Things you must know before entering in your 30s | CA Rachana Ranade
Summary
TLDRIn this insightful video, CA Rachana Ranade discusses five common financial mistakes to avoid in your thirties. She emphasizes the importance of planning as a couple, taking insurance early, and not splurging due to peer pressure or emotional reasons. Rachana also highlights the significance of balancing career aspirations with family life, advocating for a holistic approach to life that includes personal hobbies and 'me time'. The video serves as a guide for those in their thirties and beyond, aiming to prevent financial pitfalls and promote a well-rounded lifestyle.
Takeaways
- đ Financial planning is essential at any age, not just for those in their 30s.
- đ The importance of planning for the future, including travel and investment goals, is highlighted.
- đ« Couples should align their financial goals and work as a team in all aspects of life, including financial planning.
- đ The video emphasizes the need for couples to discuss and plan for their children's future and retirement together.
- đ A 'homework' assignment for couples in their 30s to write down their aspirations, dreams, and goals is suggested.
- âł The significance of taking out insurance early in life is underscored, with examples of how premiums increase with age.
- đ° Adequate insurance coverage, ideally five to six times annual income, is recommended for financial security.
- đ The distinction between buying a car out of necessity versus for show-off purposes is discussed, with advice on making wise choices.
- đž The dangers of splurging money due to peer pressure or emotional reasons are pointed out as financial mistakes.
- đšâđ©âđ§âđŠ Spending time with family is crucial and should not be neglected in the pursuit of career and financial success.
- đĄ The script concludes with the idea that life should be holistic, balancing career, family, and personal time.
Q & A
What is the main theme of the video by CA Rachana Ranade?
-The main theme of the video is to discuss five common mistakes to avoid in one's thirties and the importance of financial planning.
Who should watch the video according to the speaker?
-The video is not only for those in their thirties but also for people in their twenties, those who have passed the age of thirty, and even older individuals to reflect on their past financial decisions.
What is the importance of planning in all aspects of life as mentioned by CA Rachana Ranade?
-Planning is crucial in all walks of life including exams, career, and finances to ensure goals are met and to avoid potential problems that may arise from lack of planning.
Why is it important for couples to plan together according to the video?
-Couples should plan together because they are a team, and working as a team in all aspects of life, including financial planning, helps to align their goals and avoid conflicts.
What homework does CA Rachana Ranade assign to couples in their 30s?
-The homework is for couples to sit down and write down their aspirations, dreams, goals, plans for their children's future, and retirement plans, emphasizing that it should be a joint planning effort.
What is the significance of starting an insurance cover early in life?
-Starting an insurance cover early in life is important because it can significantly reduce the premium amount one has to pay for the same coverage amount as they age.
What is the recommended amount of insurance coverage according to the video?
-The recommended amount of insurance coverage should be five to six times an individual's annual income.
Why did CA Rachana Ranade choose not to own a luxury car?
-CA Rachana Ranade chose not to own a luxury car because she does not feel the need for one given her living situation in Pune, where a scooty is a more practical means of transportation.
What is the difference between spending and splurging according to the script?
-Spending is done within limits, while splurging is done beyond limits. The 50/30/20 rule can help differentiate between the two by allocating a budget for needs, wants, and savings.
What is the 50/30/20 rule mentioned in the video?
-The 50/30/20 rule is a budgeting guideline where 50% of income is allocated for essential expenses, 30% for non-essential expenses or luxuries, and 20% for savings.
Why is it a mistake to splurge money just to keep up with peers?
-Splurging money to keep up with peers is a mistake because it often leads to financial strain and can prevent individuals from investing in assets that truly matter, such as education or retirement.
What is the importance of spending time with family as discussed in the video?
-Spending time with family is important because it contributes to a holistic life experience and prevents individuals from solely focusing on career and financial gains, which can lead to regrets later in life.
What is the Warren Buffet quote mentioned in the video about unnecessary spending?
-The quote is, 'If you buy things that you do not need, soon you will have to sell things that you need,' emphasizing the importance of avoiding unnecessary spending.
Outlines
đ Embracing Financial Planning in Your Thirties
The speaker, CA Rachana Ranade, introduces the video's theme of avoiding financial mistakes in one's thirties. She emphasizes that the advice is not exclusive to those in their thirties, but also valuable for younger viewers as a guide for the future and for older viewers as a reflection on past decisions. The importance of unified financial planning within couples is highlighted, with a call to action for couples to align their financial goals and aspirations. The video also touches on the importance of planning in all aspects of life, not just finances.
