How Your Future Will Be At 30 years of age is very important. By the age of 30, every person has a special kind of Advantage, which does not have a person 40 or 45 years old.
You have to take some important steps to take advantage of age 30. If you take this step, then you can change the age of 30 to Advantage 30 otherwise you will lose this benefit and you will not be able to compensate for it.
First, make Emergency Fund
In the 30-year age group, people usually start their career. Whether you are doing a job or a business emergency fund is important. From 6 months to 1 year, it is better to create an emergency fund to meet your monthly expenses. You can make an emergency fund by depositing money every month in a savings account. If you need money suddenly, this fund will work for you and you will not have to use your savings for it.
After this, Buy Health Insurance Plan
For the benefit of the age of 30, the second major step is to purchase a health insurance plan. If you have not taken a health insurance plan for yourself and your family, then first take a health plan. Because without your savings will always be in jeopardy. At the age of 30, the risk of diseases is low. In this age, you will find a health insurance plan in low premiums. A 30-year-old person will get 5 lakh rupees in sum assured with a health policy of Rs. 4 to 5 thousand rupees annually for a wife and one child.
Decide financial goals
After this, the third step is to set a financial goal for yourself. That is, to decide how much money you will need to live a better life after 20 or 30 years, and how much money will be invested each month to achieve this goal. You can get the help of Professional Financial Planner for this. Keeping in mind your current income and lifestyle and inflation, it will tell you how much money will be needed every month after retirement. And how big a fund will be for you to get it. The Financial Planner will also tell you how much money you have to invest each month for it.
Start Investing
After financing the financial goals with the help of Financial Planner, start a monthly investment to get this goal. The biggest advantage of investing at the age of 30 is that you can make a bigger fund than saving money every month because you have time to invest for 20 to 30 years. Compounding power increases your funds faster when you invest for a longer period. For example, if your SIP account is worth Rs. 5 lakhs and SIP gets 10% return annually, then your fund will be 5 lakh 50 thousand rupees. Now you invest in SIP in the new year. Next year, the principal amount and returns will get 10 percent returns. The larger your funding in such a way, due to compounding your money will grow faster. Compounding is generally the most beneficial for 15 years to 25 years, and in this period money increases very fast. But people of 40 or 50 years of age do not get the benefit because they do not have the time to invest for a long time.
Make a review every year
Every year you continue to review your investment and the returns it receives. You should also consult with Financial Planner for this. If you believe that where you are investing your Pesa, you are not getting a better return, then you can invest it somewhere other than the professional advice where you get more returns.
Can Retirement Plan Soon
The age of 30 is such that by investing at this age you can make a retirement plan at the age of 50 years. You have to increase your savings and investment for this. You can also make a fund of 20 million to 10 years through Systematic Investment Planning (SIP) over a period of 20 years. If you want to build big funds in the short term, then you can increase your investment by 10 to 20 percent every year in SIP. This will increase your fund rapidly.
Just live everyday of life like its a last day..
i want to retire at the age of 40 so badly!!
you can invest it somewhere other than the professional advice where you get more returns...
Nice work bro
Live ur life like a King ..!!
Most of the time Life is not goes with plan so we have take it as it just come. Enjoy the every good movement of life at any age. Because age is just number.
According to me one must start his career at age of 25. it would be more helpful
People must be prepared after age of 30
spending life in a good manner is an art..
how u differentiate between soorow happy and tension
You live only once, and you deserve to take full advantage of the life you have
Really informative good work
Whenever you have an advantage.......grab them
Great post my friend.
Keep posting good stuff.
Congratulations @aliwajid! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard!
Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes
Gud steps for success
Thanks bro for telling us the plan for our life.
We think about futures saving also.its good
extra fund must be there in emergency
It was good read Wajid
I wish to retire by 30, just a few year for that dream to come true.
I want to work till my last breathe, keep growing n working is my passion