It is not without reason that people say “being first improves the chances of success”. In order to be successful in life one needs to start as early as possible. This applies to everyone including NRIs. The Indians who are based abroad might be earning hefty sums from their professions but without proper monetary planning, they just can’t secure the future. Importantly, the planning has to start at an early stage to make the most of your savings. So, let us understand the benefits for NRIs to start financial planning early.
Invest Early & Reap Maximum Benefits
The jobs are increasingly turning tricky and opaque and pink slips have become commonplace these days. So, if NRIs put investments on hold for too long then they won’t be able to save enough when the lightning strikes in some form in their lives. By investing early and for a long time, even if you are earning a meagre sum you can fatten your bank balance to survive well during testing times. So, NRIs should not sit on their monthly earnings for too long as the future is very uncertain.
At A Young Age, Risk Aversion Will Almost Be Zilch
The best time to take the risk with your money is when you are young as opportunities to invest are infinite. As you age the risk aversion will intensify so it would be imprudent to risk losing a big amount. At a young age, NRIs can also opt for volatile domains like equities or shares even if the possibility of instability is high as they would be having the freedom of a long rope. And eventually, they can make a substantial sum after a reasonably long wait. These privileges will not be available for NRIs once they cross middle age.
Get The Best Option To Save On Tax
Last-minute frenzies regarding tax planning don’t give you the desired results as they end up as mere desperate rescue exercises or, at best, damage control measures. These can never be the best saving options when it comes to your tax. But if you start tax planning early you get the time to choose the ideal one from the myriad options. Resultantly, NRIs won’t face any anxiety and the Fear Of Missing Out (FOMO) will also be negligible.
Saving Early Can Be Handy During Tough Times
Nobody should think he or she can walk on the path paved with roses forever. At some point or the other, they are bound to confront thorns and hard rocks on their way. Similarly, NRIs should always be mindful of crises at some point in life. For the same, it is better to start saving early so that they don’t have to borrow money when faced with certain difficulties. They should, in fact, take a leaf out of the book of ants who preserve a lot of food underground for winters, when food is usually unavailable.
