The experience of COVID-19 pandemic has given all the millennials a realisation that managing finances is of utmost importance. Especially with the lockdowns on, delay in salary, change is life style, change in work style, as well as change in spending style, everyone is directly or indirectly thinking about how one can manage finances better.
The lockdown has reduced the travel expenses, restaurant expenses, as well as most of the miscellaneous expenses. This has resulted in a blessing in disguise for many who never could control these expenses before.
What has this crisis taught us?
– Need to have a contingency fund
– Medical/hospitalisation insurance is mora than mandatory
– Diversification of portfolio is a must
– Surplus saved has to be invested across assets
– Will needs to be made once you approach age of 60
– A passive source of income or any other secondary source of income is ideal