How To Recover From A Late Start-Part I

How do you make up for lost time when you start late for your investments and financial planning for your future needs? In the first part of this two part video series, we will cover the larger strategy and approaches to address the situation In the second part of the series, we will discuss the buts and bolts that you need to take care of Not everybody has a late start because of laziness or procrastination There could be a responsibility in the family, an outstanding loan or there could be time consuming higher studies One of the first things to do is to try and increase your work life and have reasonable amount of control on expenses When you are off to late start, you have a smaller period to save a large amount If you chase very high returns, you often end up investing in very high risk investments where you would have normally not invested in Instead of going for higher risk investments, try look for ways to increase your work life To prolong your work life you will need to keep enhancing your skills and look for new and emerging careers Explore if you can migrate on to a new profession which can take you even further Remember, these days it is not unusual for people to have second careers after retirement since retired lives have become long There are more opportunities and people are active With a prolonged work life, you are at ease to plan your financial moves You need not take any unnecessary risks Since your investment amounts need to be larger, it is important for you to keep a leash on expenses especially expensive credit card debt, personal loans and consumer loans Personal loan, consumer loan and credit card debt is making you use future income which you are trying to create There are other loan like home loans that are helpful A home loan taken early in life will help you repay it much before retirement Try to future wealth or savings through your pay structure When you create assets for your future like a home or retirement savings, you are providing for your future Looks for jobs with a pay structure that has plenty of retirement benefits like superannuation funds and wealth creation in the form of stock options Evaluate whether some of your financial goals are feasible and if needed, be ready to make a compromise Remember, you can upgrade items like your home as your income keeps increasing Prioritise your goals. When you are off to a late start a lot of the financial requirements happen in quick succession Do way with the goals that you know you can’t realistically achieve

One comment on “How To Recover From A Late Start-Part I”

  1. Ram Kumar Pandey says:

    Sir please upgrade the setup… Especially lighting.

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