đ The Importance of Timely and Adequate Insurance
This paragraph discusses the significance of obtaining insurance coverage early in life and the financial benefits of doing so, using the example of the varying premiums for a one-crore insurance cover depending on the age of purchase. The speaker also stresses the need for adequate insurance, ideally five to six times one's annual income, and shares her personal experience of increasing her insurance cover after thorough research. Additionally, she introduces Ditto, an insurance platform offering free consultations to help select the most suitable policies.
đ° Avoiding Unnecessary Luxury Purchases and Peer Pressure
The speaker addresses the topic of luxury purchases, distinguishing between buying out of necessity and buying for show. She provides examples of when purchasing a car is justified by necessity, such as for health or work reasons, and warns against buying luxury items beyond one's means. The paragraph also covers the dangers of spending due to peer pressure or emotional reasons, and the importance of understanding the difference between spending and splurging. The speaker advises against falling into the trap of unnecessary spending and emphasizes the importance of financial discipline.
đšâđ©âđ§âđŠ Balancing Career, Finances, and Family Life
In the final paragraph, the speaker emphasizes the importance of balancing career ambitions with family life. She shares her personal efforts to spend time with her family despite her busy schedule and warns against the common mistake of prioritizing work over family during one's thirties. The speaker encourages viewers to lead a holistic life that includes time for personal hobbies and self-care, and not just focus on career and finances. She concludes by inviting viewers to share their thoughts on the video and to explore additional resources on wealth-building and saving.
Mindmap
Keywords
đĄFinancial Planning
đĄNew Year Resolution
đĄInsurance Cover
đĄAdequate Insurance
đĄTerm Plan
đĄ50 30 20 Rule
đĄPeer Pressure
đĄSpending vs. Splurging
đĄDilbert Principle
đĄHolistic Life
đĄWarren Buffet Quote
Highlights
The importance of financial planning for individuals in their thirties and the relevance for those outside this age group.
The need for couples to align their financial goals and work as a team in all aspects of life, including financial planning.
The assignment given to couples in their thirties to write down their aspirations, dreams, and goals for better financial planning.
The significance of taking insurance cover early in life and the financial benefits of starting insurance at a younger age.
The concept of adequate insurance coverage, ideally five to six times of one's annual income.
The personal experience of increasing insurance cover and the importance of due diligence before subscribing to an insurance policy.
The introduction of Ditto, an insurance platform for reviewing existing policies and selecting the most suitable insurance plans.
The personal choice of transportation based on practicality and avoiding unnecessary luxury spending on cars.
The distinction between buying a car out of necessity and buying one for show-off purposes, and the financial implications of each.
The importance of calculating the risk-return ratio when considering luxury purchases for business or personal satisfaction.
The warning against splurging money due to peer pressure or emotional reasons, which can lead to financial mistakes.
The explanation of the difference between spending money within limits and splurging beyond them, following the 50/30/20 rule.
A quote by Warren Buffet emphasizing the consequences of buying things that are not needed.
The importance of spending time with family and not prioritizing career and earning over personal relationships.
The advice to look at life from a holistic angle, including career, family, and personal time for hobbies and self-care.
Invitation for viewers to share which mistake resonated with them the most and to share the video with friends.
Links provided for viewers interested in learning about ways to get rich and top three ways of saving.
Transcripts
Oh my god! I have become such a pro in financial planning you know Â
ah amazing my new year resolution is perfectly working out
hey hi! uh this Sunday where Imagica?
let me check my calendar yeah yeah just a minute
Hey folks CA Rachana Ranade here and I welcome you all to another interesting video which is about Â
five mistakes to avoid in your thirties but then who should watch this video should it Â
only be those people who are in their 30s? I feel my answer is no, okay those who are in Â
your 30s you have, to watch it those who are in your 20s or even below that maybe you can still Â
watch it and you can then try and understand that what is not to be done when you go in your 30s Â
and those who have already crossed the 30s maybe are in your 40s 50s or 60s or whatever Â
you can just look back into your life and check whether you have done these mistakes or not Â
if you have let me know in the comment section so that I can go through them.
Look at Mrs. Ranade what plans does she have for this year Â
um investing in shares um investing in PPF uh how much in FDs um okay this much in bonds Â
I think that should be sufficient and now have a look at Mr. Ranade travel, Â
travel to Switzerland US UK oh my god that's like shopping and traveling around the world.
