Today in this article we will discuss on Investment Plan or Retirement Plan. I know, most of the people become tensed by reading the word ' Investment Plan' Or 'Retirement Plan'. But I will give you some simple and easy tips.
Most people think that financial planning is not their cup of tea. They do invest in some mutual fund and some Investment in Fixed deposit and thinks that they Secure their future. But in reality, us this enough to secure your future in this fast-growing world? So here are easy but effective methods to secure your future
Savings is the first and obvious step to achieve your goals. But can you do these in the right way? So here is the effective way of saving. We all are suffering due to the COVID-19 pandemic and many people lost their jobs due to these. If we plan wisely and implement that, then we will have a good amount in our bank to pay our monthly expenses without worry even if we lost our job
So my suggestion is, save that much amount which is the expense of six months. For example, let's consider your monthly expense is Rs.25,000. So, you have to save at least Rs.1,50,000 in your bank account so that you don't have to worry for six months and you can easily search for a new job
The trick for saving is, there are many banks which gives you a high rate of interest like Fixed deposit and you can easily withdraw the amount whenever you needed just like saving account. So by these, you can save as well earn some amount in the form of interest
Every person in this world takes the support of loans to achieve their dreams. There two types of loans, the First one is the loan which has a low rate of interest like housing loans where you will pay 8-8.5% and the second is which has a very high rate of interest like Personal loans, where you pay 14-16%
So the second step is to pay all those loans which charge you a high rate of interest. Because most parts of your earnings are responsible to pay the EMI for these loans. So close all these loans as soon as possible
The third step is to ensure your life by choosing the right Life insurance. Take life insurance cover only for those who are earning. A basic rule to choose Life insurance is getting cover of 20 times than your annual salary. For example, if your annual salary is 4 lakh then take the cover of 80 lakh
The second essential insurance is Health insurance. Health insurance is a must forever family member. Take the cover of at least 1 lakh for each family member
Investment is the most important step to fulfill your dreams. There are various types of investments like stocks, mutual funds, gold, real estate
If your retirement is far then you have to invest in stocks. But I know, many people don't have that much knowledge or interest to invest in stocks. So the alternative and best way for investment are mutual funds. Mutual funds give you high returns as compared to other options
Do many people have doubts that much amount should I invest? So, in my opinion, you should invest at least 20% of your earnings. For example, if your monthly salary is Rs.50,000 then you should invest at least Rs.10,000 in any investment
If you are interested in Gold investment then don't go for jewelry. Because there are making charges involved and other issues are involved which lowers the return as your expectations. So the best way to invest in gold is the Sovereign gold bond
Sovereign gold bond is issued by the government that gives you high return as there is no making charges and hidden charges are involved. Also, it gives you 2.5% of returns every year. So it's the best way if you are interested to invest.