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                              New To Investment? 6 Simple Strategies To Build Wealth

                              Neha Bhatnagar by Neha Bhatnagar
                              November 19, 2021
                              in Investment
                              Reading Time: 5 mins read
                              0
                              Simple Strategies To Build Wealth

                              Image Credit: Shutterstock

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                              There is a saying that the rich may have a lot of money, but the wealthy never have to worry about money. Every individual’s aim in life should be to be the latter i.e., provide for their financial freedom by planning ahead and saving enough to sustain their lifestyle even after they stop working. Being wealthy is not difficult if you strategize and plan your finances well in advance. 

                              Remember to always set realistic expectations and be disciplined with your investments and it will definitely pay you in the long run. An online investment calculator can easily help you with your financial planning and build wealth for your long-term investments.

                              Table of Contents

                              • How Can An Investment Calculator Help You Plan Your Finances?
                                • 1. Quick calculation
                                • 2. Accurate results
                                • 3. Avoid human error
                              • 6 Strategies To Help You Build Wealth At Ease
                                • 1. Define Your Goals
                                • 2. Start As Early As Possible
                                • 3. Consult Financial Advisors 
                                • 4. Invest With Discipline
                                • 5. Manage Investment Risks
                                • 6. Keep Track Of Your Investments

                              How Can An Investment Calculator Help You Plan Your Finances?

                              Before you decide to start with your investment plans, it is wise to use Here are some of the key benefits an investment calculator can offer:

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                              1. Quick calculation

                              While it may take a few minutes for any individual to feed the principal amount, rate of return and investment period to then calculate the desired amount, an investment calculator will do it instantly.

                              2. Accurate results

                              It is vital to know how much one can possibly earn as interest on their investment so that they can gauge their risk appetite and decide accordingly. The results of an investment calculator are backed by the formula in its system, which allows it to calculate your results without any error.

                              3. Avoid human error

                              Manual calculations often have the risk of human error, which can easily be avoided with the help of an online investment calculator.

                              You may also like: 4 Personal Finance Tips for New College Students

                              6 Strategies To Help You Build Wealth At Ease

                              If you are starting out with your investment plan, then here are the top strategies that can kick off your financial planning well and help you stick to it:

                              1. Define Your Goals

                              Many people have goals like planning for an international trip, buying a car or a home etc., and while these are perfectly fine as goals, you must also realise that saving towards a bigger goal is important. Start saving towards your retirement and to having financial freedom in your later years as well.

                              2. Start As Early As Possible

                              One of the biggest strategies in any investment plan is to start out early and be regular with your investments. The earlier you start out with your savings, the longer your money stays invested and has time to grow manifolds. You can take advantage of market growth and ensure that your savings are growing with you in time to replace your salary when you wish to retire.

                              3. Consult Financial Advisors 

                              Consult Financial Advisors to build wealth
                              Image Credit: Shutterstock

                              There are many investment schemes available nowadays and it can be quite daunting to select one. During such times you can consider taking advice from a financial advisor, to help build wealth from your portfolio. You can also ask an advisor what the ULIP scheme all about because not only does it save a little towards ensuring you but also invests the rest in equities, making it one of the ideal plans to start investing with.

                              4. Invest With Discipline

                              It is important to have discipline when it comes to saving and investing towards your future. With the help of an online investment calculator, you can easily stipulate the amount you need to invest monthly and top-up as well. Ideally, you can keep an automatic SIP to ensure that money is deducted from your account systemically, towards the scheme of your choice. 

                              5. Manage Investment Risks

                              Managing the balance between risk and return is important for every investor. You can hire an investment advisor to identify the risks involved in the investment schemes of your choice and help you create an ideal portfolio to balance the risk and return ratio.

                              6. Keep Track Of Your Investments

                              While it is not advisable to keep checking on your investments every now and then, you must also not completely forget about them. Every once in a while, remember to check on your investments and based on their performance you can decide to continue with your original plan or decide to shuffle your investment schemes to suit the markets as well.

                              Another important strategy that needs to be kept in mind is saving up for your tax returns at the end of every financial year. Nowadays, many earning individuals make it a point to create separate investment plans towards saving their taxes. Official government sites can help you compute your taxes on a year-to-year basis by using an income tax calculator, which will help you plan your finances ahead and save on taxes as well.

                              Between consuming your cash in the present and investing it towards your future, try to lean more towards the latter option. By doing so you will not only be able to earn handsome returns and build wealth but also enjoy a stress-free life even after you have retired. 

                              You may also like: Reasons Why ULIP is the Best Insurance Product

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