Money tips: You have worked hard to earn money and thereafter you want to invest it further so that profit can be generated even as you sleep. However, there are risks involved and under no circumstances do you want to make mistakes and then lose your money. Investment in financial markets or savings is a tricky thing. A small mistake could be fatal not only for your returns but also for the investment itself. But what are the most common investment mistakes that people make? Zee Business expert Gaurav Mashruwala who is a Certified Financial Planner gives you some invaluable tips here. So, here are Top 10 money mistakes to avoid:

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Some of the most common mistakes are:
1.Panic when the markets are volatile
2.Failure to maker emergency fund
3. Not taking the right insurance
4. Not updating the health plan
5. Not making your investment targets
6. Not picking the right asset class
7. Not reviewing your investment
8. Putting all your investment in one account
9.Falling prey to attractive looking schemes
10. Not learning from the past mistake

Trust in Equity
Don't panic when the markets are volatile. Never change a portfolio in haste. Don't stop a SIP. If your financial goals are at least for a 7-9 year period, then stick to Equity mutual funds. For a 2-3 year target, exit from equity. For small goals, go for debt mutual funds.

Emergency fund
Make sure that you make an emergency fund keeping a six-month view. You may need money in case of an accident, illness or job loss. The emergency fund must be at least the size of your EMI. Liquid funds or short term funds right for emergency fund planning.

Insurance
It is always advisable to take a term and health insurance plan. Don't ignore the importance of insurance as it can be crucial at the time of emergency. Increase your health coverage with time. Always take a top-up plan with your health insurance plan. Take the information about corona treatment with your insurance company.

Financial Goals
It is always advisable to make your financial goals before you start investing. Invest on the basis of target periods. The higher the goal, the greater is the investment.

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Understanding first, then invest
It is always good to understand investment plans and the benefits that they will bring. Only investing without understanding benefits is not the right approach. Equity is good for high risk and long periods. For low risk and small duration, debt funds are the option. Always review your investments from time to time. This will help you to change investments in case it is required.