Once we complete our education and hit our 20s, we become independent, start earning and set goals to chase our dreams. Due to our insufficient knowledge and lack of experience in various fields, we tend to make mistakes. Whether it is selecting a job, making investments or choosing a partner, we fall, we stand up and we learn.
While career and relationship mistakes might be inevitable, financial errors can burn a hole in your savings. Hence, with a little research, you can avoid making blunders when it comes to making investments. Here is a list of 5 common mistakes, we all make in our 20s and ways to avoid them:
Not Thinking of Retirement
When you are young, it is hard to think about retirement plans, after all, your career has just started. But, aging is a process and therefore, it is unavoidable. So, if you start planning today, you will reap the benefits tomorrow. The longer you put it off, the limited time you will have. Thus, it is best to find some good investment ideas for retirement.
Splurging on Shopping
Retail therapy is the only therapy we get ourselves involved in when we are in our 20s. We don`t think once before spending on the latest gadget, overpriced dresses, branded shoes and a whole lot of other things of least use. We find paying EMIs better than investing in SIP. If we deposit a little amount in a monthly scheme, we will end up having a large amount in our account. There are plenty of good investment tips for beginners in the market. Start saving now!
Lack of Good Investment ideas
As we said earlier, young`uns barely save and invest in good schemes. Even if someone does, they take that decision on the basis of someone else`s analysis. One of the most significant aspects to consider before putting your money into it to analyze your own income and expenses. Never put all your money in a single investment product. Various banks offer really good Investment ideas in which you can invest, accordingly.
Search the market and talk to a relationship manager of your trusted bank. Choose a scheme that also offers tax benefits. Make investment decisions wisely, so that you don`t make any mistakes related to money.
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