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THERE are several aspects that an individual should consider while starting out on their financial journey in life. There are a lot of youngsters who have started earning or who are looking to be a part of the investment structure in the country.
At the same time, there are others who have now decided to be serious about their money and there are some things that they can follow so that they are able to make the most out of the situation. This will help them to ensure that they do not fall prey to some common mistakes that often occur.
Start savings and investments: There are a lot of details that a person looks at when they start out on their financial journey, but most of them are on the spending side as there are many expenses to be undertaken.
However, it is also necessary that there are some savings and investments that are also made because this will help in building some corpus for further use.
In case such a step is not taken, then there would be a position, wherein, the individual could find himself in a spot of bother when they might not have the necessary income to be able to maintain the lifestyle that they have become accustomed to. It is, therefore, necessary that some amount, preferably 15-20 per cent of the income, is set aside and invested wisely so that the future is taken care of.
Take loans that you can pay: There are a lot of occasions when there are some amounts available in the form of loans or easy credit.
The credit might be present in the form of a person loan or even a larger credit limit that is available on a credit card. In such a situation, the individual has to ensure that they are careful in actually using the benefits that are provided to them. This is essential because having some benefit just does not make this an affordable thing and hence, the use has to be restricted to all those items that can be paid back.
In this sense, if there is going to be heavy pressure in paying back the loans, then this should not be taken, and avoiding this should be the first priority rather than looking for ways later to get out of the mess that has been created.
Keep a good credit record: There will be lot of times when there are some borrowings that are undertaken by the individual. It is the responsibility of every person to ensure that these are repaid on schedule, in a proper manner, without leaving any amount outstanding. This will ensure that the credit record of the person is good right from the very beginning and that it will continue to improve building a good track record as time goes by.
Understand and then implement: In the world of finance, not knowing something is not a valid argument for taking a wrong decision and, hence, the person has to ensure that they have looked at all the details related to every activity.
This will ensure that there is no cause for disputes as well as no other problems arise on account of the fact that some detail was missed out, leading to a financial loss. Also, any disputes that arise have to be settled in a proper manner and, hence, there cannot be a situation, where, a person ignores something because this will not result in the problem actually going away. A proper understanding will help the individual in making the right choices.
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- HDFC Top 200 Fund
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- SBI Magnum Contra Fund
- Sundaram Select Midcap
- UTI Dividend Yield Fund
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