Make your Coins into Rupees!

make coins into notes
make coins into notes
make coins into notes
make coins into notes

Yes. What you read is perfectly right. After almost 20 years of studies, you have Started earning. right? Now you have to make these small earnings into a big fund. We simply say that Make your coins into rupees..!

You got first salary right? So this is for you exactly. Now you can share your achievement with your parents, friends busy with parties. But stop it from second month itself. You should not waste your earnings. Let them grow into many folds. Many people want to earn a lot of money in their life. but, they don’t know how to do it.

How did you achieve your job? You charted out your goals. You wanted to do some thing in life. So you got it. Now you have to follow your rules only. I mean you just charted out your goals. If your age is around 25, Just save Rs 5,000 per month, You will get around Rs 1 Crore at the age of 55. So what are you thinking just take your pen and paper and write your goals.

What you want in your Life?

  • Assume that you need a Smart Phone, laptop or desk top, You can buy them with in a short time planning.
  • If you want to get Coaching for better skills. It may be possible with short-term goals again.
  • But if you want a Bike or a car, You need a bit more money. For that you have to plan a medium term goals.
  • If you want to buy a home you have to make long-term plans. You have to make margin money for your housing loan.
  • after your retirement, you have to survive without salary. So you need a pension. If you calculate with today’s inflation rate, you needed a lot of money in your sixties.
  • If you want to startup a company, you have to quit your job in near future. everybody wants it. But they do not know how to meet. Put this also in your goal list if you want to be an entrepreneur.

So How to achieve your needs?

  • After sorting out your needs, you should chart out your goals. Means you should make a financial plan. That states how much you getting and how much you can save for your future needs and your priorities.
  • for example, if you want to buy a bike in 3 months, so, you have to pay at least 20 percent of total amount as a down payment. So you have to save your earnings accordance with your needs. search for a suitable saving instrument.
  • such as you want to buy an house after 5 years, at that time you need at least 20 percent for margin money for housing loan. that means if a flat cost is Rs 30 lakhs, you need at least Rs 6 lakhs for margin money. So think for a suitable saving scheme.

Do not forget 3 things

In your financial plan, you have to put some more important things in priority list. What are they?

  1. Life Insurance: If you get this earlier age you can get it with cheaper premium. such as, for a sum of Rs 20 Lakh term policy, You have to pay premium around Rs 6,000 at age of 25. But, for the same policy, You have to pay around Rs 12,000 at the age of 35. Choose your insurance company cleverly. Check for successful claim rate companies like LIC etc.
  2. Mediclaim policy: Take a medi claim policy. Means If you needed any treatment for your health problems or any thing else, you will get cash less treatment. Your bills would be paid by your insurance company. Normally you pay around Rs 6,000 for Rs 5 lakh coverage.
  3. Emergency fund: Keep an Emergency fund, Which is useful in your emergency needs.