No matter whether you are in college or have just started working, this blog is for you. Here you will learn the benefits of investing, and why doing it an early age is rewarding?
Why invest early? If you invest early, you get more returns. The money invested is less. risk is minimum and returns are good. Whereas if you do it later, you not only have to invest more, but the risk is also high, moreover the chances of making a good profit are confusing.
Time plays an important role in investing. Money invested earlier will yield much more return than invested later. It is not always a money making money, sometimes time also makes money. Investing is something, many don’t prefer doing.
Earlier, it was complicated but now technology has made it easier and anyone can do it. Investing is not only about Shares and Mutual Funds, there is more to it. Here we have mentioned 3 of them. I am not a professional but have done a lot of research to bring this topic to you. For more knowledge and before investing, you should always talk to a professional.
Don’t take unnecessary loans
Yes, avoid them, if not needed. Loans like Education loan is good, they have low interest. But avoid other kinds of personal loans. Don’t take it to a car or house, if it’s not an emergency. These are important but try to avoid it as much as possible. People often take it, due to Society and Peer pressure and they spent the rest of life paying for it.
For example, after you passed college and start earning, you are bound to be attracted to bikes, cars, and the luxury of life. But, you should practice discipline and think twice before buying them.
A Good Insurance Plan
Life is uncertain and the future is unpredictable, that is why insurance is needed. There are many companies and plans in the market, Choose the ones that meet your criteria and before applying for it, go through a detailed study of the company and its policies.
Life and Health Insurance are very important and everyone should do it. Investing your money here not only secure your life but also give you a good return. Also, f you are young, you can get maximum coverage in health insurance with less premium.
Investing
Let’s make it simple, 20 percent of the salary, you should be investing. Mutual funds and Equity are where you can invest apart from Gold and Real Estate. I know, Investing in stocks requires knowledge and it involves risk, but my friend someday you need to start.
You can always start with Mutual funds, they don’t have many risks as compared to shares. To make it simple, There are different ways where you can invest, and each of them has its benefits and risks, So choose wisely.
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Conclusion
Discipline is the key to success including finances. Make a budget and cut down unnecessary expenses. With the budget, you will know where your money is going and where you can save it. Always remembers “Money invested early and in the right place, gives good returns”. A couple of things like not taking unnecessary loans, and investing in mutual funds and insurance are some things that are always going to help you in your goal towards financial freedom.
Let us know your thoughts about the article in the comment section.
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