Here is a list of important decisions that may define your career progression and growth including home loans, higher studies or investments.
New Delhi: From your childhood days, your parents or guardians spend lakhs or sometimes crores of rupees on your education and career growth, but after you complete your graduation, the pressure on you to decide whether you have to become financially independent or pursue higher education rises. Now, based on the financial status of your family and the career that you want to have, you have to decide whether you want to get your first salary or a master’s degree first.
Here is a list of important decisions that may define your career progression and growth.
Opting For Investments
As per a poll conducted by Claris Finance, those who started investing early responded that it was their best financial choice of life, while those who didn’t said it was their biggest regret. You need to invest if you want your money to grow. The earlier you invest money in an investment, the longer it will have to grow. You should also keep in mind that the risk of your investment must be determined depending on your ability for taking risks.
Higher Education Or Job
As discussed earlier, you must decide after graduation whether you want to have your first job or go for higher studies. This decision is very important, as it will determine the financial status of you and your family after a few years. If you feel that you are financially stable, you can go for higher education, but if you feel that you should get a job and then pursue higher education, you can also do it.
Buying A home
If you decided to take your first job a few years ago and now you have a handsome salary, you have to decide whether you want to buy a house for yourself or if you want to stay on rent for some more years. In the Claris survey, 15% of participants responded that purchasing their first home was their best financial choice.
When you rent a home, all you receive in exchange for your monthly payment is the privilege to live there that month. However, when you buy a home, each monthly mortgage payment provides you with a little bit more equity in the house. But to buy a house, you need to have a significant amount of cash on hand to begin with.
Lifestyle Or Standard Of Living Decision:
The fourth option deals with matching one’s lifestyle to their degree of income. Young people frequently choose lower-paying jobs in smaller towns in order to achieve a better work-life balance. It is priceless to be able to devote time to interests and passions outside of work. Nevertheless, it is not uncommon to come across young professionals who are battling with credit card debt as a result of their decision to live beyond their means and their subsequent descent into debt.
Dealing With Your Loan Or Debt
If you decide to maintain a higher standard of living but your current salary doesn’t allow you to do so, you might get into a huge amount of debt sooner or later. In this situation, it’s important to have a regular check on your debt and not miss any debt servicing, which may reduce your credit score for future endeavours.
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