Financial stability is essential all through life, especially at the later stage of life when your body ages, work slows down and gradually you stop doing any activity that earns you money. To achieve stability in anything, be it a structure or your finances, the utmost important is, how strong and stable your foundation is. 20s can be the benchmark lifetime if you really wish to have a great lifestyle and no financial burden till you breath last!
Certainly when anyone is in their 20s, the hopes are high, ambitions are bubbling and efforts are cooking. One loves to grow at a faster pace and looking at today’s scenario in youth, one surely likes to enjoy a lifestyle that is larger than life! This is good, I surely agree, but at the same time, it makes me think that this youth must learn how to manage their finances that would help them sustain the same lifestyle in a longer run.
In my opinion, 20s is the life-span when one must start observing and cautiously calculating the income inflow and expenditure. If one keeps a close look on the daily expenses, in a couple of months, S/he would surely realize that there are expenses, being incurred unknowingly and can be avoided easily. Spending money is always good but wasting.
Once the income – expense matrix is well understood and closely monitored, one would have funds in hands for investment. From here the building phase starts for a stable financial future. Of Course 20s is a young age to understand suitable investment options, one must consult a financial advisor but take decisions merely by following some financial planner on YouTube or social media. Not defaming those speakers, but financial planning and investment is very subjective. It depends on many factors like your age, income segment, current lifestyle, family background, chances of relocation or job change, moving into business from job, family income etc. I strongly recommend understanding all the parameters and then deciding the investment plans.
If one is doing a job, the expense increase with life-stage shall also be considered, especially securing the education expense of children, as education is a huge expense for parents at their age, where income growth slows down.
My message to the youth of India is, work well, spend responsibly, invest thoughtfully and enjoy life to its fullest!
