Tried, tested and successful wealth planning tips

Byshaheen shaikh

Every one of us has dreamt of creating huge wealth. But not all of us can achieve that dream. Why? What comes in a way? Well, one of the concrete reasons is the path you follow. Most of us try to take the big leap and fall hard. But taking the right steps even if they are baby steps always pay in the long run.

But what are these steps? Well, let’s find out.

The five handy tips that will help you start with wealth planning.

  • Start early
  • You must have heard this advice many times when it comes to financial investment. Early investment gives you more benefits of compound interest. Compound interest is school math but can transform your small consistent savings into huge wealth over the long period.
  • So the early you start the more you invest and more returns you get. Also, you can take risks at times as this balances out in the long run.
  • Invest your time
  • Creating wealth doesn’t only mean investing your money. You have to invest your time that too early in life. As soon as you have started earning or got a first well-paid job you should get exposure to savings, budgeting, managing expenses, and investing in the right options.
  • Understanding investment basics is crucial for youngsters. The more time invests in learning the basics the more right financial decisions you can take. Lack of knowledge may lead to a wrong decision or indecision, which can hamper long-term financial success.
  • You don’t have to take out much time, though. Spending a few hours a week to build skills and stay updated with the market status should be enough.
  • Fix financial goals
  • Clueless savings can only take you so far as you would be tempted to take credit whenever you are short of money. So, make a list of needs and goals you want to save up for.
  • Also, create realistic goals for your financial success and revisit those from time to time. Automate the financial savings such as through SIPs and automated payments whenever possible. This will help you prevent procrastination or keep tracking the due dates to keep aside your monthly investment amount. This is the tried and tested wealth planning tip that many investors swear of.
  • Invest in ULIP
  • A unit-linked insurance plan (ULIP) provides the double benefit of insurance and investment. A part of your regular premium goes towards life insurance, and the other part is invested in mutual funds.
  • ULIPs also give you the tax benefits under Section 80C and Section 10(10D) of the Income Tax Act. So in your long-term wealth creation investing in the best ULIP insurance plan can be your best bet.

 Now that you these tried and tested tips start implementing these from today and create the wealth in the long run that you always dreamt of.