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ToggleWhen it comes to financial management, the hardest part is investing the first 10 lakhs. You can consider savings and investment in the same arm. This means a complete portfolio achieving 10 lakhs of deposit from your end.
As a beginner, it will be tough and the struggles that you will face are detailed in our previous topic, how to convince your partner towards financial management.
This article will be on a positive and encouraging note to make you save your first 10 lakhs.
Why Do You Need the First 10 Lahks in Investment?
10 lakhs as a number will be a huge figure. Initially set your target of achieving it. Because there is a long way to go.
Just keep in mind the real needs in the next 15-20 years which require a huge corpus.
- Children’s Education
- Children’s Marriage
- Dream Home
- Retirement planning
These NEEDS require a minimum of 10 Lakhs to a maximum of 10 Crores individually.
On seeing these figures, you get panic. But, practically it is possible to achieve all your goals when you have a proper Finance Objective.
Every goal has a variable duration and a corpus. In which, retirement planning has a maximum share.
If you get panic on seeing these figures, how will you achieve the big goals?
Strategies to Achieve First 10 Lakhs:
- The foremost is looking at the 10 lakh figure a small one and achievable one.
- There are many jobs which pay their employee more than 10 lakhs per month.
- Have a visionary dream that you could earn 10 lakhs at investments.
- Even if you get only Rs. 15000 per month, it is easy for you to accumulate the amount.
- You have to be more patient in accumulating with caution. Once it is achieved, you will get the hope of achieving all the better heights.
- Personal finance ethics is more important than being a spendaholic. If you have planned for a cause, do it with full focus and being minimalist.
- You will have many dreams at a younger age, postpone them, and you can achieve them at any time in your life. But financial security and stability are more important.
- Avoid overspending, even if you can invest 50% of your income to accumulate the initial figures.
- If you both couple work, then try to save one’s income completely.
- Avoid investing in liabilities like
- Car
- Bike
- Electronic gadgets
- Unwanted home appliances
- Don’t design your life by looking at your neighbor. If they don’t have a proper investment strategy, they will never come out of the lower middle class.
- Avoid EMI, loans, and other debt materials. Don’t buy a home for a loan, take a home for rent, and save the remaining amount that you planned for EMI.
- Stick to your goal and avoid the things and habits that are not a priority.
Conclusion:
- It is all with your mindset on achieving the 10 lakhs on your financial management journey.
- Make sure you focus on your goals and track month on month. This will ultimately boost your appetite for saving more.
- Sit and analyze your monthly budget, and track your expenses. Avoid all the expenses you do other than your plans.
- Make sure you focus on your goals and track month on month. This will ultimately boost your appetite for saving more.
- Sit and analyze your monthly budget, and track your expenses. Avoid all the expenses you do other than your plans.
- You have more things to achieve in life, so 10 lakhs corpus is just a small thing.
- Once you achieve your 10 lakh milestone all the other goals will become lighter.
Wish you all a great future. Start early, save, and invest more to lead a life of financial freedom.