Siddharth Nandi

Financial Decisions You Need To Make While Turning 30

August 4, 2020

They say age is just a number, but regardless of how sweet that sounds to the ears it does actually play a major role in making us the people we are. It moulds us in ways not everyone will understand, except for those who have crossed or are of the same age.

Some wise man once said, with great power comes great responsibility, and the time we are living in right now? Money is perhaps the most powerful thing out there…well, apart from an alien invasion that is!

On a serious note though, turning 30 is a milestone to many – just like turning 21 is, life kind of changes drastically in more ways than one during this time.

With people being dependent on you, and heads to feed this is certainly the right time to take a step back and chalk down all the important financial decisions that need to be made by YOU.

Take a look!

A Good Insurance policy

Life is more unpredictable than a Nolan flick – you never know what’s going too happen next. So in times like these, a well designed insurance policy is what you need, for the well-being of yourself and your family members. When it comes to your life, why not choose the best?

Just beginning set up your start up, or your new vehicle, Royal Sundaram is your answer to innovative general insurance solutions to individuals, families, assets and businesses. Get two wheeler insurance, as well as for accessories, damages to Third Party property and life.

If you’re lost as to how to go about calculating the premium, the process is made easier, as Royal Sundaram extends a two wheeler insurance premium calculator that helps you calculate the insurance amount and the premium accurately.

Own A Home

turning 30

Everyone dreams of owning a house. But whether you strive and work towards making that dream a reality is completely in your hands and yes, pockets too!

Renting out is easy, but what’s unsettling is the fact that the exuberant amount you’re spending as a house rent is going into someone else’s account. Plus, you’re about to turn 30…it’s time you planned a proper way to invest in some property.

Save Before You Spend

This is something everyone should follow as a guideline – Save before you spend.

Half your financial problems are solved just like that! Our wants exceed our capacity to spend, obviously but since that “want” isn’t really a necessity it can surely wait. This saved up money can be used in any way you want to, after it’s become a hefty amount.

For this, a Fixed Deposit account could be of use.

Emergency Fund

turning 30

As the name suggests, this is the fund that should ideally be kept aside for crisis situations. Emergencies don’t knock on the door, whatever it may be from sudden illness or unemployment…you should be well equipped to fight the circumstances, and as mentioned earlier – if you have money, you quite literally get the honey.

Invest Wisely

Planning serious investments is something that needs to be done at this age, without fail. This investment could be in the form of shares, stock or mutual funds. But whatever it may be, this is a very risky task to say the least and consulting some financial advisor would ensure good returns with lower risk of losses.

Arrangements For Extra Income / Different Line Of Work

Nowadays it’s difficult to lead a peaceful life even after retirement, both financially & emotionally. Bluntly speaking, money is an exhaustible asset – it’s just a matter of time till whatever you’ve worked your entire life for goes up in smoke.

Since everyone is not a Government employee or some uber-rich Industrialist, you all need to keep looking for various sources of income. That way the inflow of money will not stop, and there will also be a scope of rolling up your existing balance.

Plan Your Retirement

With the way things are headed, an early retirement say at the age of 48 maybe should feel more legit. Right from arranging a stable income post retirement to a lump sum amount that comes in every year, make sure you are financially independent post retirement.

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