To be established, people have to make many important decisions at different stages of life. When you are 30, at a young age, you have to think about the daily expenses of personal or family, home and car. With some of these needs met, you might think everything is fine. But in making financial decisions at this age, you may be doing something wrong. According to a report online on NDTV, there have been three such financial mistakes. In this article you will find how 10 financial mistakes you will be in trouble in future.
1. Wrong Investment
When investing somewhere, you must keep the savings in mind. Think first where you want to invest. Also plan for tax savings. Think back to the last stage of investment. This type of behavior will slow down the growth of your business. And where income does not come from much, your decision to invest is a bit wrong for the time being.
For example, many do not want to risk investing, or do not want to pay any extra tax. So they make a fixed deposit for a certain amount of money. Since you are now 30 years old, you have more time to establish life. As a result, you should invest in tax savings somewhere so that you can get good results in this era of competition.
2. Not sure Enough Insurance
Many people take out insurance, but do not review it regularly. This is a mistake. You must ensure that the family has adequate financial security in case of an emergency. Your liability should also be covered by insurance. If you take out a loan, then aviation should be accepted as well. Buy term insurance, which is possible at a minimal cost.
3. Not Getting Life Insurance
Of those close to 30 years of age, they rarely take out life insurance. However, you can have an accident at any time. And now the cost of medical treatment can cost you a lot in a small accident. So you should take out life insurance only when needed. However, in this case workplace insurance should not be relied upon. Because you may not be in your current job at a later time.
4. Not Identifying Cost Sectors
Most people spend their income, even when they are not needed. It does not even identify where to spend. This tendency gradually becomes a habit. And the cost is constantly increasing rather than income.
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5. Spend Before, After Saving
Most people in their 30’s, have to spend on their family. As a result, they cannot save. Vivek Karva, an accredited financial planner are said, “Most ordinary people spend first, then think of savings or investments. But the wise, they spend whatever they have, excluding investment in income.”
Each month a certain amount of money, you need to determine for savings or investment. You can also invest alone or jointly.
6. Not Finalize the Goal
Most people know what their goals are. However, how many of those goals are practically impossible is not specified. And those that have been considered possible are not finalized in how long they are possible to implement. And remember, it’s not enough just to notice. It should be specified in advance how much it will cost, how long it will take to reach the goal.
7. Not Save for Vacation
You are now 30. The way you work now, you can not work in the same way as the age increases slightly. But at this point you may think, now is the time to spend, save later. But if you do not start saving now, make a big mistake. So you should start saving a little. If income increases, savings should be increased.
8. Taking Unnecessary Loans
Most people make a common mistake even though their income is double. Then something is started which increases the liability more than the income. Vishal Dhawan, a certified financial planner said that, “In most emerging families, the trend of spending is higher than income.”
9. Not hold Funds for Urgent Needs
You may have an urgent need at any time. There may be sudden floods, earthquakes, job loss and medical attention. If you have the funds set up for this you can better deal with the situation when needed.
10. Not Invest to Increase Efficiency
After 30 years and before the age of 40 you will need more income. So it is a big mistake not to invest first and spend it to improve your skills.