Updated December 18th, 2023 at 14:34 IST
4 financial awareness mantras to follow before making investments
Set short-term and long-term investment goals while choosing from multiple options.
- 2 min read
Are you keen to achieve financial stability, while global economy remains volatile and marketing see a fluctuating trend. Amid this uncertainity, due diligence on the investors part, for both short-term and long-term investments goals hold the key. While experts believe that we are heading into a trading boom, more people are entering the rat race.
Here are a few tips by analysts that may help you with your financial goals and stability.
Identifying your aim: It is important to decide what you are working for, as a clear aim will help you narrow down your route. Having clear financial goals helps in budgeting and gives you an idea as to how much to spend or invest in your disposable income. Deciding long and short term goals will help you live within your means.
Investing in Appreciating Assets: Appreciating assets such as real estate and currency will yield future benefits, and is a way to secure your income for the long term. This future-oriented approach takes off the load of financial insecurity. Investing in Systematic Investment Plans (SIPs) also goes a long way.
Creating an emergency fund: While appreciating assets is a good option for the long term, they can not be used in crisis management
While securing the future is important, the present can not be neglected. So, experts believe that having liquid assets at hand can be used for crisis management.
Being informed: Staying updated with market trends and investment options gives you financial power and pivots from your options with time. This power keeps you engaged and lets you plan strategically.A good money management plan not only includes your present but also secures your future.
Published December 15th, 2023 at 16:43 IST