1. There was a time when grown-up children provided both financial freedom and security to their parents.
2. Now, besides raising their own children, young parents themselves have to think about their own financial freedom and security, and for quite a few, even of their old parents too.
3. Adding to the woes, for many, a starting salary may be insufficient for savings and investments required to accomplish these onerous tasks, with newer lifestyles and social consumption pressure as bottlenecks.
4. Nevertheless, the battle for financial freedom has still to be won by every young earner and saver at every life stage.
5. To grow his income consistently, he should upgrade his skills by investing in learning, training and developing himself through a proper budget, as it will help in overcoming employment pressures arising out of technology innovations and shorter shelf lives.
6. He should manage expenses, by differentiating between his needs and wants, in a much better way, especially credit card debt interests as no investment can take care of it.
7. He must buy adequate direct online term plans and health covers, as they are essential low-cost tools which protect his family from any income loss (in his absence) and their well-being respectively.
8. They also help in avoiding distraction and divergence of hard-earned money elsewhere during his life's investment phase.
9. His investment phase should start by setting clear, measurable and rectifiable financial goals, starting with one for an adequate emergency fund genuinely accessible at any time.
10. Only thereafter should he begin his investment journey towards financial freedom by choosing good, well-diversified mutual funds, and investing in them systematically, earmarking them for each of his life's goals.
11. Lastly, he should always have a plan B, by having a contingency plan for everything with an appropriate investment strategy in place, to take care of his financial needs during job loss or EMI increases or whatever may put stress on his expenses and savings.
2. Now, besides raising their own children, young parents themselves have to think about their own financial freedom and security, and for quite a few, even of their old parents too.
3. Adding to the woes, for many, a starting salary may be insufficient for savings and investments required to accomplish these onerous tasks, with newer lifestyles and social consumption pressure as bottlenecks.
4. Nevertheless, the battle for financial freedom has still to be won by every young earner and saver at every life stage.
5. To grow his income consistently, he should upgrade his skills by investing in learning, training and developing himself through a proper budget, as it will help in overcoming employment pressures arising out of technology innovations and shorter shelf lives.
6. He should manage expenses, by differentiating between his needs and wants, in a much better way, especially credit card debt interests as no investment can take care of it.
7. He must buy adequate direct online term plans and health covers, as they are essential low-cost tools which protect his family from any income loss (in his absence) and their well-being respectively.
8. They also help in avoiding distraction and divergence of hard-earned money elsewhere during his life's investment phase.
9. His investment phase should start by setting clear, measurable and rectifiable financial goals, starting with one for an adequate emergency fund genuinely accessible at any time.
10. Only thereafter should he begin his investment journey towards financial freedom by choosing good, well-diversified mutual funds, and investing in them systematically, earmarking them for each of his life's goals.
11. Lastly, he should always have a plan B, by having a contingency plan for everything with an appropriate investment strategy in place, to take care of his financial needs during job loss or EMI increases or whatever may put stress on his expenses and savings.