Recovering lost ground
Choose the right job
If you want to earn more, don’t choose a job that pays more but one that helps you create wealth. Such a job gives you access to wealth creation tools and benefits like company loans, stock options and decent retirement packages. Look for a company that provides you provident fund, gratuity and superannuation benefits.
Get adequate insurance
When you are trying to make up for the lost years, you cannot take as much risk as others. Insure yourself against unforeseen events like death, disability, disease, and loss of/damage to your assets like car, house and other valuables. Make a realistic assessment of the risks you face and then opt for low-premium policies with high-risk cover to avoid high regular obligations.
Take a loan
After risk coverage, your next priority should be asset acquisition to space out your cash outflows. Most goals like buying a house, children’s higher education and marriage, and retirement have to be reached in a short span of time. It is better to take a loan to achieve these goals as paying in EMIs is far better than facing huge payouts close to or after retirement.