On the eve of New Financial year ahead I want to take you to the path which helps you to reach a destination called Wealth. This article is for those who are in the age group of 18 to 45. As it is written particularly by keeping in mind that people would have sufficient wealth in their kitty at the age of sixty. So those who are now running in age of 45 still have 15 years to accumulate wealth. It is also emphasize on conservative way of investment.
Many of us may say that why should we think about our future and create wealth which may not be useful to me if I don’t know whether or not I am going to live till that time. So they will be happy to live in present and therefore they are not serious about this kind of investment way.I partially agree with them with respect to uncertainty about the living under current life scenario. However, my question to this kind of people is what will happen if we live longer than expected? So, that time only this kind of investment which we are going to start now will help us to cover our at least day to day expenses.
So Let’s Begin…
We can start our investment by investing amount as small as Rs.500/- p.m. I think the said amount is manageable to everyone. The following are the ways which are conservative (less risky) mode of investment:-
1. Public Provident Fund (PPF)
It is essentially a long term plan with 15 years of initial maturity with a lock in period of 5 years.
2. National Pension System (NPS)
NPS is also essentially a long term investment product which offers lot of flexibility and choices to investors.
3. Fixed Deposits
This is also a long term and most secured way of investment with a maturity period ranging from 1 year to 3-5 years.
4. Mutual Fund
This is not a conservative in a sense but those who do not want to trade directly into the market and want less risk but good returns compared to other conservative approach can go with this.
5. Medical Insurance
Actually this is not an investment but I considered it as investment only. The reason is that it helps you to recover at the time of health hazards in your family and save lot of your hard earn money.
By investing in above we can able to accumulate sufficient wealth to meet our post retirement monetary needs. Most of us spent lot of money on gifts which are precious for short period of time at the time of Birthdays or Wedding Anniversaries. Rather if we start giving gifts to our close and dear ones by way of starting investments in their name it will be a really great feeling and satisfaction and also fruit full in future.
This article is written specifically to induce you to start thinking on the line of creation of wealth and live your post retirement life with dignity. And therefore I didn’t go in detail of options provided above. Before investing always study at least basics of it so that you will be able to ask questions to your financial adviser. Always take professional advice for your better future.
With this I end this article and request you to let’s start together and give commitment to yourself that in coming financial year I will definitely start with at least one of the investment for my wealthy future.
Have a Wonderful Wealth fulfilling Future !!
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