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Your bonus could speed up your wealth creation process
Published On , 14 Jun 2019 By ET Wealth
ONE SHOULD AVOID THE TEMPTATIONS TO SPEND ALL OF THE BONUS MONEY AND INSTEAD SHOULD INVEST WISELY
A good six- or sevenfigure credit entry into your bank account is always a reason to feel great about oneself. However, such entries__ usually the annual bonus during this time of the year__also tempts one to go on a binge spending. But is that the best way to use your bonus?
Ask any financial planner or advisor, they’ll tell you that one should never indulge into binge spending with the annual bonus, or for that matter any windfall. Rather there are several ways to invest it or use the money for long term gains. Here are some of the wiser ways to use your annual bonus.
TOP UP YOUR SIP BY 10-15%
You could make a lump sum investment into your monthly SIP in the fund of your choice. Alternately you could invest the money into a Liquid Fund and then set up an STP so that each month a fixed amount goes into your already running monthly SIP. Both these investments have the potential to speed up the process of long term wealth creation.
START A NEW INVESTMENT
If you already have SIPs in place, you could ask your financial advisor if it was a good idea to start another one in a slightly risky fund. If such an investment meets your risk profile, you could start one through the STP process to speed up the process of long term wealth creation.
ALLOCATE TO THE ELSS
You can make a lump sum investment in an ELSS so that you are already ahead in fulfiling your section 80C obligations under the Income Tax Act. This way you’ll not have any worries about meeting your Tax Savings towards the end of the fiscal year.
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