As you grow older, your financial goals keep increasing. Achieving this could be difficult, especially when you have a fixed source income. Having multiple sources of income can lessen this burden on your shoulders.
There are various ways or things you can do to ensure you reach your financial goals in 2022.
Here are a few things that you can do —
- Assess Your Goals.
Start with figuring out your financial goals. Do you need to spend a lot of money, like in an emergency? Figuring out your goals and stating them out is helpful to know what you need or should do with your money.
- Budget Expenditure.
It is essential to make a proper budget and allocate your income to investment and savings appropriately. To avoid over-expenditures, you should combine investment and Savings to make almost 30-40% of your total income. Creating a proper budget and following it can help you achieve the financial goals that you set not only for 2022 but for your entire future.
Having savings is crucial. It should be readily available for use when you have a medical emergency or lose your job due to unforeseen events. It’s advised to have savings of 3 times your expenses to deal with emergencies in a month.
Investing is an excellent source of passive income. It helps you grow your capital without directly working for it. There are various investment options. These are —
- Real Estate
Real estate is an excellent form of investment. It involves purchasing and selling a real estate property and maintaining it to increase its value with time. All you need to do is find the right property for you, purchase and carry out maintenance if required. You can then go out and rent this space. When you are happy with a certain valuation that this property reaches, you can sell it to gain the profits.
With the rise in popularity of Bitcoin and the Metaverse, more and more people are investing in Cryptocurrency. While it’s beneficial to your investment portfolio, it’s also very damaging if you decide to invest everything you have in Cryptocurrency. There is a chance that you lose it all, and as it’s challenging to find a coin that would yield high returns, it’s only advised to invest in well-known coins.
- Stock Market
The Stock Market in India provides a great investment opportunity. You can invest in various ways in the Stock Market, but you will have to carry out extensive research. There are many Securities to invest in and trade in the Indian Stock market. After you open a Demat account, you can use it to trade and invest in stocks and other Securities. There are many platforms where you can open a Demat account for free. You can invest in Mutual Funds and ETFs actively managed by professional fund managers who try to ensure their investors and traders receive good returns on their investments and trades.
Apart from this, you can also hire a financial planner who will invest in the Stock Market on your behalf and help you achieve your financial goals.
IIFL Securities is one of India’s leading full-service stockbrokers, offering you to open a Demat account for free. It is easy to open a Demat account on the IIFL Markets app.
For the first year after you open a Demat account, you need to pay the Demat Account Annual Maintenance Charge (AMC). You will get top-notch research and other services like personalized portfolio management services. With their help, you can surely achieve the financial goals you set for 2022.