5 financial goals you should achieve before turning 30 - Kotak Bank

22 MAY, 2020

As a millennial, you are likely to have several goals that you wish to achieve before you hit the 30 mark. Out of the many, financial growth and stability makes for an essential one. While it is difficult to set milestones as your life moves on different paths, your financial goals can stay stable. Following a plan with realistic expectations will ensure that you enjoy a secure settlement in your 30’s and the later years.

Here are some financial goals that you should follow to build a successful life:

Manage the debt – In your 20’s, you may have opted for loans or borrowed money to fulfil different purposes. No matter what the amount, you must strive and work towards paying it off. You must try to pay off any kind of personal loan or education loan that you have procured. Managing and paying off your debt early on will help you concentrate on taking on other steps such as purchasing your home, investing in gold, buying your car and more. It is important to work on a debt repayment plan.

Focus on building human capital – It is essential to focus on building human capital in the early years of employment. You must do all it takes to invest in yourself and this could include getting another degree, doing a crash course or undergoing specialized training as part of your profession. Investing in these activities will prove well in building your personality and developing discipline. For example – If you are new to graphic designing, you can enroll for a weekend-upskilling design masterclass and such courses from time to time.

Get a credit card – While a credit card may seem like a tool that could push you into a financial liability, it helps in building your credit score. You can also make good financial savings through the different discounts, cash back bonuses, rewards points and more offered with a credit card. However, ensure that you use it wisely or it can lead you on the financial down road.

Start investing – It may seem tempting to push the need of making investments to a later date, however, you must start early. Begin small and then move on to bigger investment options. Start investing in bonds, mutual funds, SEPs, fixed deposits and savings accounts.

Begin saving for retirement – While retirement may feel like a distant life phase, it is important to start saving early for the same. Contribute enough towards your retirement fund and take advantage of the different schemes available through the government and employee. It also serves well to add beneficiaries to your retirement account.

 

 

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.