Financial Planning in your twenties

Posted by Hannah Punitha on Wed, Jan 27, 2010  
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India is a young country. Approximately 60% of the Indian population is below 30 years of age. Asian Development Bank estimates India's working age group to top most others globally in the next 2 decades. This would comprise those between 15 to 64 years of age.

The large 'young and urban' population (the working population with purchasing power) adds to our country's  economic growth enormously. It is the major driver of consumption as this young population has the ability (disposab le income) and willingness to spend due to rising income levels (increasing instances of double incomes in most families). The increase in the number of nuclear families, easy financing options, increase in the population of working women continu e to contribute to the increase in the domestic consumption propelling growth.

Financial planning

Meanwhile this 'young' segment continues to buy homes and select insurance, loans and retirement plans with little attention and relevant a dvice. For example, very few individuals start retirement planning when they are young.

We agree that planning for your future can be tough for anyone especially in this age of unlimited spending and investment choices.

So we at InvestmentYogi have taken the overwhelming task of financial planning and broken it down for you in few simple steps. With these pieces in place, you'll be well on your way to financial security.

goal_1 1. What are your aspirations?

Work out what your goals are. It may not always be career or marriage or children centric. A goal can also be something you have been longing to do since a while. Is it trekking the Mount Everest? Is it going on a complete world tour? Or is it attending art lessons in Europe? Whatever your goals are, try measuring them in money terms so that you know before hand their precise financial requirements to help you plan better and achieve them too! Saving for a car or a holiday is a great way to fast-track a sense of achievement - and it sets up an invaluable habit - Saving. Save up ahead of time and you'll be in key position to make the most of your thirties.

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