Earn big profits in 2020! Here is how when and where to invest
New Year 2020 is a few hours away and the whole world is gearing up to give farewell to 2019. However, post-new year party, an investor needs to do the year-end financial planning as well.
New Year 2020 is a few hours away and the whole world is gearing up to give farewell to 2019 in style! With a party! However, after this new year party, everyone should hunker down and put on their investor's cap. Yes, the start of a new year demands that you do your financial planning within the quarter - you need to submit so many bills and receipts and then file your income tax returns soon enough thereafter and thereby not just save a lot of money, but also earn hefty amounts.
Financial planning to make and save money
Assessment of one's investment and its returns, review of the portfolio, tax-related planning, increasing one's investments after the arrival of the new year are some of the important investment-related decisions that an earning individual needs to take during the year-end financial planning.
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Speaking on the matter Harsh Jain, Co-founder, and COO, Groww said, "If you haven’t explored mutual funds already and are looking for accelerated wealth creation, there isn’t a better time to start. While you may have existing investments in FDs and PPFs, investing in mutual funds will appreciate your wealth as well as combat the rising costs of living and inflation."
How and where to invest
Jain explains, "According to your risk profile, you can start with debt plus equity portfolio and invest via the SIP route. The asset allocation will depend on your investment objectives and the risk you are willing to take. If you feel you need more help to start investing, you can explore investment platforms that offer a seamless investing experience and a wealth of educational resources. You can also use freely available online tools such as SIP calculators to calculate the SIP amount you would require for your long term or short term goals and factor in the amount while creating a financial plan for the next year."
Jain advised mutual fund investors to be proud of the financial goals the investors were able to achieve in the year and acknowledge how far they have come. "Also, take a look at all the financial lows and seek ways to minimize the impact by revising the financial strategy for the year ahead. While it's good to have a disciplined approach, make sure you create a plan that also has some room for occasional spends on yourself as well as your family so that you can enjoy your money without guilt," concluded Jain.
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