The time is ticking out! You are getting older with every passing moment, and as you approach your 30’s several liabilities are likely to accompany you as well. Therefore, the need of great importance is to make the most of ‘Today’ so that you could pave the way for a better ‘Tomorrow’.
Maybe you will prefer buying things that could benefit you in the long run, as investing money in right things could fetch you rich dividends throughout your life. Moving on to the discussion, here are top 6 things to buy before you reach the 30 mark.
1. Got a new vehicle yet?
It is a pleasure buying a bike or a 4-wheeler from your own money. This indicates a sense of self-accomplishment and bids farewell to your dad’s pocket money, isn’t it? Be it to travel to your workplace, take your family to dinner or just hang around with friends on a long drive, your prized possession will always be there to accompany you till long.
2. What about buying a home?
If possible, purchase a new home before you turn 30. Due to lucrative salaries or impressive business gains, youngsters are finding it easier to invest in big purchases at a younger age. Moreover, getting home loans have also become comparably easier.
To add to the benefits, you could rent a part of the house to make way for a fixed monthly income. As a precautionary measure, make sure to consult your financial advisor before taking such bold step. In addition, see to it that you are in a comfortable position to repay the home loan installments on time.
3. Buy a traveling ticket
Are you a traveling freak? Do you want to explore new destinations and feel the underlying beauty? If yes, this is the right time to follow your passion. After marriage, responsibilities may thwart your touring goals; hence it is better to be at your favorite place all alone for a liberating experience. Challenge yourself to go to untouched heights, meet new people, taste delectable dishes, and cover national and international boundaries.
Once back, pen down your expedition memories, and relish them for a lifetime. Even you can share those fond excursion moments with your better half and kids later on. If time and finances allow, it would be great to fly off with your family yet again to those places.
4. Invest in a health insurance plan
You never know how your life will treat you in the coming times. Perhaps, an accident or a furlong health condition could tend to vacate your bank accounts, without leaving much for your family. To recuperate from the situation, buying a health insurance policy is an ideal option before you reach 30. The earlier you buy a term insurance plan, the fewer premium installments you would need to pay due to lower mortality costs.
Having health insurance in place will make sure that the insurance company pays you a lump sum amount which will help you take care of all your medical bills in the times of an emergency, hence protecting your health and wealth simultaneously. But before buying one, consult a policy agent from a reputed insurance providing company to know in detail about what is health insurance.
This will make up your mind to invest in the suitable policy. As an added benefit, health insurance also lets you save taxes.
5. Clear your debts
Before you proceed to know what is health insurance or wish to buy a home, a first move would be to clear all your existing debts. It could be anything, from a credit card debt to a student loan, medical bill or even the money you borrowed from a friend.
Try to clear all such debts from your current source of income before making any big move. To act smartly, clear the debt having a maximum interest rate or the one with minimum balance on a priority basis. This will help you tackle the debt situations one after another conveniently and make you stress-free.
6. Buy a retirement plan
No matter whether you are a government servant or work in a private job, start investing in a retirement plan straight away. Put forth this wise step right from the first year of your job or while you are still in your twenties.
It is insightful to look for financial guidance from the experts and do a thorough research online to know about the best of retirement plans. This will get you a respectable corpus before bidding adieu to your job as you move to your 60’s. You never know what is in the store for you in the future, hence act smart and begin investing for a comfortable retirement from today itself.
If you are conscious enough of the sensitivity of the discussion, you would prefer abiding by these must-buys at the earnest. Act today before it gets late and put forward constructive steps towards a better tomorrow. Happy purchasing!