Your 20s will probably be the most eventful decade of your life…. & drastically different from the previous one.
I am in my mid-30s, & I have come to believe that a lot of what you do in your 20s will set things up for the rest of your life.
Here are things I wish I did in my 20s:
1. BUILD BETTER RELATIONSHIPS:
In both professional & personal lives, the depth of relationships is really important. And I didn’t put in enough effort towards that.
There are people I wish I had better relationships. Started working towards this in recent times.
2. INVEST IN EQUITIES:
Like a lot of conventional orthodox families, stock market was considered something to be stayed away from. And my money stayed in banks (& FDs).
I started investing in equities at 31. And I can tell you that is really late.
3. LEARN NEW SKILLS:
I was so consumed in what I was doing, that I didn’t focus on learning a new skill… or building a new expertise.
I wish I had.
Today, skills will open more doors for you than degrees.
4. FOCUS ON MENTAL HEALTH:
There used to be no discussions around mental health.. It wasn’t taken seriously, many times it still isn’t.
But mental health can make or break everything else in your life.
Am glad more conversations are happening around this topic now.
5. FOCUS ON PHYSICAL HEALTH:
While I was always conscious of maintaining a healthy lifestyle, it is easy to get swayed.
Took my physical health for granted. This should never happen!
6. TRAVEL:
All travel in my 20s was restricted to work-related travel.
Realised the power of traveling & exploring much later…
You should gather experiences more than materials.
Now I travel extensively every year.
7. WRITE:
I took up writing only in the last couple of years, but it has already helped me in many ways.
Writing has helped me gain so much clarity of thought.
Writing in any form is fruitful, could be a journal, a blog or even Twitter / LinkedIn posts.
8. CONNECT BETTER WITH PARENTS:
We tend to have complicated relationships with our parents. I did too & I never understood it fully.
I wish I spoke to them more when I was away, spent more time with them & told them I love them more often.
9. SWITCH OFF FROM WORK:
I was so caught up with work & the hustle that I didn’t pay any attention to life outside.
Irrespective of age & profession, I think there should always be a work-life balance.
There is much more to life than just work.
10. BUILD STRONG SALES SKILLS:
I believe, we are all sales people. We are constantly selling- our work, our performance, our skills, our efforts..in some capacity or another.
I started off as a Sales Executive but after roles changed I didn’t focus on it as much as I should have
11. HAVE SPECIFIC GOALS FOR BOTH SHORT & LONG TERM:
My goals were vague & not measurable. This resulted in me being either dissatisfied or clueless at times.
Having specific measurable goals is key to staying focused .. & not wandering into different directions.
12. BUILD ADDITIONAL INCOME STREAMS:
I was dependent solely on salary. Never bothered about another income. Reality hit when the company ran into financial stress & no salary came in for months.
Life seemed to fall apart.
Build a second income… or more.
13. EVALUATE ANNUALLY:
Whether at a job or with regards to personal finance, you need to re-evaluate various aspects of your life periodically….. & work on changes as required.
Analysis is needed, else you won’t know when you actually need course-correction.
14. STAY GROUNDED:
We work hard, to achieve things. When we see success, it is easy to get carried away… And this is when you become arrogant & lose focus.
This happened to me too, & it took me a while to get back. One of my deep regrets…. Lessons learned.
15. READ BOOKS:
I would rarely read. Thought I didn’t need to… But I realised later that irrespective of genre / theme, books have the power to help you in more ways than you know.
Creativity, focus, communication are some areas where you can benefit immensely.
16. DO NOT COMPARE:
This happens.. and quite a lot.
In the quest for validation we are easily influenced by what others are doing.
But each one’s journey is different.
Comparing with others will do more harm than good. Tread carefully. And stay away from FOMO.
17. KEEP YOURSELF UPDATED:
Whatever field you work in, ensure you are aware of what’s happening in that field globally.
The world is moving really fast, stay abreast.
18. HIRE A CA:
Money management will always remain an important part of your life. And you need the right advise/guidance…
I have seen how helpful it has been for me..especially with compliance & taxation.
You don’t necessarily need a CA as soon as you start earning…. But you will surly need once you have taxable income & decent savings.
19. GIVE BACK:
We are so focused on ourselves that we don’t think about those who aren’t as privileged.
Whenever possible, help others. It doesn’t have to be monetary.
20. SEEK HELP:
We are afraid of judgement or scared of sharing when the situation isn’t going in our favour.
But if you don’t have a solution, I request that you seek help from people you truly trust… a friend or a mentor, to help you navigate.
Don’t go into a shell pls.
I took too much time to implement these in my life, wish I’d started earlier.
What are your thoughts?
END.
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Section 80C is probably the easiest & most important tax saving channel for those early in your career.
The current Financial year is coming to an end. If your annual income is even a rupee above 5 Lakhs (incl all sources), you need to know & understand 80C.
1. WHAT IS 80C?
A section of the Income Tax returns where you mention investments which will be EXEMPT from any income tax.
This means that if the investment is eligible under 80C, you do not have to pay any income tax ON THAT AMOUNT of your earnings.
The no. of individual investors in Indian equities has seen a major increase since 2020.
In FY21 alone, 142 Lakh new investors started investing in the stock market.
The share of individual investors in the NSE’s total turnover has grown from 39% in March 2020 to 45% in mid-2021.
This is a phenomenal jump in just a year.
If you’ve just landed your first job or recently started earning, Congratulations!
And welcome to the world of “Income Tax”.
While you’ve always been paying indirect taxes - while going to the movies, dining out, etc… now you will have to share a part of your earnings / revenue with the govt.