Being successful or financially secure in the 30s requires smart financial decisions in your 20s. Although partying in the 20s is a good investment to bring us instant gratification, it ain’t going to help us in leading a happier future.
We can skip a few unnecessary expenditures and invest that money in smart ways to secure our future.
1. A Comfortable House
The health you preserve and maintain in your twenties reflects in the latter part of your life. It takes a lot of effort in leading a healthy, happy life and getting a good house is a major part of it. A furnished and hygienic house makes a lot of difference to your well-being.
Although buying a property is not recommended to everyone, one can rent a furnished house and stay in a place where you can be yourself. Look up fully furnished houses for bachelors on NestAway. They maintain the furnishings, inclusive of the rent and make sure your investment in a healthy place to sleep, is totally worth it.
This will put you in a practice to maintain the house and give you an idea of what it takes to maintain a house, thus training you for the future.
It’s never too late to study but it’s better if you get your Master’s degree in your twenties. It’s okay if you are in your late twenties. It will help you rebuild your future. A degree, although considered as a piece of paper in your job interviews compared to your professional work experience, it takes you a few notches higher in terms of exposure and cross-cultural learning.
Considering the global professional eco-system we live in, education always brings us returns in multiple forms. It makes your network stronger, exposes you to diversity and makes you more mature in dealing with professional situations.
Insurance secures our future. Although it’s long-term planning, it’s quite necessary that you start in your twenties. The amount of returns you will receive in your future is completely dependent on the term of your policy and your age at the time of buying the life insurance.
The insurance industry is improving in India. Compared to the conventional LIC run by the government where we had to run around to get our own money back, the diverse options make it easier to buy and maintain insurance along with our busy schedule.
It’s a good idea to buy a cashless media claim insurance if your company isn’t providing you with one. It’s better to secure your medical expenses than relying on your savings.
4. Take A Credit Card
This one’s tricky. Take a credit card but use it wisely. You don’t want to fall into a well of debt and struggle to get out of, especially in your twenties. Use the credit card to buy things using the Easy Monthly Instalment facility provided by banks and vendors. It doesn’t rock your boat and keeps your monthly financials stable. If you use the credit card wisely, it brings immense financial abilities to the table.
Don’t be a grasshopper that sings along the summer with nothing left for him to eat in the winter. Work like the ants to save some for tough days in the future. You wouldn’t have the time and energy to make extra income in your thirties. Also, don’t relate money with success. Success may come later in your life but financial security is a long-term process.
It’s better to be safe than sorry.