Investment is subject to the need or want and it come regardless of the age group and gender. Money is a fundamental thing to manage and if you can do it with an ease your half job is done in securing your future. Savings are essential and not everyone is master in reserving fund or investing for the better tomorrow. Here future is not confined with you as an individual but the whole as a family. Relying on someone to give a better tomorrow is making fool of you.
It is easier to think of an investment than making it happen practically. Many cannot plan their funds even if they have most of it. Plan your saving, how much to save and then where to invest. Identify your need and objective and then work on the saving part. Track your saving and identify the investment plan you would want to choose for achieving the goal. Always plan a goal based investment depending on the need be it marriage, your children’s higher education, buying second home or retirement plan. Look for a better return on investment along with the monthly or quarterly interest.
Follow the basic 3 step for a right investment plan:
Set a need based goal
Being pragmatic is no harm and setting a realistic and achievable goal is important when you choose any plan for investment. Analyse your wants or desire, put a time frame to achieve and to what level the amount will be invested, and wrong decision may pinch your pocket.
Do your maths for per month saving
Check the income and source that you make many from. If there is fluctuation in the source of income it is better to be safe and investment an average amount than the whole and regret. Calculate the amount you want to be saved and achieve a lump sum in future and draw a chart accordingly.
Choose a right strategy and execute
After you finalise the plan meeting your need and goal, since it’s a long term goal you could choose a high risk investments and for short term low risk investments. Keep the track of the maturity of your investment.
Look for an investment plan and choose a plan to meet your need, multiple options are available in the market as desired. Check if the investment plans are flexible to be changed under any circumstances and play safe in the market. Few factors to be looked while investments are financial situation, period, risk craving and position of tax.