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finance problem younger generation

The most serious financial problems younger generation face in today’s world

by Holistic 1 Comment | Filed Under: Investments

The life of young generation has not been easy nowadays. The naughty and pretty teenager in you becomes a different person the minute you finish your studies. You are expected to manage everything independently.

Do you know the basic things of managing your personal finance? The sad part is managing money is not part of our curriculum.

Do you want to overcome the most serious financial problems you guys face nowadays? If your answer is ‘yes’, Read on.

Do you feel like an illiterate when someone asks you about your personal finances?:

I can hear most of you saying yes to the above question. Believe me, learning finance is much easier than understanding algebra, engineering calculations, coding or putting an injection to an infant. Whatever is your profession, it is important to learn about personal finance.

Remember the golden words of Benjamin Franklin “An investment in knowledge pays the best interest.”

Believe me; many of you are just having some starting trouble.

How can you get yourself familiar with your personal finance? Follow the next steps given below

1. Start with budgeting your finances. Fix a period like weekly or monthly to monitor and control your spending

2. Pay your monthly bills periodically

3. Practice a habit of saving regularly

4. Manage your credit and debt by regular monitoring

5. Manage your loans well by properly planning

6. Most importantly, plan well ahead for your retirement .

Many youngsters avoid talking about finances just because they do not have sufficient knowledge. If you are one among them, start educating yourself now.

Is student loan a big burden on you?:

During a get to gather recently, we spoke about b-schools in India and abroad and about the student loan options offered by various banks. One of my friends jokingly said, ‘what b-schools? We must start thinking about getting student loans to get an admission in a pre-school’. If we think deeply, education is becoming expensive day by day.

I am sure most of you have taken student loans while doing your bachelors or masters. Is the student loan a big burden on you? There are ways to repay it without much hassle.

1. Increase the period of your pay off mode. If you are paying off the interest every month, try to make it bi-monthly. This way, you will be able to quickly close your debt and also save through paying less interest. For example, if you have taken Rs. 1, 00, 000 at 11% annual interest rate with 5 repayment years, EMI would be approximately Rs. 2,150 per month. The overall repaid interest amount at the end of 5 years will be Rs. 29,270.

If you choose an option to pay the same EMI bi-monthly, you can come out of debt within 30 months instead of 60 months. The overall repaid interest at the end of 30 months will be approximately Rs.13,790 only. Not only you save money, but also come out of debt quickly.

2. If you cannot afford to pay it off quickly, choose an option of repaying by adding small amount to your EMI every month or a quarter. Even if you add Rs. 100 – Rs. 500 every month depending on how big or small your loan is, you will end up saving money as well paying off your debt quickly.

The most important thing you need to think about is not to disturb your finances for paying off your student loan quickly. Make your repayment process painless by planning it well.

Are you scared of taking risks with your investments?:

‘Don’t take risk and invest in stock market or mutual funds. Invest in save avenues like bank deposits and gold.’

Is this what you have been hearing lately from the old generation? Fortunately or unfortunately, those who just talk without understanding what the young generation is doing doesn’t show any right way. Most of the old generation members do not have any successful financial methods to follow.

Such societal pressures also block the younger generation from making non-traditional mode of investments. It is important for you to listen to such vague comments with a pinch of salt.

Not only the societal pressures but also the recent recessions have made the generation to stay away from investing in stock market or mutual funds. Their risk tolerance level has gone down. Do not miss out an opportunity. With sufficient research, you can start investing little percentage from your earnings on non-traditional investments. Once you gain enough knowledge and experience, start investing more.

So, what are the best steps you must follow as a young investor?

Let me summarise here.:

1. Learn and educate yourself on personal finance.

2. Find out ways to quickly pay off your student loan, if you have one.

3. Try to minimize or not take any additional loans when you are repaying one.

4. Take advice from the elder generation with a pinch of salt. It is also important not to ignore their suggestions.

5. Develop your tolerance towards risk while investing.

6. Most importantly, create an investment plan and stick with it.

I feel sad looking at some youngsters postponing their marriage or starting a family just because they wanted to save money for the additional expenses. Invest appropriately by planning well and enjoy all the joys at the right age!

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

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Comments

  1. Merlin says

    January 13, 2014 at 8:46 pm

    Fabulous. This website provides valuable data.

    Reply

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
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based on 61 reviews

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