Young And Single
You are a single energetic twenty-something and have just kick-started your career.
With the newly acquired financial independence, most of you feel more inclined to
shop, travel and enjoy life. However, it is important to note that this is also
the best time to take higher risks as there are least financial responsibilities.
Your Insurance Needs
- Saving for future expenses – Whether for your home down payment
or for your marriage, you need a savings plan to build a corpus for your future
needs.
- Tax Planning – Now that you are earning, you wouldn’t want your
hard earned money to just flow out of your hands. Tax planning is an important aspect
of financial planning and you should draw the maximum tax benefits that investment
products offer.
- Securing your parent’s health – Given their age, your parents would
be vulnerable to ill health and therefore you need to plan for their medical needs
as well.