Personal Finance: Planning your career? Don’t forget to plan your finances alongside

For most young professionals it’s a hard nut to crack. How should you go about it?

‘MutualfundinvestmentsaresubjecttomarketriskPleasereadtheofferdocumentcarefullybeforeinvesting’.

Whew! Just writing it made your correspondent feel a tad breathless!

While we have heard this mutual fund disclaimer often, there is a key question. How has it impacted our approach to money and investing?

More broadly, how should the next generation of professionals define their relationship with money?

Saving is a weakness for many of us. Not only is it complex, it is also scary. For most young professionals it’s a hard nut to crack. Managing expenses and savings is easier said than done. If you are young, you are faced with a bunch of important questions – “Why is financial planning even needed?” to “Retirement is years away, why bother now?”

To make matters complicated, there are glamorous and glitzy options that have come in vogue – like crypto, BNPL.

What should you do?

Examples make it easy!

Take, for instance, retirement planning. For most of us it’s a long-term goal. But most people skip it. The reality is that it pays to actually start investing small and early and let the power of compounding do its magic and its math.

Amid all the hype and the confusion, one asset management firm, a few years back, had launched a campaign called “Magic number” to simplify the art of investing. The bottom line: if you had saved 8 times your last drawn salary at retirement, you…

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