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Got Your 1st Job? Develop These Habits

Well, you’ve just landed your first job after years of going through the grind called education. It’s been about 20 years of learning, some of which you liked and most of which you just managed to like! Now it’s time to reap the dividends of your hard work so far….

What a feeling, to hold your first pay cheque! Aren’t you on top of this world? Your confidence level has just soared. Your dreams are beginning to take shape. The heady feeling is quite palpable and justifiably so.

But having made this wonderful beginning, it also time to look ahead and take those first steps towards a more sustainably prosperous life. This is the right time to lay the foundation for the grand palace that you want your future to be. How should you go about it? Here are some pointers:


  • Get your financial habits right:

    It is quite natural that your new found financial freedom may make you want to splurge most, if not all, of your first few pay cheques. Those fancy gadgets and gizmos, your favorite eating joints, etc., may lay the first claim on your money. It is time to realize that this splurging should not become a habit and you should start saving for the future. Pay yourself before you pay others by saving. You should set a savings target (as a percentage of your take home) and stick to it religiously.

  • Insure yourself appropriately and adequately

    : Buy term life insurance immediately, if you have dependent parents or other relatives. Otherwise too, buying insurance at a young age will make it cheaper. And do remember to add the critical illness and accidental death riders. Buy medical insurance to cover yourself and your dependents. Don’t rest assured because you are covered by employer group insurance. Get your own personal medical insurance!

  • Invest in equities:

    Investing in equities, an opportunity to add risk assets to your portfolio. Your EPF will take care of your debt allocation. Start a Systematic Investment Plan (SIP) in a good mutual fund scheme and increase it every year. See your investment grow into a giant due to the power of compounding.

  • Start planning for retirement:

    Well, this may sound funny or even outrageous. But rest assured this is likely to be the best financial decision that you take during your earning life. This will ensure that your retirement stays on top of your priority list even when other financial goals get added, with an expanding family.


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