Getting rich is not an easy task. You need planning and strategies. Have you started your plan and yet to see results? You can try these goals and become wealthy for sure. Although it is most people’s fancy to get wealth, money, and prosperity, only a few can achieve the dream.
Set Financial Goals
Putting your financial goals in small, achievable targets should be the first step towards having a sustainable future. You have an option of defining your financial goals, and then, splitting them into weekly, monthly and yearly targets, in that sequence. Being specific about your financial goal (s) will assist in mapping your set expectations, in other words, it will help you in measuring your fund's performance precisely. Only when you want to see your money grow, can you define- how much should happen in a month and- how much is set to increase in a complete year. You will then look for maximising your return through the right investment avenues.
Invest according to the goals set
Like aforementioned, if you have set your financial goals, the next step will be to choose from a given variety of options for savings and investment. There are various schemes, some are necessary, like a health insurance policy, which will directly benefit you to attain your long-term financial goals.
Let us take, for example, a health insurance plans. While on the face of it, health insurance plans may seem like an expense, but, it is a necessity today considering the high medical treatment cost. Therefore, the different types of health insurance plans are a must to save your income and be able to spend on your health wisely and judiciously. It helps you keep your income in the long-term.
To see your money grown, ULIP is a very workable option. A ULIP plan is for compounding your returns in the long-term. A ULIP plan is investment + Insurance Cover. Through this investment, the insurance company will direct your funds in equity-based schemes, and at the same time, it will also provide you with an insurance cover, to ensure the release of funds in case of untimely demise of the insured. This way, the revenue benefit is assured to the investor. Considering that a ULIP plan has a minimum of 5-years lock-in period, it is a very sound investment if you wish to see your funds grow considerably over time. Any investment related to the market lacks volatility. If you let the funds rest for a long duration, you will enjoy the multiplied returns at convenience.
Start Thinking Like a Millionaire
To dream big, one should ideally start thinking big. If you do not have a significant target, then you are not bound to let your money grow. It is essential to think like a millionaire before you even become one. Only then you will feel motivated and self-driven to explore the world of investment and look forward to making huge sums of money out of smart investments. It is important to carefully map your fund's performance and be in sync with associated factors such as the present and the future economic scenario, market-led inflation, depreciating the value of money, and projected growth. Once you have a command on the fund's situation, you will feel like a millionaire in the market.
Think Long Term (Cite example of top investors who always preach long-term investment for better returns)
Depending upon the risk appetite, one should ideally choose an investment portfolio. You can attach risk assessment to both short-term and long-term market growth. Additionally, there are tax benefits associated with investment in stocks through select market-linked investments.
Delhi-based investment consultant Tamanna Varma seconds that. She adds that ELSS funds are your best bet to have a comprehensive investment portfolio since it is a tax saving fund and has a minimum lock-in period of 3 years. In this duration, the investor feels neither too tempted (when the market shoots up), nor too nervous (if the market situation is not too favourable).
It is good enough to inculcate investment discipline in individuals.
Similarly, the expert advice on ULIPS reads that it is a safe, long-term investment for two reasons. a) to inculcate market-led investment discipline and b) to maintain a cost-efficient investment portfolio since the charges on ULIPS are nominal.
To become rich and more prosperous, one needs meticulous planning and continuous work. Investing your money is perhaps the most critical thing to do, and one can achieve it through vigilance, ground-work and professional advice. Stay up to date with the investment volatility and investment news. You will always have an investment-edge if you are personally informed and careful in your overall approach.