Wondering how soon you can invest and grow wealth in the future? Taking the right steps to investment, you can create wealth that you need, in the long run. Investment strategies matter in your journey of “rags to riches” story, and if you are one of those who want to invest now, strategic planning can help. Remember that not everyone was born with a silver spoon. Investors such as Warren Buffet made it to being one of the top investors for the strategies applied and returns earned. If you are inspired by people like Warren Buffet and other top investors, you need to follow specific steps to choosing the best investment plan. Here is a list of steps for you to follow.
Know Your Goals
Every investor’s goal is different. One investor wants to invest for 10 to 15 years while another wants to invest for 20 to 25 years. You need to ask the questions, “Do I need the money when my child goes to college?”, “Do I need the money when a child is getting married?” or “Do I need the money when I am all set to retire from my job and lead the same standard of living with regular income every month. Depending on the goal-setting you do, you can choose from among PPF, Fixed Deposits, Mutual Funds, and ULIP. Most people believe that short-term goals can make them wealthier sooner than long-term goals. However, experienced investors believe in letting your money sit for long years to give you the desired returns.
Assess the Risk Profile
It is true that with more risk of investment and fluctuating market conditions, an investor tends to fumble and choose one with a lower risk in market growth. One point that every successful investor advocates is the idea to invest in a high-risk profile if your goal is long-term because, with higher risk, one gets higher returns in the long run. On the contrary, if the goal is short-term, investing in a low-risk profile makes more sense. Depending on the risk, you can choose from the high-growth fund to growth fund to balanced and secured funds. The choice is yours.
Let us assume that you had invested a specific amount X to an instrument. That money with the full proof strategies in place grows every year and makes you feel wealthy. What if the money X invested was everything you had in cash? If you plan to buy a car in the next four to five years, what do you do? You need to apply for a personal loan or get some cash for the down payment? It may also happen that you need the money for your child’s school admission? It is best to find an investment plan that allows lock-in of 5 years and a partial withdrawal option in some form.
The sudden demise of the breadwinner can shatter a family into pieces. No one wants their family to live in scarcity. If this is one of your plans, getting term insurance can be an investment that helps your family earn income every month and fulfill their daily desires. Isn’t this an investment that you usually want for your family?
Brand Value and Consistency
Trusting any insurance provider for buying an investment plan can be as risky as gambling. If you do not want to get into hot water later, you should always look for brand value. Here brand value means, look for a company that everyone knows about and would recommend you. There is nothing like the word of mouth popularity. Additionally, the consistency in showing the growth of money since its inception is another factor to keep in mind.
Invest for yourself!
Still wondering which company has all these values? Max Life Insurance has been one of the great options regarding traditional life insurance and ULIPs. We have some of the great investment plans for you depending on your age, premium preferred, and tenure that you choose. When we say “Sachhi advice to bass apne hi dete hain”, we mean it. You can browse through the various insurance plans we have. Being in the business for decade-long, we assure you of adequate returns on your investment.