Like many young professionals, saving and investing were not high on Ankit Abhinav’s list of priorities when he started working in 2012. The 29-year-old products operation manager spent most of his earning and used credit cards liberally, which left him with very little in hand after all the bills were paid.
On his parent’s insistence, he put small amounts away in fixed and recurring deposits and bought a life insurance policy for tax savings. There was no structure to the way he saved, and his investments yielded very low returns. His biggest mistake, perhaps, was he had no idea that insurance and savings don’t mix.
