New Delhi, November 15: Often we make mistakes that leave a long-term imprint on our lives. More so if it involves money. We shall look at common mistake we make when we are in our 30s.
Saving yet not investing
We grow up averse to risks. Since childhood, we are cautioned about our finances and hence we prefer parking our money in the safest avenue possible. And we think that the return we are getting from there is enough to beat inflation. For example, if we park surplus money in savings accounts we get an interest rate of maximum 3 per cent that is not enough to beat inflation. Investing, however, can fetch good returns, even if in fixed deposits.
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Changing old habits
Most of us are averse to new investing instruments. However, if you want to save, invest and get good returns you have to relinquish your old habits and embrace new ones. Simply put, this means being digital-friendly and learning and trying out new platforms. Online options are often less cumbersome and save our precious time.
Spending the entire salary
It has been seen, youngsters who take up jobs, in the initial stage of their career, shirk away from investing. Instead they end up spending their whole salary. Compulsive saving from an early stage always helps, even if in small portions.
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Wrong investment
We often invest in the wrong portfolios without gaining much knowledge, based on hearsay or other people’s suggestions. What suits them may not suit you. Try to gather details before investing in a product. Financial advisors can help you.
