Outlook Money
Retirement planning takes effort and consistency as well as discipline to stick to your budget and investment cycle for a safe future. Take the following steps.
Save 40-60 per cent of your income, especially in your 20s and early 30s. Cut lifestyle inflation by avoiding expensive gadgets and using budgeting apps to track your spending.
To make money work, a person needs to diversify across asset classes and consider robo-advisors or digital investment platforms.
High-interest loans, particularly credit card debt, can negatively impact early retirement. Prioritize repaying education loans to avoid EMI traps and consider the "Debt Avalanche" method.
Retiring early involves reducing need and focusing on financial freedom. Minimalism involves renting instead of buying, upcycling instead of upgrading, and travelling smartly with budget airlines and off-season hacks.
The gig economy offers Gen Z easy access to extra income through freelance work, content creation, drop shipping, and tutoring.