It is most important you should manage your money by yourself but the sad point is that most of the schools do not teach financial education. Because of this many individuals do not have enough knowledge of how to invest and choose the right financial product to invest in.
It is essential to have a good understanding of financial products and services to get the most out of your investment. To make things easier we have summarised a few of the investments you should make as early as possible.
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Open a PPF Account
You can avail tax benefits on the public provident fund scheme and you can earn a high-interest rate on the PPF account. You can open a PPF account at public sector banks, post offices, and private banks. According to section 80C of income tax act amount equal to and below 1.5 Lakhs will be liable to tax exemption and the maturity amount will be tax-free.
The interest rate given by the government on the PPF account will be compound interest and so your principle amount will be increasing every year. PPF account can be open with a very low amount which is ₹500.
Take Life Insurance
Life insurance is very important for anyone because life is full of uncertainty happing having a financial backup will help your family member during a financial emergency. Life insurance coverage will work as a financial shield to your loved one in your absence.
One of the easiest ways to get a life insurance policy is you can buy an insurance policy online. In this era of the internet, it is much easier to get a life insurance policy online and hassle-free. Most of the insurance companies offering life insurance online. You can choose life coverage according to your needs.
You are securing your family members future needs by investing in life insurance policy. So, make sure you choose enough life coverage accordingly.
Invest in Stock Market Alternatives
When anyone thinks of investing, they probably think about the stock market investment and numbers. Gratefully, for individuals who are afraid of the stock market, there are a plethora of other investment options available in the market.
One of the most popular investment choice could be peer-to-peer lending. Actually these are the investment where other individual need money and you lend money to them.
Few of the investment firms make the lending straightforward for people. You can start other investment options than the stock market investing like investment in gold, real estate etc.
Invest in yourself
Nothing is better than investing in yourself. What do you mean by investing in yourself? It means a lot of different things. Maybe you have wanted to back to your education or further higher education. Might be you wanted to start a side business.
If you are looking for the way out to start investing, investing in yourself might be the best option. Everyone is different, which means everyone has a different hope for investing in themself.
Invest in Health Insurance
As we have seen that health care services are very expensive, the cost of treatment increases day by day. So, it is very important to have health insurance. Health insurance bear all the cost arises due to an accident or due to critical illness. Health insurance companies are offering different types of health products to the consumer to be careful while buying health insurance.
Investment ideas mansion above is simple and easy to get started. Most of the investments like buying health insurance, life insurance, and opening a PPF account can check them all in a few hours. Your finance is holding the most important part of your life. Thus do not wait for anything to get started for investment as per your choice and make a decision for your money and family.
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