Here's how to make your life's journey easier with smart investment portfolio

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It is said that the best time to start saving and investing is as soon as you start earning money.

Once settled, you will have to decide on how and which financial instruments to invest upon. (Image Source: Shutterstock)

Everyone lives his or her life differently, and all have complex feelings about money, so investment choices are highly personal and unique to each person. However, even though everyone's stance toward investing in money is distinctive, most investors share similar circumstances and stages throughout their life. 

It is said that the best time to start saving and investing is as soon as you start earning money. Having a disciplined saving habit can widen the wealth gap over the years. You can have a disciplined savings habit by having a sought-after investment plan for your financial years. Based on the life stage you are in; you will have to decide what your needs are and how comfortable are you are with taking risks.

Once settled, you will have to decide on how and which financial instruments to invest upon. A smart investment portfolio and help you achieve more throughout your life’s journey. Here is how you can do it:

When you are a bachelor

During the starting of your career, you have zero financial dependencies. Hence, you can start your journey of having a robust financial plan by saving up a portion of your salary amount at banks by opening a fixed deposit or recurring deposit. Though, for a better financial outlook, it’s essential to make long-term investments since, at this early age, you can have a high-risk appetite.

You can invest in instruments like UPLIs, Mutual Funds, Bonds, PPF (Public Provident Fund) and a lot more. It is also beneficial if you diversify your investments and have a better and secure financial portfolio. Insurers like Max Life Insurance provides you with comprehensive and diversified investment options to choose from that will help you enjoy your present with low-cost premium and help you secure your future.

One of the main concerns that you must consider after getting married is saving money for medical emergencies. After all, savings is all about protecting your family from any crisis that can affect them. The best way to cover your spouse and family is through adequate health insurance.

 There are reputed insurers like MaxLife Insurance that offers comprehensive health insurance to protect yourself and your loved ones from the rising medicinal services cost by providing liquid fund for medical emergencies. Other than this, you must also invest in financial instruments like Mutual Funds, Real Estate, Debt Instruments for better savings and wealth creation.

When you get married

One of the main concerns that you must consider after getting married is saving money for medical emergencies. After all, savings is all about protecting your family from any crisis that can affect them. The best way to cover your spouse and family is through adequate health insurance.

 There are reputed insurers like MaxLife Insurance that offers comprehensive health insurance to protect yourself and your loved ones from the rising medicinal services cost by providing liquid fund for medical emergencies. Other than this, you must also invest in financial instruments like Mutual Funds, Real Estate, Debt Instruments for better savings and wealth creation

When you decide to start a family

Let’s say you are 35 and expecting your first child.  With a new mouth to feed, you should be ready for all the little costs that quickly add up. Hence, you'll need to decide how to balance out your savings to account for the added expenses of a child. Additionally, when you are starting a family, the primary goals that will come up will be - child education/marriage, wealth creation, and retirement.

At this life stage,since your financial dependents increase and hence, you’ll need to invest in financial instruments that provides you the potential to produce income. Moreover, with the time you’ll also need saving when your child will be entering college. For such circumstances, your growth and wealth creation most certainly needs to change accordingly to your risk tolerance.

Therefore, with popular insurers like Max Life Insurance, you can invest in financial instruments like health insurance, life insurance, ULIPs, and child plans to cover up the additional expenses when you start a family.

(Image Source: Shutterstock)

When you prepare for retirement

It is crucial for you to have a fixed source of stable income post-retirement since at this stage of your life, you would want to reap your investments. Post-retirement, you need an investment instrument that will help you enjoy the luxuries of retired life. What you can do to is tide over this is to get is a monthly income plan with monthly payouts. The staggered payouts can help you help with the basic things so that your family doesn’t have to worry about them consistently.

 There are various monthly income schemes like ULIPs, retirement plans, online savings plan, and so much more. Additional to taking care of the financial security, a monthly income scheme ensures that in case of any crisis or death your family can take care of even the smallest needs, like grocery, ration, and utility bills.

*Disclaimer: This is featured content. No Deccan Chronicle Group journalist is involved in creating this content. The Group also takes no responsibility for the content.

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