The simplest way of starting investing is through a professional manager in mutual funds. Investment plans come in all sizes and shapes; you may invest, as the avenues are many.
Financial goals for 7-10 years are long-term goals, and a few are:
Medium-term goals are 3-5 years away. Medium-term goals are a good saving type as cash management accounts. It is appropriate for your wedding, house renovation, downpayment, etc. Medium-term investment options beat inflation by a decent margin. Some investment options are:
The short-term investment plans rely on two aspects:
Bank Fixed Deposits (FDs) – it is a popular investment option assuring returns. The FDs are the safest options as there are no negative earning returns to erode your wealth. Withdrawing before maturity has a penalty to pay.
Debt Funds For Short-Term- The 3 debt fund categories are money market mutual fund, liquid fund, and ultra-short duration fund. These are low-risk products and are better for FDs.
Planning to invest includes concentration on easy accessibility and risk minimization investments. They are crucial factors to bear in mind with investment plans. A deposit to a certain amount assures returns of maturity on the principal investment and it is on maturity you receive it.
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