We have established that achieving financial goals is possible through thorough planning and judicious allocation. The next obvious questions are how to invest money and where to invest money. Here are some actionable steps you can take to ensure you make the best use of your money:
- First things first, your assets need to be diverse and easily accessible. Too much of your financial resources stacked at one area, whether it is business, kids or property will only lead to sticky You need to diversify your assets across investments with varying levels of liquidity so that some funds are always readily accessible as and when required.
- As time and life stages change, so do your goals and priorities. Stay open to the idea of revisiting and rearranging your financial assets so that your financial portfolio is in sync with the new goals and priorities. For instance, a big apartment in the center of the city was a great idea when children were growing up, and you needed space for guests, networking, accessibility to good schools But post-retirement, it can be financially burdensome. Do not hesitate to reinvest in something more fruitful and suitable to this stage of your life.
- As your priority and goals change don’t be afraid to rework the purpose of your asset as well. For example, the large house we talked about in the above point can be put to good financial use and part of it can be rented to generate a regular stream of income.
- Here’s how you diversify: keep your mutual funds, National Pension scheme, Provident fund, Digital Gold, Unit Linked Insurance Plans and PF accounts active. Make sure you put a little sum aside under Systematic Investment plans provided as investment options by Finserv MARKETS. These can contribute to the investments in your secondary goals even if they are not substantial at present. NPS will meet the demands of old parents later, and SIP can contribute to the child’s higher education.
- Regular investment in shares, gold, property is useful when you have a surplus. However, when you have limited resources, it is imperative that you dive into each investment with a specific purpose. An example would be creating a travel fund so that you can afford that fancy vacation, instead of burning your surplus on unnecessary expenses.
Money is a limited resource. Thus, you should invest it where you can reap the benefits and achieve the larger financial goals. Impulsive decisions will take control out of your hands, whereas when you assess and understand the multiple investment options, you can make more judicious use of your money. Thus, Bajaj Markets can be the ideal transparent & trustworthy platform to facilitate you in achieving your financial goals.