11 Best Ways to Invest Money & Start Saving from 2024

Under Section 80CEveryone wants to be wealthy but very few people actually do. Every rich individual or family started off with zero assets and then worked towards a plan that would eventually make you rich.

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Good, long-term investment options are good money multipliers which will bring you wealth that you always dreamed about.   

Why Should You Invest? 

The answer to this question is in two words – Financial Security. The best way to attain financial security is by saving and making long-term investing in financial options that will work for your hard earned money and help you to grow your wealth for the proverbial “rainy day”. Investments plans give you the best of both worlds – your investment grows, and it also insures your life. Financial Advisors offer a whole range of investment options to suit your pocket, risk-taking appetite and other financial goals along the way.

Investing and saving for the future enables you to meet your short and long-term responsibilities like children’s education, pension, child’s wedding, education, etc. Another advantage is that you can save a substantial amount of money through tax savings.

Life Insurance is considered one of the better investment since it has a dual purpose. Firstly, it offers financial protection to the insured and his/her nominee or family. It is a good short term/long term investment plan.

Best investment options available in India

Investment Options Maximum Amount Minimum amount
Public Provident Fund  ₹ 1,50,000 /FY ₹ 500/FY
Mutual Funds (SIP) No Limit ₹ 500
Equity Shares No limit No limit
Real Estate Investment No limit No limit
Gold ETF No limit Variable
Post Office monthly income scheme singles ₹ 4,50,000 ₹ 1,500
Company fixed Deposit No limit ₹ 2,000
Unit Linked Insurance Plans No limit ₹1,00.000 (45 years and below)
Bank Fixed Deposits No limits ₹ 1,000
Senior Citizens Saving Scheme (SCSS) ₹ 15,00,000 No limit
National Pension Systems (NPS) No limit No limit

Planning for Tax Rebates

In a few months, salaried employees will have to make investment declarations in order to save tax. However, a large segment of people are still in the dark and do not know where and how to make tax saving investments. Finding the right investment plan from a plethora of investment option is a Herculean task for persons without any knowledge about investment or persons who do not use the services of a financial advisor.

Get Professional Advice

Many potential investors ask friends, colleagues, and others for tips on investment and invest in investment schemes suggested by them. Although the investor has every right to invest wherever he/she desires but one should also recall what Warren Buffet, (one of the world’s richest men) said. His advice was “never invest in a business you don’t understand. The same is the case for investment avenues. Warren Buffets’ advice was to first assess your risk profile, your financial goals and then invest in a product or business you understand.

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Changing Scenarios Calls for Change in Investment Strategies

Past few years have been trying with less than normal monsoon, the sluggish world economy, marginal growth, and lower industrial production – all of these factors have affected the economy and the stock markets as well. The Markets went down by 6 percent from a record high in March. This makes investors jittery about the fate of their hard earned money.

In this article, we will look at the best investment options in the current scenario that look encouraging.

1. Direct Mutual Fund Plans

A few years ago SEB (Securities and Exchange Board of India) made it mandatory for mutual funds to launch direct investments – investments not routed through an agent. Since there is no middle man, the expenses are lower. Direct Mutual fund plans are money spinners. Regular funds have an expense ratio of 1 to 1.5% more than direct plans. This figure is seemingly low and insignificant. However, for large investments, it works out to quite a bit.

2. Gold Bonds

Gold Sovereign Bonds (SGB) is considered as one of the best investment options since it combines the benefits of gold assets with the fixed income part of a bank fixed deposit. This results in the value continually gaining even when there is a dip in gold prices.  The core idea of wealth building is to lose less and gain more. In recent times the prices of gold have remained stable and a haven asset when the markets drop. When gold prices eventually rise you get fixed interest plus get the advantage of appreciation prices. When the investment is made for a long term, then you stand to gain a much bigger kitty in gold bonds than other investments. On the other hand, investing in physical gold or gold exchange-traded funds do not offer fixed returns.

3. Real Estate

For the past several years the real estate sector has seen a slump and disappointed investors. The real estate was mired in controversies, blatant corruption and malpractices that drove away many investors or forced them to dump whatever assets they had at lower prices than anticipated. The main reasons for this sorry state are the widespread skepticism and low economic growth and even no signs of recovery in the horizon.

The market is now showing some signs of recovery and will become an attractive investment option for investors.  A series of corrective steps were taken by the government which focused on the economic growth and real estate sector. As a result, the real estate is on the verge of making a slow recovery. However, investors should be warned about a few bad apples in the industry who are embroiled in controversies and legal battles with the government as well as with the consumers.

4. Public Provident Fund

Public Provident Fund (PPF) and Employee Provident Fund (EPF) are for those who do not want to take risks. These funds offer returns of around 9%. It is a safe investment because it is guaranteed by the Government of India. The interest that you earn is also tax-free under Section 80C. The maximum investment you can make in these funds is ₹ 150,000. EPF deducts part of your earnings and the employer contributes an equal amount and deposits it in the employees’ EPF account. 

A PPF account can now be opened in any Bank. You can go to any bank like Bank of Baroda, Bank of India, State Bank of India and any other bank and open a PPF account. The maximum deposit per year for PPF is ₹ 150,000 and can be done for a maximum of 12 deposit during the course of the year – not necessarily each month. The minimum deposit for this fund is ₹ 500. PPF has a maturity period of 15 years, and you can withdraw it before 15 years, subject to certain terms and conditions.

Generally, financial advisor recommends these risk-free investment, especially for retirement goals. Investors who have limited or no retirement benefits should opt for these types of plans. Investors have the flexibility to withdraw their money after the mandatory lock-in period. This withdrawal is also tax-free.

5. Indicative expected annualized returns (long term)

Investment Option Expected Annualised Returns
Balanced Funds (equity and debt) 8% to 15%
Equity mutual funds (especially comprising blue-chip companies) 12% to 20%
Bonds offered by Government and Corporate 7% to 9%
Employee Provident Fund and Public Provident Fund 8.70%
Foreign / Overseas Mutual Fund 8% to 15%
Real Estate Depends on area

Keep an Eye on Your Investment

Investing can be an exciting and risky business. It is a double-edged sword. It is advisable to keep track of your investment periodically. Even if you don’t check your stock prices or your mutual fund NAVs every week or every month, it is very important to take a comprehensive look on all your investments at least every six months or every year.  While you are assessing your investment, it is important that you do not make any impulsive decisions to sell or buy. You can take note of these investments and later decide with the help of a financial advisor. This assessment aims to look at promising, new avenues of investment. This is also the time you can think of dumping dead wood investments. 

As an investor, you need to be aware of some key parameters of any investment you want to purchase. Or instance, you are interested in a Mutual Fund. Before you decide you should look for the annualized returns for the past 5 to 10 years. Looking at one year (last year) will not give you the actual picture of this investment. 

Also, you need to look at the expense ratio of the fund. This is basically the percentage of investment charged to you. Look for companies where the ratio is low or nonexistent. All these information is available n the company’s website or other financial websites that show such information.

If you have a “gut” feeling about any investment – go with it before investing if is advisable to ask the financial advisor for his final word. There is a Chinese proverb which says that a journey begins with the first step. Make your investment even if the amount is small and watch it grow and learn from the experience.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insure. Tax benefit is subject to changes in tax laws. *Standard T&C Apply

Past 10 Year annualised returns as on 01-02-2024

^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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