30 30 Challenge: 2nd innings, Child Planning, Dreams and Goals, Retirement Planning
January 7, 2022
30:30 Challenge: At 30; you are old enough to look back and young enough to look forward. This is something related to your age. First 30 years relates to your working life and next 30 years relates to your life after retirement. In the first 30 years we have a job, we are healthy and a regular and fixed income is there every month. The next 30 years it is very crucial wherein the income stops, and you are not that immune to continue working. This time you require lot of money for being independent, maintaining your standard of Living and achieving true Financial Freedom by living your life on your own terms….,
2nd Innings: Often when you think you are the end of something, you’re at the beginning of something better else.A crucial innings of our life where in, we want to stop working and start on our own or follow our passion. Here we require a good financial support so as it does not hamper our other financial goals. If we start a business, we require to have a good amount so that the expenses can be borne till the time of breakeven.
Child Planning: Children do what feels good, Adults devise a plan and follow it. We often forgot to prepare a proper child financial planning thinking that still our child is small. However, we forgot to think that the child is growing and with that all, the expenses related to the child will also grow. Every year school fees, graduation and management fees, or if we send our child to study abroad. All these requires proper planning. The planning should start when our child is born. Or even when the child is not yet born….
Dreams and Goals: The Goal isn’t more Money. The Goal is living Life on our Terms.An especially important factor in our life which we often forget in between our responsibilities. After a very hectic schedule we require a break. So, planning a good vacation, purchasing our dream car, upgrading our standard of living, having a dream home are some of the happy goals we would like to achieve. Obviously, it can be done with a proper financial planning. Remember one thing – Life is all about being Happy – feel happy & make others happy too…and this can be achieved to a great extent with proper Goal based FP
Retirement Planning: Retirement is not an end but a new beginning; the question isn’t at what age I want to retire, it is at what income I want to retire.Who would want to be dependent on anyone at any given point of time?? When we are young, we always think that there is still time to plan our retirement. However due to our busy schedule and less priority to FP, we often forget to plan. Its very much important to plan retirement in the beginning only to make the best of Compounding feature on long term Investments.
