From GenZ to Millennials, the concept of saving and building wealth is a crucial aspect of personal finance. Edelweiss CEO Radhika Gupta offers valuable advice on how much one should save during their 20s, 30s, and 40s to achieve financial stability and security.In your 20s, it is essential to develop a habit of saving and investing, even if it’s a small amount. Gupta suggests that individuals in this age group should allocate at least 10% to 20% of their income towards savings and investments. This amount may seem modest, but it lays the foundation for long-term wealth creation.As you enter your 30s, your income is likely to increase, and so should your savings. Gupta recommends saving around 30% to 40% of your income during this decade. This significant increase in savings will help you build a substantial corpus and make progress towards your long-term financial goals.In your 40s, you are likely to be at the peak of your earning potential, and your savings should reflect this. Gupta advises individuals in this age group to save at least 50% to 60% of their income. This aggressive savings strategy will enable you to accelerate your wealth creation and make significant progress towards achieving your financial objectives.Gupta’s advice emphasizes the importance of starting early, being consistent, and increasing your savings over time. By following this approach, you can build a strong foundation for wealth creation and achieve financial stability and security throughout your life.

Radhika Gupta, the CEO of Edelweiss Mutual Fund, has written a book called Mango Millionaire, in which she emphasizes the importance of saving in achieving financial success. She compares saving to net practice in cricket, stating that just as a player cannot enter a game without practicing, an investor cannot succeed without mastering the art of saving. Gupta believes that savings are the foundation of financial success, and that it trains discipline, while investing is where goals are scored and wealth is built.

Gupta introduces the 10-30-50 savings rule, which is a methodical approach to accumulating wealth. According to this rule, individuals should aim to save 10% of their salary in their 20s, 30% in their 30s and 40s, and 50% in their 40s and beyond. She notes that beginners should start small and expand gradually over time, and that expenses such as retirement and children’s education should be taken into account.

To make saving easier, Gupta suggests the “Savings Deducted at Source” (SDS) hack, which involves automatically routing a portion of one’s income to savings instruments such as SIPs, RDs, or FDs before it can be spent. She believes that this approach can help individuals develop a habit of saving and make progress towards their financial goals.

Gupta also emphasizes that the practice of saving is more important than the amount of money saved. She states that initially, forming the habit of saving is more important than the percentage of money saved, and that habits beat amount when it comes to achieving financial success. The book, co-authored with Niranjan Avasthi, provides practical advice on budgeting, saving, investing, debt management, risk, and taxes, and aims to enable people to take control of their financial future.

Overall, Gupta’s book emphasizes the importance of saving and provides a practical approach to accumulating wealth. By following the 10-30-50 savings rule and using the SDS hack, individuals can develop a habit of saving and make progress towards their financial goals. The book is a crisp guide to smart financial planning, and is relevant to individuals of all ages and income levels.