"Congratulations son...!!!! It's a new start of your Life... New job.. New responsibilities...first salary.... Career and ambition... But don't forget to save for future....Dont spend all your earnings.. Put some in fixed deposit or some in gold... And ya don't get mesmerised with the Share market and put your earnings blindly there and lose it ....be very very careful and judicious of your financial choices. "
This is a very common statement every teenager must have heard. But the biggest question is how to START SAVINGS? What are the options? How can I start? What parameters to consider? Is there any risk involved? What would be return? What should be tenure? Why only FD when even better options are there? What's wrong with share market? And the list of confusing and typical questions goes on and on.....
Guys....all such questions arose before me too and created a whole lot of chaos. And so here I am to share my experience and my thoughts about what to do and what not. So before I reveal my secret let me share with you the MANTRA to save!
- Explore Avenues
- Brainstorm
- Study Market
- Take risk
- Diversify
- Enjoy returns
Like said " Mountain Dew, darr ke aage Jeet hai... " same is with investing your hard-earned money to gain returns. A little risk is needed to gain returns. But still the monstrous question of savings pertains... So let me help you address some of these questions
1. When to start Savings?
Well there is no perfect time to start but when you start earning and have surplus that's the indication to SAVE.
2. What is the minimum amount to start?
This one is actually presented in a confusing manner by people around but the truth is one can start savings with as low as Rs. 500-1000 Per Month.
3. Which is better avenue?
This is something fishy. It totally depends on your risk appetite and expectations of return.
4. Is share market risky?
Actually not. If you wish to gamble anywhere it's risky but ya with proper study share market is actually fun. In fact, if one wants to invest he can initiate with SIP to understand what Mutual Funds are and learn basics of share market by just investing in a single share and monitoring market movements.
5. Which is better - RD, FD, SIP or MF?
Again I would say the same thing - risk and return appetite. But surely if you wish to go for monthly investment or for long duration say 3 years or more..... SIP or MF holds an upper hand.
So guys here I have tried to share points which I considered while starting to save and invest. Just think and start with minimum to get maximum at the time of need. So just do a little brainstorming with self and the result will be there.
GET SET PLAN TO SAVE.....!!!!
HAPPY SAVINGS....!!!!
