The best way to save your money, Say No to unnecessary purchases. Does your friend or relative ask you to avail a life insurance policy or invest in a bank fixed deposit? You are afraid to say no, even though you do need a life insurance policy, as your friend would get offended. You avail credit cards which you do not really need. Tying up your money with unnecessary investments is bad for your financial health.
Do not invest in financial products which do not fit your financial goals
You are going to retire in a couple of years. You find stock markets are doing well. Should you transfer all your retirement savings from debt (fixed deposits) to equity, just because stock markets are doing well? You must invest in financial products which fit your risk profile and your financial goals. Fixed deposits may not give you very high returns, but they keep your money safe and match your financial goals. Your money is safe for retirement.
Do not touch your retirement money
You have invested in an equity diversified mutual fund for your retirement. You need money immediately for an emergency. You dip your hands (remove money from this fund). Every time you face an emergency, you take money out of what is to be your retirement fund. Never do this. If you have to remove money from your retirement fund, make sure you replenish this money as soon as possible.
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