How much money should you save by 35?

Irrespective of the country you are living in, savings for wealth creation is an important facet of your working life (Age: 21–60)

Generating Wealth Through Investment

One must understand a simple concept:

Salary is not equal to wealth.

Salary: Money Paid for Work Done

So, ideally, there is no upper limit to what a person should save but there are some pointers that can be helpful

  1. Save at least 40% of your salary when you are within the age of 21–30
  2. Invest in Equity in accordance to formula: Equity Exposure = (100–x) % where x = age of the individual. This is high when the individual is young and vice versa
  3. Do not get stuck in any kind of loan before you cross 30 (some are unavoidable like educational loans but strive to avoid them)
  4. Set aside 6months worth of living expenses (that includes travel, rent, utilities, bills, occasional eat-out & leisure activities) once you cross 25. This fund is meant for contingency or when you are between jobs or taking a sabbatical
  5. Look for value deals. You are here to make yourself happy and not to impress people
  6. Do not buy things on EMI till there is a need. Understand the difference between need and want
  7. Do spend money on things that are value compounders (like courses, art classes, instruments, etc.)
  8. Try to build a passive source of income amounting to 25% of your take-home salary by age 30

Planning Finance Business - Free image on Pixabay
Financial Planning for a Secure Future

Hope this helps

You can follow my blog or Facebook page on investing for getting insight into other stocks.

Happy Investing!!

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