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Personal Finance Management India: If you are at the age of 30, and you are making investment ideas. This news will prove to be of your use. In this news, we are going to tell you about the best way to manage personal finance. If you want to be able to help yourself and your family well, then you must know about it once.
What are the opinions of experts
Let us tell you that Adil Shetty, CEO of Bank Bazaar says that when you are at the age of 30, there are many factors in your favor. With being young at this stage of age, you are fit and healthy. You have more risk taking ability and then the remaining 30 years are for your profession. This time is most important for you. You have 360 months left to invest.
Take advantage of compounding interest
You can take advantage of compounding interest on this savings. When these factors are used in a better way, then your financial condition will definitely improve. You are at the age of 30, so it is not too late yet. At this age you can earn money with high potential. You can also do regular investment.
save more
It is very important for you to save first. At least 25 percent of the monthly earnings should be saved for this. If you earn Rs 40,000 every month and save Rs 10,000 out of it, then in the coming 360 months you are able to save a total of Rs 360,00,000 accordingly. By investing this savings in a better scheme, you can earn good interest income. With the increase in monthly income, you can also increase your savings.
Keep track of monthly savings
You must save in the month. Do not let that money go to waste in your savings bank account. Invest in different schemes to get the benefit of interest income on it. So that you can get the benefit of better returns after maturity.
buy insurance policy
Insurance policy is helpful in protecting you from financial troubles. So buy proper insurance cover for yourself and family members. For example, if you buy health insurance, then the medical expenses incurred during critical illnesses do not affect you much.
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