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Savings, Investment Patterns, And Financial Planning for Early Retirement and Wealth Creation: A Comparative Study Between Salaried Employees and Business Persons, Case Study of Ranchi District
Authors
Shivam Kumar,Dr. Jyoti Ignace Tete,Dr. Ajay Kumar
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Keywords
Financial Planning, Early retirement, Wealth Creation.
Abstract
In this developing economy, proper financial planning has become an essential for attaining financial independence in long run. Savings, investments and strategic financial planning play a vital role, helping individuals to achieve financial stability thought successive wealth creation and early retirement. However, individuals may differ in these factors on the basis of their occupation depending on their source of income, level of awareness, knowledge etc. This study focuses on understanding and comparing, saving and investment habits followed by these groups i.e. salaried employee and business person. The main objective of this research is to examine how individuals belonging to these two groups manage their finances. Identifying their approach towards wealth creation and early retirement. As salaried employees have a fixed regular income, which allow them to follow a disciplined saving and investment pattern. On the other hand, business person relies on irregular cash flow, which heavily influence their saving and investment behavior. This study helps us to conclude valuable insights, finding areas of improvements. The research study highlights the importance of financial planning in order to attain long-term financial independence and goals. In this modern era, individuals are still unaware about the structured financial plan, which eventually affect their financial stability in the future. Rallying on old traditional approach will eventually make an individual financial unsecure in the growing economy where inflation rates are on peak. Thus, the study also aims to increase knowledge in order to attain long term sustainability. The research is based on primary data collection form respondents form Tier II city, Ranchi district including people of both groups i.e. salaried employee and business person. Data is collected from a structured questioner through online survey from google forms and personal interviews.
The finding of the study is likely to be expected as salaried employee rallying on more stable and disciplined savings and investment habits, while business person may prefer investments option which may incur high risk and return. Overall, the research study focuses on the need of better financial awareness among people belonging from all the groups of the society. Suggesting the people should adopt to different and balanced approach of saving and investment in order to achieve their financial goals. And the study will be useful for individuals, financial advisers, policymakers in adopting better financial practices and improving financial security in the region.
IJCRT's Publication Details
Unique Identification Number - IJCRT2606394
Paper ID - 310403
Author type - Indian Author
Page Number(s) - d567-d582
Pubished in - Volume 14 | Issue 6 | June 2026
DOI (Digital Object Identifier) - https://doi.org/10.56975/ijcrt.v14i6.310403
No Of Downloads - 116
Author Country - India, 835217, Ranchi , Ranchi , 835217, Commerce All
Publisher Name - IJPUBLICATION | www.ijcrt.org | ISSN : 2320-2882
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Shivam Kumar,Dr. Jyoti Ignace Tete,Dr. Ajay Kumar, "Savings, Investment Patterns, And Financial Planning for Early Retirement and Wealth Creation: A Comparative Study Between Salaried Employees and Business Persons, Case Study of Ranchi District", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.14, Issue 6, pp.d567-d582, June 2026, Available at :http://www.ijcrt.org/papers/IJCRT2606394.pdf
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ISSN: 2320-2882 Impact Factor: 7.97 and ISSN APPROVED Journal Starting Year (ESTD) : 2013
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ISSN: 2320-2882 Impact Factor: 7.97 and ISSN APPROVED Journal Starting Year (ESTD) : 2013
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