Personal financial management in thirties - Sumit Khedkar

Personal financial management in thirties - Sumit Khedkar

Today’s general trend is, a person completes his education in his early twenties and gets a good job. The early twenties period is a golden period of life with no family responsibilities, education completed and a good job with comfortable salary.  We spend a lot in this golden period as we do not have any obligations. We spend on parties, girlfriends, costly clothing, and vacations and so on, this list is never ending or it ends when we run out of money. This trend continues till late twenties and then suddenly we realize that dad is retired now, I am going to marry, I need a house, I want to settle now and I have no money!! Whatever I have earned has gone!! Has been spent!! Then, to solve our problems we run to banks for loans. And hence starts a home loan for buying a 1-2 BHK flat, a personal loan for marriage expenses, an auto loan for buying a car or a bike. We enter in our thirties with a set of loans, family responsibilities, increase in monthly expenditure due to family expenses and a set of worries regarding finance management too. The set of worries include what will happen to my family if I am not there? What if my parents need to undergo expensive health treatment? How to manage children education expenses? What about my retirement life / pension?  and so on. If we don’t do proper financial management in this period then we are planning for a financial disaster in the future. In this article I am going to discuss the eight most important things you should do in your thirties for personal financial management. I am going to give you options / alternatives for investments with explanations.