Youngsters have thought about saving for the rainy days but are not experienced enough to identify the good investment from dud one. If only they spend time, effort and money to increase skills and knowledge needed.
Step 1: The link IdiotsWayToWealth is a short (about 30mins) free online movie made for Indian young investors.
Step 2: A cartoonists view in 118 words is available here
Step 3: Link the goals to savings.
Step 4: Save and invest based on how much time your goal is away:
- Short Term – 1 to 3 years: Short Term Debt Funds
- Medium term – 4 to 7 Years: Combination of Debt and Equity Funds with Debt portion being higher
- Long Term -8 to 14 Years: Combination of Debt and Equity Funds with Equity portion being higher
- Very Long Term – 15 years or more: Equity Funds
For important financial decisions, you can also consult a qualified (CFP/CWM), and experienced (at least 5 years) financial planner/advisor.
Source: Quora