Peer pressure is one of the more important things in the lives of most millennials. Photos of vacations, electronic gadgets purchased, fine dining moments, bikes - all make good ‘facebook posts’. In most cases, many keep planning towards the idea of how to be ahead of their ‘friends’. Buying the right gadget before others get it, going to more exotic vacations before others post their photos of their visit to that destination, is the thing to do. Here are five money steps you need to take. If you have already taken them, you are ahead of most other millennials financially.
Have your emergency fund in place
Do you have an amount equal to at least six months of expenses in a bank fixed deposit or a liquid fund? If yes, you have created an emergency fund. “If you lose your job, the emergency fund comes to your rescue till you get another one,” says Tanvir Alam, Founder and CEO of Finkart.com. Job jumping is common among young employees. Often one decides to take up a full-time short course and quits the job. Emergency fund can be of help in such situations.
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