How To Make  A Personalised Investment Plan

Guide To Make Your Personalized Investment Plan

14 Aug 2019
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With appropriate investment plans, you allow your wealth to grow over time so that you can benefit from the financial rewards in the future. However, for the investment plan to work in your favor, you need to carefully assess different investment options available in the market and choose the one suitable for you.

This article is your go-to guide for making personalized investment plans. So, let us begin by understanding the importance of having a sound investment plan.

 

Benefits of Investment Planning

 

Following are three significant benefits of investment planning.

Define Your Financial Goals

People usually begin an investment plan to achieve specific financial goals. Hence, if you are well-aware about the goals that you want to accomplish shortly, you can choose the appropriate avenues and strategies to fulfill them.

Defining your financial goals, like saving money for a big purchase or growing your retirement funds, is one of the most crucial parts of investment planning. With this, you will be able to look at the bigger picture when assessing different investment plans.

Gain High Returns

There are several investment plans available in the Indian market. Hence, you should choose a program that offers you reasonable returns and benefits. Your financial needs are bound to change over time, depending on the economic conditions, investment trends, and other factors.

When it comes to investment planning, it means that you have to carefully assess all the factors that are likely to impact your current as well as future returns. Usually, you should invest in a plan that will deliver high returns and help you build your wealth.

Create a Comfortable Plan

Investment planning means that you can develop a plan that helps you grow your wealth most comfortably. Not only you will be able to digest the risk involved in the investment plan you choose, but you will be able to put aside money for other new investments alongside securely.

With smart investment planning, you will be able to achieve your financial goals without disrupting your current way of living. So, make sure that you develop a plan that not only you are comfortable with but also helps you achieve your financial goals in the set timelines.

 

Tips To Make an Investment Plan

 

Making a personalized investment plan is a little more than just creating an investment account. To make sure that a personalized investment plan works for you, you will have to understand where you financially stand at the moment and what you plan to achieve with the said plan.

In case you do not have a plan yet, don’t worry! You can create one anytime and begin accumulating quite a considerable corpus for your future.

Here are a few tips to make a personalized investment plan.

Make Savings

If savings were a numerical equation, this is how most people observe it –

Income – Expenses = Savings

If you are among the people who think the same, then you have got it all wrong. Basically, you are prioritizing your expenses over your savings. To deal with this, all you have to do is rearrange the equation, like this –

Income – Savings = Expenses

Here, you are prioritizing your savings over your expenses. In other words, it means that the moment you receive your salary, you are first diverting it towards the investment plans that you have chosen and spending the remaining amount on necessary items.

Make A Budget And Stick To It

When you decide on a budget, you are most likely to spend less since you are aware of your spending habits. Hence, you tend to spend on things that are essential instead of making unnecessary expenses. Establishing a budget will help you keep your finances in order. It also enables you to forecast which months your finances might be tight and work things out accordingly.

When setting a monthly budget, first set the aim for your savings. When it comes to budgeting effectively, you will have to learn self-control. You cannot spend everything as you will be left with little to nothing by the end of the month.

Focus On Goal-Based Investing

Goal-based investing is nothing but listing down a few financial goals that you plan to achieve shortly. Your goals can be anything, from funding your dream wedding, buying your dream house, supporting your child’s education, or growing your retirement funds.

Develop a time frame within which you plan to achieve the said goals. For instance, you are planning to buy a new car in the coming year, a new house in the next five years, save for your child’s higher education in the next ten years, and plan your retirement in the next thirty years.

Hence, you have to look for investment options that help you achieve your goals in the set timeline.

Know The Right Investments For You

When you are choosing an investment option, make sure that you are taking into consideration your current financial situation, your risk appetite, timeline, and tax position. For the long-term financial goals, you can take a little risk through equities. However, for the short-term goals, you can choose both fixed-income investments and equities.

Nowadays, you can choose investments as well as financial protection for your future. Products like ULIPs (Unit Linked Investment Plans) fulfill both the requirements.

 

Why Invest In ULIP Plans?

 

Some of the long-term financial goals like funding your dream wedding and supporting your child’s educational future can be managed with the help of ULIP plans. In fact, some of the highlighting ULIP benefits are multiple fund options, partial withdrawal, tax benefits, and policy term options.

 

Are you wondering where you can find ULIP plans in India?

 

In that case, get in touch with us at Finserv Markets. The Bajaj Allianz ULIP plans at Finserv Markets offers dual benefits of an investment plan along with life insurance policy. The ULIP returns are reasonably high, and we assure you transparency in the entire process.

So, why wait? Apply for Bajaj Allianz ULIP with us, right away!

Also read about difference between ULIP and mutual fund to choose your best investment strategy.

Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!