Hi, I am 21 yrs old, and have a monthly take home salary of Rs12,500. Currently I am staying away from home. This induces me to spend about 7-8K every month for essentials, leaving me with a liquidity of about 3-4K. Would it be advisable if at all, for me to venture into savings in MF's(even an amount of Rs500 per month?) Alterantely, I would need to support a study loan of Rs.1500 per month starting May '07. Pls advise accordingly.
You must plan immediately
Your career goals - where you want to be at time of your retirement and what life style you want when you retire (or may be you don't want to retire then at age of +65). Now you need to plan your finances:
1) Finances required for your carrer goals - may be you want to attend some clasess now / may be after one year / may be after five years.
2) Your Marriage and after marraige - anticipating increased expenses
3) You have to decide priority - comforts now or later?
4) Plan for emergencies - may be by having emrgency fund (May be you are our of Job / heald may be by Personal Insurance.
5) Short term - may be by MF's or share Investment
6) Long Term may be for owning a house / may be for retirment.
You must sit down, cooly think of options and decide and act. may be you modify from time to time - to suit your changing needs.
Let me congratulate u on taking an important step towards becoming a responsible adult. It is gr8 to see someone so young with little resources to start thinking about saving and investing. Being young u have an impressionable mind. wat knowledge u pick up about investing will decide how ur financial life will be. having said that let me take u a step further towards achieving Financial Freedom.
At this point it is not how much money ur investing that is important, but how u r investing ur savings would matter. if things r planned the right way then PROBABLY (Based on individual circumstances) u can achieve Financial Freedom in 20 yrs. That is by the age of 42 u would no longer need to work for money. i can help u in this. my mail i.d. is email@example.com
Given below is my Perspective of a Financial Planner.
Everyone wants freedom in his life. Freedom enables a person to be creative, follow his dreams and reach the best of his potential in life. One of ...more