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Starting the investment from the first salary, these 5 things must be done at the beginning of the job

Financial Planning:Starting the investment from the first salary, these 5 things must be done at the beginning of the job

As soon as you get a job, you should think about your financial goals. Retirement planning is important so that you do not have to depend on anyone for your needs after retirement. Apart from that the investment should start from the first celery to meet the future needs. Starting an investment at an early age will allow you to raise large funds more easily. Here are 5 things you should do when you get a job.

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Investment needed to do was
to think about the investment to start your first job. The money you have left after expenses should be invested in the right place according to your needs. An investment made at this time can secure your future. You can easily create a large fund by investing in other places including Public Provident Fund (PPF), Mutual Fund or RD.

However, according to experts, if you want to invest at an early age, you should invest in equity link schemes so that you can get a decent return on your investment. You can also seek the advice of a financial expert for this.


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Creating an Emergency Fund
Apart from raising money for retirement, you should also be prepared for emergencies such as going to work. This emergency fund should be equal to your minimum 5 to 6 months salary. This will help you cope with bad times like the Coronation.

Start investing for retirement as soon as possible The
right time to start saving for retirement is when you get your first salary. Keep in mind that long-term savings have the strength of compounding. The later you start saving, the more money you have to invest to collect the fixed amount.

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Suppose a 25-year-old man plans to raise Rs 1 crore till retirement at the age of 60, and suppose he is getting 12% annual return on investment, he will have to invest about Rs 2,000 per month. Those who start investing from the age of 45 have to invest Rs 12,000 per month.

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In the country of Corona

It would be appropriate to take health insurance
Corona has explained the importance of health insurance to the people. It comes in handy in your bad times and saves your savings on treatment costs when you get sick. Health insurance will help you get the right treatment. If you take out health insurance at an early age, you will have to pay a lower premium for it.

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Repay a loan as soon as possible
If you have taken out a loan for your studies or any other work, repay it as soon as possible. Because, you have to pay interest on it. One should try to complete the loan as soon as the income starts.

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