OneInsure Blog
Post By Mohit Mishra
Top Secret Ingredients You Need to Succeed with Investments
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Top investment strategies, financial planning
Everybody wants to get rich, and everybody has different ways to get there. While direct investment in stocks is preferred by risk-takers, investments in bonds, cash, gold, or real estate
Have a Financial Goal
Would you like to lose 5kg or 25kg? Would you like to scale Mount Everest, the highest peak in the world, or Kalsubai, the highest peak in Maharashtra? Achieving anything requires a clear, realistic goal. Goals are what keep pushing you forward in life. One might feel directionless if there is no set goal. It is important that you set a clear goal ahead of venturing out to pursue your financial dreams. If you do not, it is likely that you will break your investments (for example, your mutual fund or your FD) before the intended term.
Explore and Research
Brands market their products well these days and it is easy to follow the pack and do what everybody else is doing. However, we suggest that before you settle for any investment scheme, ensure you conduct thorough market research and choose an investment tool that is customised to your needs. Remember that what your neighbour has invested in may not be ideal for you. Mutual funds are the perfect example of this.
Currently, MFs are being marketed very well by those who profit from it. It is all over visual media, social media, and even print media. Hence people blindly go for MFs without realizing that there is a far superior product out there that just isn’t being marketed well – Unit-linked Insurance Plans (ULIPs). Both mutual funds and ULIPs invest your money in the same equity and debt instruments, thus the gains are the same. However, ULIPs come with the added advantage of life cover and tax exemption along with several other interesting benefits. Read here to know how ULIPs are a superior investment option to mutual funds.
Reach us to know more about ULIPs using the contact details mentioned at the end of this article.
Be an Active Investor, Not a Sleeping Investor
Once you have invested your hard-earned money, keep an eye on how your investments are performing. Keep in touch with your fund manager or financial advisor. Also, keep away from rumours. Pay attention to only genuine sources.
To ensure our customers do not get carried away by market rumours, we have recently launched a WhatsApp financial-smartness service through which we cut through the clutter and share only razor-sharp market insights. We also answer any finance-related queries right there on WhatsApp. Simply send “Start” through WhatsApp on 98202-25238 and you’re good to go!
Be Patient
Rome was not built in a day. Nor is a sapling watered once grown into a tree the next day. Don’t dig into your investments before maturity. Let them grow to yield better results. We all know the magic of compounding, which is referred to as the 8th Wonder of the World in finance circles. Let compounding benefit you too.
In times of emergency, you may desperately want to withdraw from your mutual fund, surrender your policy, or break into that FD. Refrain from doing so. Instead, create a separate fund to take care of your hospital and other financial emergencies. Experts suggest one must always have an emergency fund that is 6 times one’s monthly salary in a separate account that remains untouched except in emergencies.
Keep Your Family in the Loop
Oftentimes, the family members of an investor have no idea how much of a corpus their loved one has built over the years. If you’re intending to pass on your wealth to your loved ones after you, let them know well in advance or prepare a will. This will solve many disputes later.
Smart financial decisions today can resolve financial troubles for a lifetime. Make sure you make smart money moves for a better tomorrow – for yourself and your family. If you have more queries, we would love to hear and answer them. Reach us right away by emailing at support@oneinsure.com or calling 86559-86559.
