Turning 30? Here comes the TIME to take charge of your financial decisions. Turning 30 is a wake-up call for many of us. Some get married, while some are planning for a family. While some reach the peak of their career, some find it a proper time to make some investments.
So, have you decided yours? If YES, is your list include the below financial decisions? Invest in a Health Insurance Plan No matter you are covered by your employer’s group health insurance plan or not. Always spare some amount and invest on a good health insurance plan. It will keep you safe in the event of an unforeseen situation by bearing your costs that may arise out of accidental hospitalization or medical expenses. There are a plethora of health insurance plans like Bharti Axa Health Insurance, Apollo Munich, Max Bhupa Health Insurance etc available in the market. You can compare those plans online and buy the one who fulfils your need. Secure Your Child’s Future Believe us, it is essential! The sky-high admission rates or ever rising education expenses make this indispensable to save for your children’s future, even if you are unmarried. Eventually, you’ll take the marriage vow and bring your child into this world that is your prime responsibility. With the ever increasing education cost, you wouldn’t survive without an adequate education plan for your child. On a serious note, do visit your insurance advisor or devote some money to your child’s post-birth care and educational costs. Being that much smart will help you up-bring your child in a financially secured environment and getting best from your able parenting. SIPs are Alluring Investing in mutual funds is a wise decision! By investing market shares you can earn large profits, -which will be provided either short-term or long-term. Though mutual funds are vulnerable to market factors, the profit earned out of them can be used to pay an insurance premium or invest in FDs. Just learn to play right with those small investments and you’ll be benefitted on long-run. Set a Fund for Emergencies Keep aside some amount for emergency use only. Save some money from your monthly earnings and make sure you don’t withdraw it unless any emergency arises. Term Insurance, a Wise Decision Take those LIC advertisements seriously. These portray how a term insurance plan helps you taking those major decisions in life without thinking about money such as child education, marriage of your children or in case of any emergency arises. Even in your sudden demise, it provides financial assistance to the family. It is always beneficial to take life insurance at your early age, as you end up paying a lower premium. Life is unpredictable. So don’t waste time, take a term insurance right away! Manage Your Bad Debts: A mishap may lead to non-payment of your monthly due such as credit card EMI’s. loan EMI, termed as bad debt as you end up paying them for a longer term. Ensure you are saving an amount from your income to face such incidents, which may double your payable for the next time. It is advisable to consolidate your bad debt amount and try avoiding excessive expenditures. Plan for Your Own Retirement: Planning for your retirement at your young age is good. Try to save and invest in yourself. You work hard to make money. When you are not depending on others at your young age, why not secure your old age as well? You, of course, don’t want to be dependent on others after you retire, right? Invest in SIPs, FDs, PPF funds and reward your retirement with profits. These steps will be proven as assure shot financial tricks for gaining maximum benefits during your old age. Smartly invest at a young age and reap the benefits to enjoy for a long time!
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