The journey to wealth in your 30s resembles the Indian train ride, with different people travelling in different classes, based on their savings. According to a 2022 survey by Moneycontrol, the average savings of most 30-year-old Indians is approximately INR 1.5 lakhs. But the journey differs based on income, location, and lifestyle choices. Urban dwellers typically save more than rural counterparts, and higher income earners out-save those with lower incomes.
Top reasons driving this savings journey include:
1. Homeownership, akin to securing a confirmed ticket for the long journey of life.
2. Marriage, like a festive destination, is another key reason. With high wedding costs in India, saving early is prudent.
3. Starting a business is another motivation, like detouring to an exciting, self-chosen route.
4. Contingency savings, preparing for unexpected breakdowns on the journey – medical expenses, car repairs, or job loss.
How do people get there?
Most people secure their savings in their journey through:
1. Fixed Deposits, a safe sleeper coach ensuring a guaranteed interest rate.
2. Recurring Deposits, like regular ticket check-ups, allowing setting aside fixed amounts each month.
3. Mutual Funds, offering diversified, scenic routes promising long-term growth.
4. Insurance, acting as the safety net against unforeseen hurdles.
Starting your savings journey early gives you ample time to reach your destination. With Jama Wealth, the seasoned travel companion, we can help navigate your financial train on the right track.
