YOUR STRATEGIES NEED TO BE CHANGE AT DIFFERENT STAGES OF YOUR FINANCIAL LIFE
A. an individual’s financial needs are dynamic and your attitude towards finances should evolve over your life cycle
B. Young professionals are situated in the right spot: they have steady income flow ahead of them and no liabilities. This is the time to start saving.
C. At this stage, be more aggressive in investing, with more focus on equities.
D. Middle years are when you have a clear idea of your liabilities. Chalk out a clear plan for your financial goals.
E. This is also the time to start making lump sum payments for certain expenses like house, car and so on.
F. The final key stage is planning for retirement. The crucial part is here is to understand how much money you will need to live a proper life.
One should be clear in his investment approach. A proper investment portfolio will not only benefit him today but also secure his future. In brief, while planning for retirement, the key is understood how much money you will need to live the life style you are accustomed to. As today’s luxuries may be tomorrow’s necessities.
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source of information: outlook money
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