Believe it or not, almost every young salaried person today dreams of being his/her own boss someday. There’s no doubt that Indian youth are inclined towards becoming independent and running their own ventures.
In fact, by 2020 India is expected to become home to 11,500 startups employing more than 250,000 people as per NASSCOM.
But the fact is that many people hold onto their jobs because it guarantees them a monthly check. The rising cost of living coupled with other financial responsibilities leaves them at the mercy of their demanding jobs; and in such a scenario becoming your own boss can be a daunting thought.
Being your own boss, however, doesn’t have to be an impossible feat. You can still write your own destiny with intelligent planning. Not all ventures need huge personal financial investment, but for the ones that do, learn how to save and invest wisely. You shouldn’t waste your hard-earned savings on frivolous expenses but at the same time shouldn’t skimp out on things you really need. For instance, it might be worth it to make a monthly investment in a unit-linked insurance plan (ULIP) to not only help you achieve your investment goals, but also instill financial discipline that’s needed before you become your own boss.
Here’s an example of Karan Kapoor, a 30-year-old banker with a monthly salary of Rs. 80,000 who moved to being a business owner in just 10 years. He was able to do this because he invested in well-thought-out financial instruments like a ULIP by allocating Rs. 12,500 every month to the plan.
Karan is a typical single millennial with EMIs, household expenses and is not very different from you and me when it comes to his lifestyle choices. After working for almost five years, he realized that corporate life was not his cup of tea. He ardently believed that he had the ability to start his own financial advisory firm one day. Fast-forward 10 years, and today he’s living his dream.
Here’s a glimpse of his journey from being a banker to being his own boss:
Being your own boss is a matter of just believing in yourself and taking the right financial steps at the right time. We all have certain responsibilities which hinder us from living out that personal dream. But with a little investment in the right ULIP we can reap the combined benefits of both life insurance and investments made in money markets. Through the power of compounding, investments in ULIPs offered by insurers like HDFC Life provide better returns over a longer time period. This enables you to see tangible growth, giving you the ability to design the life you choose, just like Karan did.
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