Hello SHEROES! In this post we talk business. Time for you to buckle up and go that extra mile to ensure your financial stability, security and independence!
A Life Insurance – While all of us have seen those LIC ads, most of us may never really have related to it. Unforeseen circumstances are termed as unforeseen precisely because no one can predict them. We can’t predict or escape those circumstances, god-forbid we are faced with them, but we can at least brace ourselves for it. The investment market today has life insurance options that would seem tailor made for you. Do your research and choose the one that you feel is the safest – ensure you don’t fall prey to any kind of false return on investment promises. Making this investment will also help you gain a great deal of tax benefits.
A Health Insurance – We all need one, regardless of whether or not we imagine we’ll be needing it. While your job will typically provide you with one, it is advisable to do your own research and get a health insurance you think suits you best. A lot of recent health insurance schemes can also be extended to cover certain medical costs for family members of the client. You could get in touch with your friends or colleagues who have made similar investments to get a head start on your research.
Efforts for extra income – Having multiple sources of income can prove to be crucial in the longer run. The money you earn from the secondary or tertiary sources can be put aside as investments – which will prove invaluable for the rainy days. Making that extra effort while you’re comparatively younger (read: in your 20s), and may not have many commitments will surely pay off. List out your skills and depending on your schedule, take up a few paid projects. Good at writing? How about utilizing those skills for a few content writing projects? A software engineer who knows the basics of web designing? You’re in demand! Take up a few web / graphic designing jobs.
Set aside an emergency fund – Pool in some amount in the form of a fixed deposit and just forget about that money. Every now and then put in some extra money when you can. You may not know what you are setting that money aside for, but when you really need it, you’ll know why you’ve been doing that.
A financial reality check – Being in your mid/late twenties can be a truly exciting phase. Along with the excitement of being financially independent, life will also throw a few lemons your way to help you with a lesson or two about responsibilities. This is the perfect time for you to be able to do a financial reality check. That is, for you to do an honest assessment of how much you currently earn vs how much you spend (keeping in mind what goes into the “needs” category and what goes into the “greed” category).
It is also a good time to look at the larger picture ahead of you. How do you see yourself placed financially ten years down the line? Do you plan on buying a house, or a vehicle, or both? While these might sound questions you may ideally want to avoid, chewing on them when there is no pressure, may help you act efficiently and effectively when the time is right!