Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English

5 Things You Can Do to Manage Your Money and Make It Grow

A financial planner has in-depth knowledge and tonnes of experience and hence he/she can make a tailored plan for you according to your income, requirements and needs.

Anshika Bajpai |

Updated:April 30, 2019, 1:07 PM IST
facebookTwitterskypewhatsapp
5 Things You Can Do to Manage Your Money and Make It Grow
A financial planner has in-depth knowledge and tonnes of experience and hence he/she can make a tailored plan for you according to your income, requirements and needs.

Money is something we all want to grow and sustain. But the only problem is most of us just can’t. Although it looks like something we will never be able to achieve, it’s not that big a task if you actually put your mind to it. Here are a few basic things you can do to ensure your wealth keeps growing.

1) Start early and invest regularly

Time really does work its magic if you know how to take advantage of compounding interest. If you keep contributing regularly, you obviously have more at the end of it. When you finally get your savings back chances are they have vastly exceeded your initial savings because of interests and dividends.

2) Superannuation can help your wealth grow quickly

There are limits on both concessional and non-concessional contributions to superannuation. However, it still provides a favourable tax environment to grow wealth. If you are a salaried employee you can benefit the most by first maximising your concessional contributions and after that making some non-concessional contributions.

3) Take help from a financial planner

A financial planner has in-depth knowledge and tonnes of experience and hence he/she can make a tailored plan for you according to your income, requirements and needs.

4) Don’t fall prey to scams

A lot of people fall victim to a wide range of carefully crafted scams leading to huge losses sometimes even wiping off your entire life savings. It’s better to be cautious and if something feels like it’s too good to be true, it probably is.

5) Don’t put all your eggs in one basket

In simple words, diversify your investments. It is the single most effective way of reducing risk while investing. Whether it’s cash, gold, property, shares, art or antiques, every sector goes through downfalls and depreciation. So spread your money across main asset classes to reduce the impact of any downfall in the market.

To know more, click here.

This content has been created in association with YONO SBI.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results