If that is added to the mix, you are likely to face a shortfall of money. So, you have to make the most of your money today. You have to save and invest
How to harvest?.
Answer: Systematic Investment Plan (SIP). With an SIP, you can invest as little as Rs.500 every month. Slowly, you can even increase the SIP amounts.
Why SIP and not lump-sum?
What is easier: Setting aside Rs.1,000 or Rs.12,000 The higher the lump-sum amount, the greater are the chances that you may delay the investment. And every year of delays makes you lose out on a lot of returns.
Do's and Dont's:
Don’t worry about large investments. You can start small and increase with salary increases.
Use SIP to build an emergency fund over the years too. This protects your savings.
Invest to save tax through SIPs. Rs.12,500 every month can help you save up to Rs.45,000 in Tax.
Have multiple SIPs in a month of Rs.500 or Rs.1,000 each. Each can be for a different Goal.
Use bonuses and excess income to invest in lump-sum over and above your SIPs.
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