Very often we come across a question whether it is way too early for us to do anything in Life. Don’t let the excuse of being too young stop you from achieving great things. Seize the moment.
Take a deep Breath. Ask yourself Am I too Young…
To take Decisions: When it comes to Impulse Purchase of expensive Brands in the mall, there are no second thoughts. But when it comes to making some decisions like to start an investment for daughter’s education, to streamline existing investments, to start preparing a budget, to consolidate all important documents/investment proofs ..the decision is not made for few months or even years may be in some of the cases. Its never too early in life to start with own decision making for these important things in life.
To start saving for Retirement: Retirement is one part which is assumed to be taken care of on its own. Major chunk of people are still not up for retirement planning. It is only when one is nearing retirement and seeing income exhaust, one realises the importance of Retirement planning. There is no Magic Wand going to help in that time. We have numerous examples from our Bollywood movies stating that in retirement years, “It is only You who is going to support yourself”. “Baghban” are “Munna bhai MBBS” are the two prominent films.
To buy adequate insurance: We all have “Kam Insurance lene ki Bimari” (KILB)…Slogan launched by Aegon Religare way back in 2008. Whether its Life or Health insurance, masses are underinsured. Very few people are ready to face the fact of Health problems/ Death. When asked, “Mujhe kya ho sakta hai, abhi toh main young hun…” is the typical answer. Nobody is too young to get Heart Attack to say so which may mean a huge expense or Death.
To write a Will: A Will is a document that leaves instructions about what you want done with your personal possessions and land (your estate) after you die. Dying without a Will is called dying “intestate”. If you die intestate, the Indian Act applies and sets out how your assets will be distributed rather than you or your family deciding. Creating a will gives you sole discretion over the distribution of your assets. So, time is still by your side. Its not too late to Act.
So, Do You still think you are Young??
Gurleen Kaur is a Financial Consultant and devotes her time to her company www.hareepatti.com. She has done her Bachelors in Finance and Investment Analysis(BFIA) from College of Business Studies(CBS, Delhi) and MBA from IMT, Ghaziabad. She will be a Certified Financial Planner by June 2014. She can be Contacted at gurleen@hareepatti.greatestdesignever.com