We all have dreams and one day we want to make them come true. Most people’s dreams remain just dreams because they do not take the right steps to achieve them. But financial planning ensures that we are taking steps towards our dreams and in the end, it will bring us closer to our dreams and helps us make them come true.
Buying a house is the goal of most people in this country. They have to save money for their children’s education and marriage and accumulate money for their old age. But how many people are able to save enough money for all this? Very few people meet this criterion. Therefore, I will discuss about investment instruments so that people can achieve their goals.
For those who want to save money to buy a house, their investment also depends on the time period in which they want to buy a house or reach their goal.
If he wants to buy a house in the next 5 years, then he can invest in equity diversified scheme of mutual funds with SIP for the next 3 years.
You can start investing. When you reach close to the target, you can transfer that money to debt fund or liquid fund. Finally, the amount saved can be used to buy a house.
If he has to buy a house within the next 3 years, then it can be invested in bank deposits or hybrid debt funds. People who want to save money for their children’s education and marriage can consider all these investments. Their investment also depends on how much money they need and in how much time.
If they want to ensure that they get money for their children’s education and marriage on time, they should invest in insurance. If you need more money and cannot afford the premium of an endowment policy, then you can invest in a diversified portfolio scheme of equity and debt.
While investing, one should keep two things in mind. First, the investment should give a fixed return and second, the investment should beat inflation. Only then can a good retirement portfolio be created.
The financial planning process makes you work towards your goals and invest regularly and in the process makes you rich. Start investing to become rich.
Khushal Chand N Devera (The author is a certified financial planner.)
Leave A Comment