What is More Important a New Smart Phone or Your Future Goals?

Rohan (28) wants to buy a mobile with all the latest features and technology. “I don’t want to settle. Especially when there are so many options available with the latest features.” He said to his mother.

Rohan’s sister added, “As we constantly upgrade our lives, it naturally calls for owning the latest mobile phone. Applications, Pictures, Videos, Gifs that keep gushing in from the several contacts and Whatsapp groups that we are a part of, make us cry out the universal desire of young people across the world – “We Need More Space”.

Our mobile phones have become a natural extension of us. They carry our entire world in their tiny metal bodies and make our personal and professional lives so much better. It shouldn’t surprise anyone that 4 out of 10 Indians want to change their mobile phone every year. This alone proves what an important part these gadgets play in our lives”

Just during the conversation, their mom interrupted, “The urge to satisfy our need to buy a new phone every year usually leads to an unbudgeted purchase as it is difficult to predict when we would need a new phone and what would be the cost?”

Sometimes this urge becomes stronger. After consistently buying a phone in the range of 10 to 15 thousand rupees every year for the last few years, this time we decide to celebrate that new job with a fat pay hike by buying a phone worth Rs 50,000”

Rohan said, “We certainly deserve it, don’t we? Even though it seems crazy!”

“Yes, really crazy! At the age of 28 and your sister 30, you are still stuck to buying a new mobile when you know that inflation is rising equally than the data being consumed by one’s smartphone. And what can be crazier than this? It would be buying an expensive phone INSTEAD of saving for the future.

A mobile phone may satisfy you today but it’s surely not a reward that you would want to gift yourself for working so hard.

Let your salary earn for you!

Rohan then said, “ How is that possible?”

His mom replied, “ It’s possible if you invest that amount.”

She continued,” Look for an investment plan that will provide you with good returns in the future. The power of compounding creates magic when you invest. You can consider investing in Unit Linked Insurance Plans which is also known as ULIPs as they would also provide you with tax benefits and a life cover. In fact, I just came across an ad of Edelweiss Tokio Life Wealth Plus where the company actually rewards you by investing with you in the form of premium boosters which will increase over the years! What could be better than this? They also have zero allocation and policy charges. They have an option of being flexible where you can switch between their high rated funds so you need not worry much about your returns since most of the funds have performed well in the past. It also lets you invest monthly so it makes it sound more like a systematic investment plan. Edelweiss Tokio Life Wealth Plus looks like a single plan with multiple benefits.

As you will grow in your career, you will need tax saving investment plans and according to me, ULIPs are the best investment plans in India and you should consider them.

Rohan replied, “Sure, mom. Thanks for your guidance; I will consider investing in this new age investment.”

Rohan’s mom was successful in convincing Rohan but what about you? Are you planning to buy a new gadget before investing your money?