In this episode of ‘Learn with RG’ you will learn why it is important to start your investing journey when you are young but still have enough to enjoy your short-term goals.  Key takeaways: ·  Start investing early: The most powerful choice that you can make in your financial planning journey is to start early. When you choose to start early you are choosing to benefit from the power of compounding – something that can help you grow your wealth.  ·  Create a customized asset allocation strategy: Standard asset allocation rules like 100-age for equity allocation don’t really work. Your risk profile is not just dependent on your age. There are several other factors like your asset size, your liabilities, income, etc., which help to determine your risk profile and consequently, your allocation to equity. ·  Everyone needs a contingency fund: Life can be highly unpredictable, a lesson that we all learnt recently when the COVID-19 pandemic hit us. It is during these times that we need to break our investments – something that can often derail our financial planning journey. A contingency fund can help you navigate unexpected circumstances without derailing your financial planning journey.  · There are no thumb rules in life: We all grow up learning several thumb rules which we are expected to follow. However, it is important to understand that you are a unique individual and the solutions that might be perfect for your neighbour may not benefit you apply.  ·  SIP is a very powerful tool: A Systematic Investment Plan (SIP) can help you save money in a disciplined manner and take advantage of both the power of compounding and rupee cost averaging. The best part is that you can start an SIP with as low as INR 500 and increase the amount as your income and ability to save increases. This way you can start your investing journey as soon as you start earning.  ·  Have a bi-focal approach: Enjoy and spend on short-term goals but also continue to invest for the long-term. Often people think that saving means no enjoyment. However, as long as you have a proper plan in place, you can save, invest, and enjoy your savings.