You should think about your financial goals as soon as you get a job. After retirement, you do not have to depend on anyone for your needs, for this, it is very important to do retirement planning. Apart from this, investment should be started from the first salary to meet future needs. By starting investing at a young age, you will be able to raise larger funds more easily. We are telling you about 5 such things that you should do with getting a job.
Need to invest
One should think about investing as well as starting your first job. The money left in your hands after expenses should be invested according to your right place. Investments started at this time can make your future secure. You can easily create a large fund by investing elsewhere including Public Provident Fund (PPF), Mutual Fund or RD.
However, experts believe that if you invest at a young age, then you should invest in equity link schemes so that you get a better return on your investment. For this, you can also consult the financial expert.
It is necessary to create an emergency fund
Apart from adding money for retirement, you should also be prepared for emergency situations like leaving the job. This emergency fund should be at least equal to your salary for 5 to 6 months. This will help you in dealing with bad times like Corona era.
Start as soon as possible
Investment for retirement The right time to start saving for retirement is when you get your first salary. Keep in mind that compounding is the strength in saving in the long run. The longer you start saving, the more money will have to be invested to add the fixed amount.
Suppose, if a 25-year-old man plans to add Rs 1 crore to retirement at the age of 60, assuming he is getting 12% annual rate of return on investment, then he will have to invest around Rs 2,000 per month. Whereas those who start investing from the age of 45 will have to invest 12 thousand rupees per month.
Health insurance will be right
Corona has explained the importance of health insurance to the people. It works in your bad times and prevents your savings from ending on treatment without getting sick. Health insurance will help you get the right treatment. If you take health insurance at a young age, you will have to pay a lower premium for it.
Settle debt as soon as possible
If you have taken a loan or loan for your studies or any other work, settle it as soon as possible. Because you have to pay interest on it. With the commencement of income, you should try to end the loan.