So I believe that planning is required in all walks of life be it planning related to your Â
exams or planning related to a career or planning of your finances, remember what happened in the Â
previous section of the video well Mrs Ranade had her own goals and Mr Ranade had his own goals Â
so what was the big problem? problem was that both were on different pages, Â
in fact I have seen many friends of mine who are couples and they have their own thought process Â
they have their own set of financial planning now the problem is that if you are a team Â
then ideally you should work as a team not only in specific aspects of life but in all aspects of Â
life including financial planning, so what is the solution? solution I am giving you homework all Â
the couples in your 30s I am giving you homework, today sit down and write down what are your Â
aspirations? what are your dreams? what are your goals? and if you have kids what have you thought Â
about their future? right, what are your plans for retirement? it should not be individual planning Â
it should be a couple planning, so always remember that failing to plan is equal to planning to fail, Â
so don't forget to do your homework and let me know in the comment section when you finish your Â
homework. I am sure that when you heard this thing of you know sitting together to plan your finances Â
you might be like she this is so awkward you know sitting down and planning your finances Â
but I have given you homework now so do you have any choice no you have to do it and there is one Â
more thing which people feel that is very awkward what see see look at this you watch my videos but Â
you don't subscribe to it so what is the problem just click that subscribe button it's free.
get set go
Like starting the race on time was important similarly starting your race of life on time Â
is also equally important so I am talking about taking an insurance cover early in your life, Â
do you know there is a big difference that can be created just by starting on time let me give Â
you an example, if you want to take an insurance cover of one crore at the age of 21 versus at the Â
age of 31 versus at the age of 41. cover is same one crore only but have a look at the amount of Â
premium that you will have to shell out if you start late if you start early at the age of 21 Â
then your premium is going to be 833 rupees only for an amount of one crore rupees cover, Â
if you start at 31 then your amount is going to be 1250 and your premium amount will jump up to 1833 Â
if you start at the age of 41. I hope you have understood the importance of taking Â
an insurance cover on time but is that the only important aspect no taking an adequate insurance Â
is also equally important. Now how much could be an adequate insurance ideally it should be Â
five to six times of your annual income, now recently I increased my insurance cover I took Â
out another insurance policy which was a term plan and of course I did my due diligence uh I Â
looked out at all the different aspects of the insurance policy and then I subscribed to the Â
that insurance policy but you know there are many people who just subscribe to any insurance Â
policy just because their agent tells them that that is the best policy for them and then many Â
times they regret because they then understand oops that was not a relevant policy for me. It Â
will be amazing if someone actually tells you all the positives and negatives of your policy right Â
and exactly that's what I love about Ditto, Ditto is an insurance platform backed by Zeroda and you Â
know to get a feel of the free consultation I myself booked a slot with them and even I got Â
to know a few finer aspects about my own insurance policy like death due to adventure games is also Â
covered in my own policy so not only do they review your existing policies but they also Â
offer you free consultation to help you to select the most suitable health insurance as well as the Â
life insurance policy, I think this is what makes them stand out in the entire crowd so to Â
book your own free consultation call, You can just check out the link in the description box below.
yes
You might be like what Rachana, you finally went out on a scooty pep okay to be really honest I Â
really don't own a Mercedes I don't own an Audi I even don't have a Jaguar right so uh the reason Â
is pretty simple I am not crazy about cars it's not about can I afford these cars or not okay Â
it's just that I don't feel that's my requirement right now okay, where I stay in Pune and where my Â
office is there in Pune it's very crowded so even if I were to buy an Audi or a Jaguar I Â
think rather than enjoying the pleasure of sitting in that car and driving that car I would be like
I will be more you know panicked about the situation on the roads so I don't want that, Â
that's why I feel that the place where I stay and office scooty is the best Â
means of transport for me right. Now if I talk about others who all really buy cars there Â
could be two reasons why they are buying cars right possibility number one is their need and Â
possibility number two could be kind of a show-off okay we're coming to both these points. First one Â
it's a need assume that there's a person who is working and his workplace is almost like 15-20 Â
kilometers away from his place of residence there is no bus facility that person has some backache Â
then he might say that just for my health also and my mental well-being I need to have a car. Â
Is that a financial crime no that's a necessity I can say, maybe that person has old parents at Â
home and they need just in case if you know there is some medical emergency he wants that even at Â
midnight I should be able to safely carry them wherever to a clinic or to a hospital Â
and again I will say that will be a need of that person. Now please understand his scenario assume Â
that his salary is 50,000 and he says it's my need I need to buy an Audi that is wrong that Â
person should buy a car but it should be within his budget okay if he's buying cars Â
which with a heavy EMI that person will be losing out on unnecessary assets he will not be left with Â
a lot of money to save in real assets to invest in real assets right so I hope you have understood Â
the difference when there is a need for a car but which car is to be chosen makes a big difference. Â
Second one can be kind of a show off but again I am saying show off don't take it in a negative Â
