#FinanceTip: Investing the RIGHT WAY
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Have you ever booked your flight tickets and packed your bags before deciding a destination for a vacation? Sounds ridiculous, right? Of course, it is!

But most of us follow this method when it comes to finances. We invest our money in various products before understanding our financial needs and goals. The ideal way to invest is to follow the 3 steps shown below –

1. PLAN – Start with ‘WHY’

Focusing on goals like ensuring a peaceful retirement, paying for your child’s education or purchasing your dream home will help you focus on what is important to you.

Once you know your goals and how much money you need to achieve each goal - determine when you want to achieve these goals.

Classifying goals as short, mid and long term, will make them more achievable.

2. PROCESS – Focus next on the ‘HOW’

Once you have defined your goals and timelines to achieve them, start planning on HOW to achieve these goals.

Knowing how much money you will need to achieve your goals will help you determine how much you should save and invest to achieve these goals.

3. PRODUCT – Proceed with ‘WHAT’ to invest in

After defining your goals and saving for them, you should decide where to invest your hard-earned money.

With the vast range of investment avenues like Bank FDs, Insurance products, Real Estate, Equity, Mutual Funds etc. it can get overwhelming to decide where to invest your money. This is where a good Financial Advisor can be very helpful.

You may check out the previous Finance tip on "How should you choose your Financial Planner" - https://www.plexusmd.com/md/post/7-questions-to-ask-while/55942

Source: https://www.happynessfactory.in/blog/investing-the-right-way?id=ZmpraA==
Dr. T●●●●z H●●●●●●i and 5 others like this5 shares
Dr. V●●●●l T●●●r
Dr. V●●●●l T●●●r General Surgery
That' s awesome. I did something similar on my channel today : https://youtu.be/CuAPAtnfJ\_c
Jul 23, 2020Like1