Your life savings are infl uenced by your ability to strike a balance between spending and investing. If you learn that skill at an early age, you may end up creating wealth for yourself and your family.
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Dear women, mutual funds are your gateway to financial independence
Published On , 6 Mar 2019 By TT Connect
If you are a woman reading this, you have come a long way from letting others do things for you. You already know the value of being financially independent. If you are a man reading this, do involve women in your house in a conversation about things you learn hereafter. Here’s how Mutual Funds can help reinforce your financial independence:
Your savings are inadequate for your Goals
Women and savings are inseparable. Each one of you might have a secret stash of money. Your Goal might be a new smart TV, a new branded watch, a holiday in the Maldives and many more things. You may have thought that your Savings Bank Account or Deposits are good enough to help you reach your Goals. However, infl ation is your biggest enemy. It eats into them every year.
Mutual Funds can be the vehicle you ride in towards your Goal. You can make a list of your Goals and rank them. You can have a separate portfolio for each of your Goals.
You can SIP it slow
You don’t need a signifi cant amount to invest through Mutual Funds. SIP (Systematic Investment Plan) can be your ideal investment method in Mutual Funds. You can initially SIP slowly. As you get used to investing, and familiar with Mutual Funds, you can raise your investment amount.
You can start your Mutual Fund investments, with an investment as small as Rs.500. You can increase your SIP amount as your income grows. Stay invested in beating inflation from the power of compounding.
You can Diversify
You like your wardrobe to be a mix of ethnic, formal, and party wears. The Goal is to look the best. You pick your dresses based on the occasion and the people you are going to meet. Similarly, your investment wardrobe should be a mix of different Funds. Different Mutual Funds have different risk-return profi les. You can make your combination of asset classes just like your dresses to get the best result.
Have an optimum combination of Equity-based (high return) and Debt-based (low risk) assets. It is a good idea to seek financial advice before taking a decision.
Don’t forget to prepare for emergencies
Jump those career opportunities with confidence. Is relocation on your mind? Are you heading on maternity leave? Do you want to stay financially secure during these career gaps? Then, you can invest in Mutual Funds to plan for emergencies.
Invest in Liquid Funds to stay financially secure during emergencies. Liquid Funds can be your alternative to your Savings Bank Account. Liquid Funds don’t have a lock-in period and can be redeemed anytime.
Make your investment do some multitasking
You always have an eye on discount and smart deals. Here’s your financial independence quick deal! In Mutual Funds, with one Goal, you can get another Goal free. Through Mutual Funds, you can combine different Goals.
Here’s how You can combine your Tax-planning Goal with longterm Goals like retirement planning. That you can do through ELSS (Equity Linked Savings Scheme).
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