Not having an emergency fund is one of the top financial mistakes that IT professionals make. An emergency fund is a place where you park at least six months of expenses that helps you to tackle any uncertain situations such as job loss. Liquid mutual funds can be a good option to park your emergency fund.
A high percentage of outgoing EMI means less money for investments for life goals. Moreover, unsecured debt can also adversely impact your credit score.
Buying a house is considered a sign of financial success. As work can take you places, buying a house in this current globalised environment may not be the right option. Moreover, it is not a liquid asset, and the sale of a home may take years.
Retirement is the last thing on everyone’s mind. However, it is more certain than anything else. Don’t make the mistake of postponing retirement planning to your 50s. Because of the year-on-year inflation, retired phase can be an expensive period if not planned properly.
Last but not least, the mistake that IT professionals make is banking on free financial advice. While bankers may give free financial advice and products to invest, it may not be aligned with your financial goals.
PrimeWealth gives more than just investment advice. From budgeting, to cash flow, to savings, to debt management, to estate planning, to risk management, to tax planning, we do it all !