Nifty99000 100%

Sensex99000 100%

Exclusive

Financial checklist for the youth

Author: Viral Bhatt/Wednesday, January 9, 2019/Categories: Exclusive

Rate this article:
3.0
Financial checklist for the youth

A financial checklist can help us become more diligent in planning. It is no different in its approach and what better than starting it from the New Year. Following is a checklist for working youth:

Affordable Things

The youth sometimes engage in buying stuff that aren’t affordable like a flat with heavy EMI. This can be very stressful and disrupt your happiness. Purchases like these are required to be managed very well as we might end up with no leisure life at all.

Savings first, expenditure later

In most cases, the exact opposite happens. Giving little preference to savings can be unhealthy. Therefore, savings must be planned before and accordingly the expenses should be worked out.

Insurance

Some youth have a lot of dependents on them. In such cases term insurance is a must, as life is full of uncertainty. The dependents should be sufficiently secured. A part of your income must be made towards term insurance policy.

Investment

Just saving is not sufficient. Funds must be invested in avenues such as, mutual funds, equities or other instruments rather than letting them rot in savings account. Investments help in protecting us against inflation. As our income may not match the rising inflation, our investments will.

Keep one eye on retirement

This is essential, because you cannot be employed your entire life. Hence, it is necessary to plan retirement early and create a fund or investment for the same. Retirement need not necessarily mean savings of money, it can also be for small scale business capital useful for early retirement.

The author is head of Money Mantra, a Mumbai-based financial advisory firm

Print

Number of views (311)/Comments (0)

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free