Investments are essential for financial planning. They are necessary to meet increasing costs and achieve desired goals. We will discuss achieving financial goals through a monthly investment of Rs.10,000.
Embracing the power of saving and investing is a key step towards financial stability. By starting early, you can take proactive steps to reach your financial goals sooner, putting you in control of your future.
Many people have low monthly incomes. How can they save for the future, and what investments should they make? Let’s find out.
Inclusion of Investments in Your Financial Plan: Including investments in your financial plan is essential. Investing as early as possible is crucial to meeting rising costs and achieving long-term goals. 20-30 % of your income should be invested to ensure good future returns.
Monthly Investment of 10 Thousand Rupees: While it may seem challenging, it’s important to remember that investing a minimum of Rs.10,000 per month is feasible and a significant step towards your financial goals. This should motivate you to take the first step toward financial security.
Here’s how you can invest Rs.10,000 per month:
- Choose at least three equity-oriented mutual funds.
- Invest Rs.2,000 in one mutual fund, Rs.1,000 in another, and Rs.1,000 in a third.
- Allocate Rs.2,000 to the National Pension Scheme (NPS) to build a retirement corpus.
- Open a recurring deposit in the bank to save Rs.2,000 per month for emergencies.
- Allocate Rs.1,000 per month for health insurance and term insurance.
- Considering the associated risks, Utilize the remaining Rs.1,000 to invest in well-performing stocks. Equity investments should be held for the long term.
It is essential to replace any funds accidentally withdrawn as soon as possible. Increasing investments by at least 10% annually can create substantial wealth.
Remember, the information provided here is for educational purposes only. Investments carry risks, so it’s always advisable to seek the guidance of a professional financial expert before making any significant financial decisions. This should give you the reassurance and confidence you need to make informed choices.