We all know that Rome was not built in a day. Likewise, everything worthwhile requires time. Starting early allows you to make the majority of your investments and investing is a discipline in itself. Most of us aspire to earn wealth and reach millionaire status. So starting early is the key.
If you start while you are young, you will have a much higher chance of becoming wealthy and letting your fortune grow as you age. Early retirement from the workforce is a desire for many in their twenties. Making a retirement plan requires controlling one’s present and future spending.
Let’s take a deep dive into it:
Invest in commercial real estate
As a person in their 20s aiming to become wealthy in their 30s, commercial real estate may be your best option, according to Ankit Aggarwal, MD, Devika Group. Commercial assets, including offices, stores, warehouses, and other similar properties continue to be solid investments since they may produce consistent rental revenue. Higher returns are produced by commercial properties. According to Ankit Aggarwal, Grade-A office space may easily produce an average yield of 6–7%.
Retail units are a secure investment option with yields of 8–9%. As a result, he continued, investing in commercial real estate can be a good early investment option.
SIPs
The best way to quickly see your investment double or triple in value is through systematic investment plans or SIPs. According to Amit Gupta, MD of SAG Infotech, this investment should start as soon as a person becomes 25 and starts to make money. When implemented early and consistently throughout time, SIPs can produce large savings that would be challenging to achieve manually.
Public Provident Fund or PPF
PPF is another sensible choice. A PPF account is a Public Provident Fund account that offers low-risk and fixed-interest payments over time. It also offers tax benefits. Additionally, your PPF account qualifies for full tax benefits, which means that your investment, interest, and lump sum payment at maturity are all tax-free.
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