From Savings to Fortune: 5 Easy Steps for Wealth Creation

Mar 15, 2018 | 8 months ago | Read Time: 2 minutes | By iKnowledge Team

Uncover the true potential of your money through budget management. Get more tips here.

Let’s face the facts, you can do so much more with your money than just saving it. The future is unpredictable and you may find yourself on the less prepared side of things. Why wait for the last moment to act? Now, though you can’t control the circumstances, you can always equip yourself to face them. Here are a few tips and tricks that will help you make a fortune from your savings, who knew making money could be this simple!

Set a goal

The first step for any plan, is to understand where you want to be, essentially what are your financial goals. Once you have that clear in your mind, you can start figuring out how you can get there. Often, the first step after you set a goal is to prepare a blueprint. Now when it comes to wanting a financially secure future, you need to set targets for yourself. Is it buying a house? Sending your child abroad for higher education? Gifting your spouse, a long-planned world tour? Or getting your child married? You need to understand the reason for saving and investing your money. If you have a goal, you will work towards reaching it, the most important part in this stage is to have a clear vision.

Do your research

The next step is to find ways to reach your goal. For this, you can begin with carrying out a thorough research. What are the opportunities available and how will they help you grow a fortune. There are multiple investment instruments available in the market that can be used to your advantage depending on your risk appetite and short-term or long-term goals. Nowadays, it’s best to carry out your research online, thanks to various online tools.

Take charge of your budget

To reach your goal, you will have to manage your daily and monthly expenses. If there’s an unnecessary expense, try to rid it out, for instance, instead of using your car for every day travel, try using public transport. Based on your lifestyle and needs, plan a budget and stick to it. For example, if your goal is retirement, calculate your savings and spending in order to set up a budget for your investment with Aegon Life’s retirement plan calculator.

Plan your Investments

One great way to make more money is to invest it. There are different ways in which you can invest. These mainly depend on your risk appetite and requirements. You should research before making such an important decision. Financial planning will help you understand your needs and then serve as a guide to invest in instruments like Mutual funds, Stock market, IPOs, Unit Linked Insurance Plans, real estate and so on.

Tax planning

An easy way to save your hard-earned money is to purchase tax saving investment instruments such as term plans, ULIPs, pension plans and health insurance policies. You can always make use of exemptions and deductions to streamline your expenses. Use our income tax calculators to help you plan your taxes better and save your earnings.

Conclusion

Managing money is an essential part of wealth creation and investments play a big role in reaching that goal. Start early so that you can get the best of your earnings.

Happy investing!


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