Most of the salaried people live from paycheck to paycheck. From the day we get our first job, we dread the thought of retiring unprepared. It is wise to be prepared for financial uncertainties of life whether its retirement or any crisis. Someone once wisely said, you have to spend money to make money. Yes, saving as well as investing money is the best way to ensure financial security. Investing money is easy but getting juicy returns out of your investments is a tricky affair.
When we think about investing money, our mind is bombarded with a number of questions like – Is it too late to invest? Will I be ready for retirement on time? How much shall I invest? Where shall I invest? The list of questions have no end. Therefore, today we give you some simple but smart tips which will help you become an expert investor.
If you haven’t started investing money yet then don’t think twice and make your first investment today. If you start investing early in your career, you will have several years to keep investing. You will have a chance to retire young.
Write down when you want to retire & all things you want to do after retirement on a piece of paper. Frame it and place it on your workstation in front of your eyes. It will always remind and motivate you to spend less and save more.
The value of money depreciates with time and future is uncertain. So it’s important to be prepared for any possible expense you may incur post retirement. Always keep a track of your assets and forecast your future expenses. This will help you in achieving your financial goals.
This is the golden rule for financial success. Irrespective of how much you earn, you must always keep some money aside as a saving. Personal budgeting on a personal basis will help you a lot in your goal to save more.
This is a well-known rule of investment in share market. Investing in equity can comes with great benefits but at the expense of high risk. However, if you invest wisely, you can minimize the risk. Never invest all your money in one place.
There are several investment avenues which can help you save taxes and offer reasonable returns with negligible risks. ELSS, PPF, Sukanya Samriddhi Scheme, tax saving fixed deposits, post office time deposits are some of the popular tax saving investment plans.