Are you a young aspirant wanting to do something big in life? Time has come to think out of the box, i.e. when it comes to investing your hard-earned money. Think beyond short-term gains like tax saving. Rather, start chalking out investment strategies that will help you grow your wealth and achieve your Life Goals.
Life Goals may vary, but your financial plan needs to be constant.
Each individual's Life Goal will differ from that of another's, ranging from having a destination marriage like the power couple Virushka to celebrating 15th anniversary on a private yacht or sending one’s parents on a luxurious world tour. The only thing that should remain unchanged to achieve these unique goals is a well-thought-out goal-based investment plan. The definition of investing has changed today. Rather than a short-term gain, today’s youth is opting for fueling their long-term Life Goals through convenient, reliable and value-packed investment options.
Never Make your Savings Plans in a Hurry
Often, there is a mad rush for buying saving products at the end of every financial year. The only problem is that by joining the rat race of buying such products, you will end up doing the job of cherry picking without keeping your Life Goals in mind. However, the need of the hour is to set a goal of your investments so that you can achieve it the long run.
Here comes the new generation ULIP with big promises.
The fuddy-duddy trend of investing in life insurance schemes for short-term gains has gone to the winds with the arrival of new age ULIPs. To elaborate, new generation ULIPs are quite different from their old variants. These ULIPs boast of offering a lot more in the form of achievement of Life Goals. Of course, the new variants do bring with them rationalized expenses, unlike the earlier cost structures. We call them new age ULIPs, as they are coming out with unique benefits, such as provision of returning the life cover charges you had paid during policy period, on the maturity of the plan, which is currently being offered by Bajaj Allianz Life Insurance only.
Be Selective while Finalizing the Investment Solution
No matter how big your goals are, you will have to be a little disciplined while investing. For starters, be selective while investing. Once your money is invested in the selected financial tool, be regular. Finally, for your investment to work, ensure that it is invested for a long term or a term good enough to help you achieve your goal.
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