Passion - Become an investor

Become an investor

14th Feb, 2015 By TeamLiveLife

To understand the market you must learn the basics and get enough knowledge of how the market actually functions. Collect more information of real estate trading and choose a real estate sector you want in invest in, use help of online experts to improve your understanding and sharpen your skills. One must know the fact that it is a line of work where you need to trust people and take a lot of risk since you may have to manage your finances when market turns bad.

Goals

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Invest money into traditional schemes

Make an enquiry about the reputation of the investor company before you actually invest in any scheme. It is important to get good returns but you must not base your decision solely on it. Use expert advice and discuss all the possibilities with your loved ones.

Tasks

Do not go in for windfall returns based money plans

Check up the reputation of the investor company

Avoid going in for quickie return schemes

Adjudge authenticity of any agent before getting fiscal details out

Take time to invest money

Do not channelize lump sums into one instrument only

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Weigh your insurance needs

Instead of investing in tempting schemes of companies that came into existence a few years ago, invest in reputed companies that have been there for quite a long time. One must chose to invest in a company only after going through all the reviews and consulting with a professional.

Tasks

Ensure you have accidental benefits to insurance

Ask for insurance bonus schemes

Invest in companies that are reputed

Judge your Term insurance requisites in case you are 40+

Do not choose policies only because of their cover

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Plan your taxation Limits well

Do not take a risk to go against the legal requirements since all your plans may go down the drain if things go against you. Declare your possessions and pay your taxes on regular time intervals, there is no fun living a life that always has a fear of the unknown.

Tasks

Do not hide financial transactions in file

Declare all your fiscal assets

Do not attempt to evade duties

Ensure your assets are registered as per norm

Take time out to sort out your tax savers on file

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Consult a tax advisor

Get in touch with a tax advisor who can help you find ways to save tax. Do not try to go against the rules as it may get you into a bigger trouble. Pay your taxes on time and live a trouble free life.

Tasks

Plan your taxes for a year

Decide what you want to file and how you can save

Take tips from tax consultant to save taxes

Do not evade tax payments

Make sure you are updated with latest changes in tax norms

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Compare your needs for finance before approaching an investment

Compare the terms and conditions of different banks along with the discount offers when you make up your mind to take up a loan. Use expert advice and discuss all the possibilities with your loved ones before you make a decision.

Tasks

Decide the tenure of loan

Check interest payment burden for separate tenures on loan

Ask for discounts on loan rates from Banker

Compare rates among different bankers first

Ask for liabilities in case of loan pre payment

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Reinvest your investment returns

Plan your savings appropriately, so that you can use them to make new investments to have a secured future. Invest your returns in good business plans instead of using them for your regular expenses or buying luxurious home d├ęcor material.

Tasks

Do not use your returns immediately if possible

Push the returns into a new investment channel

Avoid taking investment growth for granted

Ensure you are taxed minimally for returns

Take professional aid to understand the best reinvestment options

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Save first then spend

You must focus on saving a good share of your earnings each month so that you keep yourself prepared for an urgent situation and have a secured future. Do not get tempted to buy things that have no or less use in your regular life.

Tasks

Make a thumb rule to save first

Put away about 10% of gross income per month

Plan your budget minus the targeted savings scale

Do not spend frequently on buys for yourself

Take time away to save a small monthly sum that helps you buy something big yearly

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Be geared up financially for medical emergencies

Be prepared to face an urgent situation, keep a share of your earnings for medical emergencies. Do not use this amount for any other purpose no matter what; postpone your investments if you do not have a stable source of income.

Tasks

Invest in a mediclaim policy

Check adequacy of medical policy coverage

Avoid going in for too much credit if you are sick

Keep a sum aside only for use during medical emergencies

Take care to avoid new investments when you are not actively working

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Have a half yearly expense fund pool ready

When you have enough savings, you can plan to make investments easily. Make efforts to save a part of your earnings every month so that you can be a good provider to your family. If not anything else, you can pay off your loan or invest in a good business plan.

Tasks

When you have a budget

Save for your most important expenses

Stock up a year's EMIs on advance

Save in order to avoid issues with expenditure in case of emergencies

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