Salary 15 – 20 million/month to spend without “savings” still have money to save
The issue of personal financial planning is always associated with different goals and preferences of each person. To lead a relaxed, stress-free, or rich financial life, you still need to ensure some basic financial management principles.
With this salary and goal, Financial expert Kim Lien is currently the Founder of Amy Advise – Personal Financial Advisor The specific route you recommend is as follows:
Step 1: After receiving salary, immediately use 2 million into the reserve fund
Single women U30 will often have a lot of shopping needs, don’t think about risk issues, even think it’s not necessary.
However, now is a good time to start these plans. Because the most obvious benefit is that after having a family with more things to spend, you will not be too pressured. Even if you want to invest in real estate, stocks, or take out a loan to buy a house, buy a car, etc., you can rest assured because there are risk funds available for you that won’t affect your investment portfolio. loan in any worst-case scenario.
The reserve fund will include an emergency fund for use in times of emergency. You gradually deposit each month when receiving salary until 3-6 months of spending, then stop. The next step will be to buy an insurance policy. The reasonable level to participate in insurance for this age is about 1 month’s salary (equivalent to 8% – 10% of income/year). You divide the money evenly over 12 months to accumulate, at the end of the year have enough money to pay, the financial burden will be lighter.
Step 2: Use 3 million in retirement fund
Ms. Kim Lien calculated that if this single person starts saving 3 million/month from the age of 25 to the retirement fund, the 50-year-old will have an amount of 2.8 billion. This amount is based on the average rate of return of 8%/year, continuously deposited without withdrawal for 25 years of existing pension funds on the market.
By age 50, you had 2.8 billion in retirement deposits. You can withdraw this amount and save it with an interest rate of 5.5%/year at the bank, you will withdraw 16 million/month for the next 30 years.
This amount is enough to help you comfortably spend on living until the age of 80.
It’s never too early to prepare yourself for life in retirement. In fact, your pension income can only cover about a third of essential expenses, so it is wise to plan and implement a retirement fund at a young age.
The remaining 10 million will be spent like this
So with the remaining 10 million, you can use it to spend as follows:
– 8 million for essential spending. Includes food, accommodation, travel expenses and utility bills such as electricity and water.
– 2 million for personal projects. Can be used to invest in yourself to continue to increase your income, save to buy a house, buy a car or travel to experience.
– DO NOT take a loan to buy an apartment with a high loan ratio, up to 60-80% of the property value, the monthly repayment cash flow is not suitable for the income level, the debt repayment pressure is very high when you have to sell cheap houses.
– For U30s, the insurance fund and retirement fund are very essential, need to be the first priority because in the event of an accident or illness, if no insurance is available, it will greatly affect existing assets. When you are old, there is no longer any active source of income, the retirement fund is what helps you to live in 20-30 years of old age if you do not want to have to rely on your children. So these two goals should be considered essential before all plans to buy a home, buy a car or other consumption.
– You should get into the habit of assessing what is necessary, in line with your life values to give priority to it, instead of following the trend, what you want and then when you experience it, you find it inappropriate. waste a lot of time and money.
at Blogtuan.info – Source: Afamily.vn – Read the original article here