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You can rent a home instead of buying it. It is often economical.
Almost all of your financial goals have a financially better alternative.
But what about your retirement fund and your children’s education fund?
These are the top2 non-negotiable financial goals. They can never be delayed or replaced.
According to research, 65 percent of Indian parents spend more than half of their monthly income on their children’s education costs. Higher education costs are already high and rising at a rate of 10% to 12% per year.
Indians, according to the latest survey, do not save enough for retirement. However, planning is essential because our country currently lacks a strong social security system, particularly in terms of retirement benefits for its senior population.
Therefore, you require proactive planning and a thoughtful selection of investment instruments to achieve them.
It is often tempting and feels comfortable to invest in a readymade “education fund” or “retirement fund” product. But that is for the people who are more a consumer than an investor.
Since you’re here, I’m sure of two things. One is that you’re an investor. And secondly, you want to achieve these financial goals on your terms.
So how can you choose the right investment instrument for these non-negotiable financial goals?
The table below shows the investment choices you can consider
What should you look for in the investment instruments you choose?
There aren’t many. But if you miss any of these 3factors, your retirement plan or your children’s education fund could be at risk.
Discover your answers in the video below:
Mutual funds are a simple financial option to pursue; however, many people are ignorant of the 10 things to know about mutual funds.
As part of your Retirement and Kid Education, many investment brokers and relationship managers will recommend traditional life insurance policies and Ulips.
However, be cautious and review the policies yourself to check whether they match your goals.
Read this article to understand the unpleasant facts about these insurance policies.
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