Handling the finances when you have just started your career isn’t much fun but instead, it carries a lot of responsibilities. Managing the finances involves prudent planning and decision making about spending, investing and saving the funds. Going slow and steady about these decisions can help to build wealth in the long run.
If you too are grappling with the decision to invest your money, here are some of the popular investment schemes that you might consider.
Why young professionals must invest in PPF scheme:
2. Mutual funds: To get the high returns on your investments, you can invest in short-term or long term mutual funds. The advantage of investing in mutual funds is that you can exist from the investment anytime, and there is high liquidity, unlike PPF or fixed deposits. However, the returns on the investments are subject to market risks, which can be reduced by starting your investments with small investments.
3. Fixed deposits: A fixed deposit is another popular investment for investing your funds for the long term. You can invest in a fixed deposit for a tenure of 7 days to 10 years. Fixed deposits help you to get returns at a fixed rate of returns as the rates are determined as per the repo rate of the RBI. To get the tax benefits, you can invest in a tax-saving Fd scheme for a five year period where you can get tax deductions up to Rs. 1,50,000 on your investments.
4. Insurance: As a young professional, you can also take an insurance cover depending on your need. There are different types of insurance such as life insurance, health insurance, travel insurance and vehicle insurance etc. The advantage of taking coverage at a young age is that you can get insurance at low- premiums.
5. Real Estate: Financial planners mostly suggest you invest your funds in a property. Investing the funds in real estate can help you to get high returns.
You can also invest in other schemes such as National Pension Schemes, Equity, bonds etc.
Thus, you must create an investment plan which mixes different investment schemes from most aggressive to safest that can help you reach your personal goals.
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