Planning for your future as soon as you start working is the best thing you can do to make your future financially secure. There are many factors that you as an individual should keep in mind when it comes to planning how you want to invest your money. If you have recently started working and want to know the best investment plans and schemes that you need to check out, then you have come to the right place. Let’s find out all about the best investment plans if you’ve recently started working.
Over the decades, the face of the Indian financial market has changed. This evolution of the Indian financial market has given the finance geeks and savvy investors tons of options to choose from short- and long-term investments. Investment planning is an essential part of any working individual’s life. For better savings, investment is the best thing a person can do.
The investment plan and process seem scary, intimidating, and overwhelming at first, but when you learn the basics and get in touch with professionals, you will realize it is not as frightening as it sounds. After all, you are saving as much money as you can for your own financially independent future. It is essential to invest in plans to gain maximum returns and not worry about the risk of losing your funds. The best time to start investing was yesterday, but it is still not late. You can start investing as soon as you can. The sooner you start, the better.
Here are three best investment plans you must know about if you have recently started working
PPF stands for Public Provident Fund, and it is a safe investment program by the government. After the end of the tenure, you will receive good returns as an investor in the PPF program. This plan involves investing in a public government fund, and it provides accumulated returns once your tenure has ended. The tenure goes up to 15 years, but you can choose a plan as per your budget and tenure preference. It is highly ideal for you to invest small sums on a monthly basis.
Mutual funds are one of the most popular investment plans, and this program involves investing your money in market securities. You can invest on a monthly or yearly basis, depending on your preference. In a mutual fund, you can expect rates of return from 8% to 9%. There are also various options that you get from long-term investment plans to short-term. The returns are also highly dependent on the market fluctuations.
Fixed deposits are known for their stability and higher returns. That is why they are one of the most preferred methods for investing for a better, safer, and financially independent future. You are offered not just high security and stability; fixed deposits also offer flexible tenure that meets your requirements. Depending on the policies of the financial institution that you have chosen as your fixed deposit program provider, you may or may not be able to withdraw your funds when they are premature. You may be charged fees for premature withdrawals, depending on the company’s policies.