilities which are now going to be on your shoulders. You may not want to hear it, but now it is the best time to learn how to plan for your future. Balancing your money can be a little difficult in the start. But, once you start saving and investing little by little, it will soon become a habit. If you start building your wealth right from today, you can enjoy a future that is financially stable.
Your first priority should be planning your finances and setting your financial goals. Every month, make sure to take a look at your expenditure and your savings. If you’re worried you might miss something out, why not keep a diary and write down how much you have spent at the end of each day? That’s what I used to do. I’m pretty sure you can also easily keep a track of these things on your laptop or your smart phone. This will give you a better understanding of your needs and financial limitations. It will also help you manage your short-term and long-term goals.
Learn to save your money, Rohan. You may not realise how important it is to save today, but it could affect your financial standing in the future if you do not start saving right from now. It’s so much fun when you start your first job, and receive your first salary. There are so many things you’ll want to buy, but before you do that, please put some money away. Put it in a different mode like you can invest in ULIPs which are one of the best investing option available specially Edelweiss Tokio Wealth Plus which comes up with so many features and advantages. As the years pass, your expenses will increase, so will your salary. This will allow you to save more and more each month. You’ll earn interest on your savings, and all of this will help you once you get retired.
I have one last piece of advice for you. I know today is a joyous occasion, but you need to remember that life is unpredictable. Get insured. Find a good term plan .When your grandfather met with an accident all those years ago, paying his medical bills became so expensive. We had to break open our fixed deposits for them, and it’s a regret we both still carry. Always make sure you’re protected this will protect your finances too. A term plan which can not only cover you but your house wife as well when you get married and the rider of Critical Illness Cover covers you against 17 Critical Illnesses. The plan is Edelweiss Tokio Zindagi Plus. In our time there were no such kind of things but you should avail the benefits of this plan without fail.
If you ever do have to take a loan, for whatever reason, keep a track of all your dues. Make sure you pay them off first every month, and then make a budget for the rest of your expenses. Never put off paying your debts, it could land you in a world of trouble.
You’re a young boy Rohan, but you won’t always be this young. It’s also important to plan for your retirement. Your grandfather and I left it a little too late, and even though we’re managing today, at times I wish we had done more. Find yourself a retirement plan. Build up your finances over time, so that when you’re ready to kick back and relax, you have all the money you need to allow you to do so.
Turning 25 and getting a job is a great experience, and I wish you all the happiness and success in life. Just follow these simple pieces of advice and you’ll never have to worry about money as you grow into the wonderful man I know you already are.