As a young working professional, one of the biggest questions that loom over your head is when do you start investing? So, should you do it in your 30s? Or should you wait till you start a family? Add that doubt to the perception that making an investment is risky or is only for those with a lot of money, and you’ve found yourself in a sticky situation. The solution already looks extremely complicated.

But in all honesty, the answer is quite simple. The time to invest is NOW. Apart from the fact that hiring a financial planner will eventually help you achieve long-term financial security, there are a few reasons that make it a smart move to start investing and planning your finances as early as possible.

• Learning To Work With Budgets

Yes, you read that right, we used the b-word. The dreaded budget that our parents kept insisting we develop a habit of sticking to as teenagers. It was probably hard for many of us to understand the value of making a budget for different activities when we were young. But as we grow older we realize why budgeting is an integral part of the journey towards financial freedom.

Making a budget is simple. Just take your monthly income and subtract it from the sum of all your essential, recurring expenses. Whatever you have left over is what you can allocate to your non-essential expenses or to your investments.

• Staying Out Of Debt

In order to buy assets like a house or a car, it’s highly likely that you’d be going in for a loan. If you start your financial planning journey when you’re young, you have a multitude of advantages when you reach these stages of life.

The first one is that you would have built up a good CIBIL score. This will help improve the interest rates you can get and the total loan amount that you are eligible for. The second is that you would have saved enough money to comfortably put down a large down payment, and as a result of that. pay cheaper EMIs and almost completely nullify the risk of defaulting on any loan.

• Achieving Peace Of Mind

When you see your investments bearing fruit, you will be in a much better state of mind when compared to someone who has not accumulated enough savings and feels more secure about your future. You will stress less about saving for your retirement, having enough money to go on vacations, or choosing a good university for your children’s education.

More than anything else, financial stress can work negatively for you in many spheres of life including maintaining interpersonal relationships at the workplace and at home. Armed with a financial plan, you can prevent many demons from disrupting your journey towards financial freedom.

• Developing Discipline

If there’s anything that you take away from building and sticking to a financial plan, it’s inculcating a stronger sense of discipline and patience. It helps you make smart decisions when making any sort of expenditure and helps you stay aware of your day-to-day habits.

This way you can identify non-essential expenditures easily and work towards removing them and making better life choices as well. You also learn to manage your money and expenses in a much more efficient way.

Getting started with financial planning is easy if you hire a financial planner or a find a wealth management firm. With the right people helping you build your portfolio, you’ll be able to fulfill all your fulfill all your personal goals while getting significant ROI from your investments. If you’re young and concerned about managing your finances, get in touch with IMMPL to find out how you can build a path for a future that you’ve always desired.