If there’s one thing that 2020’s taught us, it’s that finances should not be taken for granted. It’s a wake-up call to start investing wisely, so that you can fall back on your savings during emergencies.
If there’s one thing that 2020’s taught us, it’s that finances should not be taken for granted. It’s a wake-up call to start investing wisely, so that you can fall back on your savings during emergencies. Time to brush up on investment basics/ hacks. Here we go!
Everything Is Automatic – Your Investments Should Be Too
What does this mean? You devise a plan to get the most out of your money without manually putting in the effort every time. This requires a fair amount of skill and precise execution, but it really isn’t rocket science. It’s as simple as making sure your SIPs go out a day after your salary is credited every month.
A slightly advanced level would be knowing for sure when a particular recurring deposit matures and making sure that a day after the payout, it automatically gets transferred towards a Fixed Deposit where it’ll make more money now. You get the basic idea, don’t you? Talk to a financial advisor or just learn it yourself – it isn’t all that difficult.
Additional Reading: 5 Investment Options For Your Emergency Fund
Surrender One Thing
If growing your investments without a change in income is the plan, then you have to cut corners in your own life. What is that one thing that you spend considerable money on and isn’t doing anything to really enhance the quality of your life. Give it some time and think.
Do you have a hobby that is just making you hemorrhage money but isn’t bringing any joy or profit? Stop it right now! Just that one thing and invest all that saved money. Money in the bank is worth a lot more than something you don’t even use.
Strategise
Harness the power of the internet and come out wise and wealthy. Yes, seeking financial advice is ideal but it might cost you a good chunk of change. All that money could be used to invest. Lots of experts are giving free advice and tips on practical investments – one quick YouTube search and you should be golden.
Also, why not talk to friends and family who may have already trodden the path you’re about to take. It’s nice to make your own mistakes but not if it costs you money. Learn from them and start off like a pro. Also, make use of free websites which offer a ton of knowledge including ours. <Wink>
Additional Reading: A Step-By-Step Guide To Making Your First P2P Investment
And To Sum It All Up
It’s not that difficult to make your money work for you. It’s also not cool to be naive about finances, especially in this highly-competitive world. You will finally be able to switch from working for your money to making your money work for you! It doesn’t matter if you start with Rs. 100 or Rs. 1,00,000. The important thing is to get started now and just apply everything you’ve learnt from this awesome article. You’re welcome:)
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