Financial freedom allows for a pursuit of happiness and you can aim to achieve it over the years by investing a day’s salary every month in a mutual fund of your choice. After a few years when you see the compounding returns on your monthly investments or SIPs, you will witness the joy of wealth creation, mental peace and ability to do more with life. All this by taking first step to invest one-day salary in mutual funds!
In last blog, we saw how by investing a day’s salary, Rahul could accumulate sizeable amount of money by the time he turned 50. A much worthy advice from his father! Now, let’s see what happens if you delay your investment decision for few years and start investing in your 30s.
As we celebrated the country’s Independence on 15th Aug’18 – Let’s take a pledge to make each citizen financially independent! Let us each take the first step and pledge one day’s salary to investing in Mutual Fund for a dream or financial goal. Just one day’s salary can accelerate our path to financial freedom.
As you can gauge from the table above, Akshay started with double the amount of Rahul but delaying investing decision by 7 years made a huge difference of around Rs. 17.6 lakhs to their accumulated wealth at the end. Moreover, although there is not much difference between the total amounts invested by both of them, but the power of compounding has made Rahul a clear winner.
Clearly, success comes to those who combine effort and time. So, start your journey to financial freedom by investing just a day’s salary regularly.
And why stop with yourself?
Make this idea reach your friends who do last minute tax planning and don’t know what happens to their investments or parents who know only about traditional instruments which provide less tax efficient or inflation efficient returns or to someone around you who you think need financial literacy the most.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.