When you turn 30, priorities change. You may have a family to look after and your current salary might not exactly pay the bills for your ideas of a comfortable future. Let’s avoid any untoward situation with Upwardly. How? We help you make the right investment according to your aims in life!
Here are the goals you ought to be planning for so you aren’t stuck later:
Kid’s education is an expense that needs to be planned well in advance. Setup a kid’s education goal so that you can maximise the opportunity to make your money do your work for you.
A Rs. 20,000 per month plan for 18 years (college expenses) would give you a corpus of Rs.2.2 Crores, BUT all you would have invested over 18 years is Rs.43.2 Lakhs!
It’s always best to start this before your kids are born. A two year advantage would give you Rs.80 Lakhs extra as the corpus would be Rs. 3 crores.
2. Increase your emergency fund
The money you were setting aside for your future through your 20s may not make the cut with your current lifestyle. Things may not always go as planned and an emergency fund will be your saviour here. Take a step back to see what your income and expenditure is like now, and save a little more money to help you with your future.
3. Plan for retirement
If you are 30 and your present expenses are around Rs. 1 Lakh per month, you would need approximately Rs. 5 Lakhs per month for a similar lifestyle after 30 years. You’d need Rs.11.51 Crores* to manage this lifestyle for 20 years post retirement.
With a SIP of Rs. 45,000 per month you’ll be able to comfortably manage your post-retirement life! Depending on your age now, the below table will give you an idea of the wealth you can create with this SIP**.
Corpus after 30 Years SIP: Rs.15.9 Crores
Corpus after 25 Years SIP: Rs. 8.5 Crores
Corpus after 28 Years SIP: Rs. 12.4 Crores
Corpus after 35 Years SIP: Rs. 29.2 Crores
You can find out the best suitable option for you with Upwardly’s very own SIP Calculator.
The above is just ONE of the many investment options that will help you lead a comfortable retired life.
As the popular saying goes: Better late than never! In your 30s you are more aware of your responsibilities and you can plan your investments accordingly. At Upwardly, we will give you tailored investment options which are in sync with your life goals. You just sit back and relax and watch how your money increases multi-fold with smart investments.
At Upwardly, we are dedicated to Helping India make better investments. Check out what all we have to offer HERE.
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*Adjusted inflation of your expenses is assumed to be 5.1%
*We’ve taken an investment portfolio that returns 12% annually to calculate the wealth creation.
*All returns are indicative basis past performance. Actual performance can vary.*