Harnessing the Power of Saving and Compounding for Young Earners As young professionals stepping into the exhilarating realm of earning, the journey ahead promises not just the opportunity to shape your careers but also to pave a path toward financial independence. Embracing the power of saving and understanding the magic of compounding can transform your financial future. Here’s a fundamental guideline, often referred to as the 50-30-20 rule, that can help you navigate your finances wisely. The 50-30-20 Rule of Thumb This simple yet effective rule can help you manage your finances effectively from the get-go: 50% on Needs: These are your essentials. From rent and groceries to utilities and transportation—half of your take-home salary should be allocated here. 30% on Wants: This portion is for your lifestyle choices, including dining out, hobbies, and entertainment. It's your reward for the hard work. 20% on Savings: The final slice of your financial pie should be direc...
My name is Ashok Kizhepat I weave together stories where my ideas intertwine with the cadence of the generative transformer creating something that feels surreal and new