Simple steps for a 35 y.o to become rich by 50
Here’s the modified list, removing loans and focusing on non-interest-bearing debt, along with a sample calculation showing the power of saving 20% of income over 30 years with a 13% annual return. 20 Effective & Easy Financial Guidelines for Salaried Professionals Savings & Budgeting Follow the 50-30-20 Rule – Allocate 50% to needs, 30% to wants, and 20% to savings and investments. Pay Yourself First – Before spending, set aside at least 20% of your income for future financial security. Automate Savings – Set up automatic transfers to savings and investment accounts to ensure consistency. Build an Emergency Fund – Maintain at least 6 months’ worth of living expenses in a liquid account. Track Expenses – Use a notebook or or spreadsheets to monitor where your money goes. Reduce Unnecessary Expenses – Avoid impulse spending and unused subscriptions to maximize savings. Review Your Finances Regularly – Assess your financial status quarterly and adjust goals...