Even if your employer offers a retirement plan, you must plan something of your ownFresh from college, full of confidence and unmatchable energy, we tend to give our best to our first jobs. And the reasons are many. We want to leave a great first impression on our employer, establish ourselves as performers and most importantly pave the way for our growth. And since everyone doesn’t have family responsibilities to fulfil straightaway, it’s also a great time to start investing money in schemes and policies that solidify your future. Not only will this investment come in handy when you grow old, but also when you feel like taking a break from work. So here’s how you plan your investment right at the time of starting your career:1) How Much You Want To InvestThere’s a great possibility that your starting package is industry-specific and industry-standard. Therefore, after taking care of your monthly expenses such as rent, travel, clothing and eating outside, you will have limited funds left with you. But you can start with any amount. Just work out how much you want to start with. 2) Not At The Expense Of Emergency FundExperts say never invest so much that you are left with nothing at the end of the month. What if there’s an emergency, a situation when you need money right away. Therefore, have some cash buffer in your savings account before you plan a long-term investment. 3) It Takes Time, Be PatientSince we are talking about planning investments at the beginning of our careers, it’s also the time when we are most impatient. One of the truths that we have to accept and understand right at the beginning is that it’s a marathon. The longer you are in it, the more you stand to benefit. 4) The Right StrategyOnce you have worked out your funds, the next big step is to have a proper strategy. The simplest one is not to put all eggs in one basket, meaning develop a diverse portfolio. However, once you have understood the intricacies of the market, you can think of an aggressive strategy and even experiment. But when you do that, you have got to be extra watchful. 5) Invest In A Retirement Plan:Even if your employer offers a retirement plan, you must plan something of your own. The reason? Well, inflation is not going to remain the same and neither will your standard of living. With every hike you get, your urge to spend and live life to the fullest will also increase. So have a retirement plan in place. 6) Be Prepared, For The Market Is VolatileThere are several factors to consider while starting an investment journey, but the most crucial thing to keep in mind is the market’s volatility. Nothing is permanent and therefore be open to learning. You will encounter many instances when the market will prove you and your assessment of the situation wrong. The mantra is to accept the mistake and learn from it.
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