sense each and every time okay possibility number one, that person is in a business Â
wherein you know it does matter what kind of dressing you do, what kind of cars you you travel Â
in okay so if that person is in that business I know this is not correct that you should not Â
be judging a person by what he wears how does he travel but unfortunately that is the truth so that Â
person should analyze for himself that just if I carry a Macbook, I go in an Audi and I wear all Â
the branded clothes and if I were to go to close a deal if I am able to do that how much money Â
will I get versus how much I am spending on these luxurious assets right it's a proper risk return Â
ratio that you have to calculate what is the risk what is my return which is possible right, so this Â
show off sometimes I believe is doable right, second show off a person might say I genuinely Â
love cars buying a Hyundai car or buying a Honda car or buying an Audi whatever that is my dream Â
and assume that a person has actually very systematically saved 30 percent of his earning Â
if you remember 50 30 20 rule 30 goes for luxury he has saved 30 percent for three straight years Â
and he said that yes that's my dream and then after three years after doing a lot of sacrifices Â
this person buys this car I think it is an achievement for him okay, Â
so how have you planned it like you remember in the pre-bumper did he take out that money from Â
his saving and utilize it in the car that would have been wrong but if he had kept that in his Â
proper luxury asset buying fund and then bought it that would have been correct right. Finally Â
what is the wrong show off just to drive a car when that person is not in a need, when he really Â
doesn't you know uh have that much salary but he just wants to show off by singing Lamborghini
oh
huh
You know you also might be having such rotlu category friends that every time they'll keep Â
on comparing, no I only have iPhone five or six my friend has iPhone 13 I am shopping at Toshiba Â
my friend is shopping in Dubai, I am going only to murshid my friend is going to Switzerland, Â
such rotlu category friends what they do just keep on comparing okay and they tend to splurge Â
money just to keep up for the peers just to because of the peer pressure Â
they'll be splurging money is that a big money mistake answer is obviously yes, Â
before we move on to what is the mistake I would like to clarify what is the difference Â
between spending money and splurging money. Generally ideally spending is done within limits Â
and splurging is done beyond limits in Marathi we have a classic equivalentÂ
should you be spending money should you be splurging money just because of peer pressure Â
no that is a big money mistake that you can do, I think this money mistake has got nothing to do Â
with your 30s it can very well happen in all ages right, second why would you tend to splurge money Â
it could be because of emotional reasons as well, there are many many girls I know they'll they'll Â
say that I am feeling very low today I will shop and I will feel better okay that can be one reason Â
why this plus, again bad thing to do right, in fact I have talked about this and what could be Â
a solution for this in my top three savings video whenever time permits do watch this video as well Â
right. Third thing why would people splurge money because they get tempted because of the Â
existing offers like we have a personal loan for you we have excess credit points for you, we have Â
shopping coupons for you it is a great shopping festival, all these things are just to lure you in Â
for the shopping experience for you to spend more and more. Okay so one basic thing is shopping bad, Â
is spending bad nope it is not bad at all if and only if you are following the 50 30 20 rule, Â
if you are still not really aware about what is 50 30 20 rule again you can go and check this video Â
of mine so if you're spending within limits within your 30 and 20 uh limits then that is absolutely Â
fine. So I would just like to end up this section by stating a Warren Buffet quote which mentions Â
that ''if you buy things that you do not need soon you will have to sell things that you need''
Remember what Marlon Brando said in the film godfather ''because a man who doesn't spend time Â
with his family can never be a real man'' ,I am sure you might be like Rachana what happened you Â
were talking about money traps and all of a sudden you have been talking about this family thing what Â
happened? you know this is exactly the mistake that many people make in their 30s they believe Â
that 30s is the time to work hard 30s is the time to make their career 30s is the time to make Â
money and if time permits then spending time with your family is what comes at the end or as a Â
secondary thing. don't you think that I am working hard don't you think I am earning money don't you Â
think I am making a career but still at least I am trying my best to spend time with my child, Â
to spend time with my husband, to spend time with my family and with my friends Â
so I believe that life should be looked at from a wholistic angle and not only from one Â
angle of earning money you know you might come across many mothers who will say that Â
when they are in their 50s or when they are in their 60s they would always say this that was
I never understood when my child grew up and I don't want to say that, that is the only Â
reason why I make it a point that I do spend some time with my family members as well, Â
it's said very beautifully that ''too much of anything is nothing'' so don't concentrate Â
only on your career as I mentioned try to make it a wholistic life don't only spend time with Â
your family members spend time with yourself, as well so I think the me time as a concept is Â
very important develop a hobby for yourself as well because 30s is the start of your Â
true career your true life let that not be the only focus point in your life
Well let me know in the comment section which mistake did you resonate with Â
the most and if you found some value in this video don't forget to share it with your friends, Â
if you also want to know what could be the way to get rich you can click here and if you want Â
to know top three ways of saving you can click here till then take care, Jai Hind and bye bye.
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