{"id":1479,"date":"2023-05-23T06:55:32","date_gmt":"2023-05-23T06:55:32","guid":{"rendered":"http:\/\/myassetsconsolidation.com\/blog\/?p=1479"},"modified":"2023-05-23T06:55:32","modified_gmt":"2023-05-23T06:55:32","slug":"the-millennial-billionaire-mindset-the-secrets-to-unlocking-your-financial-freedom-article-by-mr-suresh-parthasarathy","status":"publish","type":"post","link":"https:\/\/myassetsconsolidation.com\/blog\/the-millennial-billionaire-mindset-the-secrets-to-unlocking-your-financial-freedom-article-by-mr-suresh-parthasarathy\/","title":{"rendered":"The Millennial Billionaire Mindset: The Secrets to Unlocking Your Financial Freedom, Article by Mr.Suresh Parthasarathy."},"content":{"rendered":"

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\nSynopsis\u00a0<\/b><\/div>\n
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.Millennials in India are facing a number of financial challenges, including rising cost of living, student loan debt, and stagnant wages. However, millennials also have a number of advantages, including access to technology, a global mindset, and a strong work ethic. Building wealth is not easy, but it is possible. By following these tips, suggested by Mr. Suresh Parthasarathy, the eminent\u00a0columnist and well experienced Certified Financial Planner, millennials can move from being consumers to investors and achieve their financial independence.<\/b><\/p>\n

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Table of Contents<\/b><\/div>\n
How to move from millennials to billionaire<\/b><\/a>
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Budget and live<\/b><\/a>
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Loans<\/b><\/a>
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Insurance<\/b><\/a>
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Emergency Fund<\/b><\/a>
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Investments<\/b><\/a><\/div>\n
\u00a0<\/b><\/div>\n
How to move from millennials to billionaire? .\u00a0<\/b><\/div>\n
Millennials are those born between 1980 to end of 1999.These are the people\u00a0currently required advice to how to build a wealth.<\/div>\n
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Budget and live<\/b>: We live in a world of discounts and Buy now and pay\u00a0later.This will prompt us to buy things we may required or not.Also the App\u00a0culture makes us spend thrift.Unless we identify the difference between need\u00a0and want building wealth is difficult. A need is something that is necessary\u00a0to live and function, whereas want is something that can improve your\u00a0quality of life.\u00a0So,first process to become billionaire is budget and live<\/b>.<\/div>\n
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Loans:\u00a0<\/b>Right from mobile phones to international vacations people are\u00a0opting for EMI options.The moment buy now pay latter creeps into one\u2019s\u00a0life style they tend to outlive their life style and getting into debt trap.\u00a0So,always try live within your means,it is always good to have great life\u00a0style,it is also important to have sustained life style.\u00a0If you believe is more comfortable than the earlier one\u2019s buy any product\u00a0or life style that matches your current standard of living rather than living\u00a0for others .So,\u00a0think and be careful before buying anything on EMI.<\/b><\/div>\n

\nInsurance:<\/b>\u00a0Insurance is a means of protection from financial loss,so,while you\u00a0are trying to build wealth first step is to assure of the target is buying\u00a0insurance. Then the question arises how and what type of insurance to be\u00a0bought to protect family.\u00a0Term insurance is the best available insurance policy to protect your family.\u00a0When you are young if you buy such a policy the premium will be lower. For\u00a0example you are 35 wish to cover yourself for Rs 1 crore till you turn 85.The\u00a0premium will be Rs 26,000 and it will be constant till you turn 84.\u00a0So,to build wealth, first protect and buy term insurance.<\/b>\u00a0You know that how\u00a0Covid have really educated the common public the importance of\u00a0 having\u00a0health insurance. So,buy health insurance to protect the accumulated wealth.<\/b><\/div>\n
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Emergency Fund:<\/b>\u00a0The life style and employment are creating lots of uncertain\u00a0in life.So,it is better to create a fund to meet eventually such as Covid,\u00a0hospitalisation or layoff due to economic slowdown or company going\u00a0bankrupt.\u00a0Then all of sudden monthly income will stop and meeting the monthly\u00a0expenses and routine expenses such as children education, serving loans such\u00a0as home, personal and other loans will become challenge.So, it is always better to buy time till situation back to normal. I suggest you to\u00a0build 3-6 months of monthly expenses that includes your EMI and investments.So,we will not have surprise due to any eventuality and you can\u00a0handle the situation with ease.<\/p>\n<\/div>\n

Investments:<\/b>\u00a0It is always good to diversify the investment across all asset class.\u00a0Although single asset class might give good returns at patches, but the timing\u00a0places a great role. Example during the Covid due to uncertain situation people\u00a0jumped and invested in Gold have a fabulous return of 38 per cent in short\u00a0span of 3-5 months. But once the situation stabilised the equity markets gave\u00a0stellar performance and those invested during the covid hoping for turnaround\u00a0made a killing, all situation we will not have guts to invest at the right time.\u00a0So, segregating the investments across assets such as equity, debt, gold and\u00a0real estate is the best form of investing to have peaceful investment
\nexperience and earning around 12 per cent portfolio returns will be easy.If you are less than 40 ,I suggest to invest 50 per cent in equity,35 -40 per cent\u00a0in debt and 10-15 per cent in gold. Since real estate cannot be invested on\u00a0monthly basis, accumulate in the three-asset class and book profits to buy real\u00a0estate.\u00a0Investing is about creating a wealth but the process should be enjoyable. To\u00a0experience such an outcome, follow asset allocation.<\/div>\n

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  Synopsis\u00a0 .Millennials in India are facing a number of financial challenges, including rising cost of living, student loan debt, [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/1479"}],"collection":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/comments?post=1479"}],"version-history":[{"count":1,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/1479\/revisions"}],"predecessor-version":[{"id":1481,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/1479\/revisions\/1481"}],"wp:attachment":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/media?parent=1479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/categories?post=1479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/tags?post=1479"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=1479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}