INVESTING today is not just about opening a bank fixed deposit or a public provident fund. With the opening up of the market in all ways, with everything being a function of the market, be it jobs, credit, interest rates, inflation, it's no longer enough to remain in the safe comforts of a bank deposit or government scheme. There are more than 500 financial products to meet your every need and create wealth; the challenge is the pick the right ones. Moneycontrol lays down the '10 commandments of investing' which will help you make that choice.
Commandment 1: You need a goal
To create wealth you need to know why you desire wealth in the first place. Your goal could be:
- Saving up to make the down payment for a home mortgage
- Buying a car
- Saving up for the higher education of children
- Your retirement
Whatever the goal is, once you figure it out there will be a target for you to achieve.
After this, it is as simple as saving your bonus or surplus towards the goal.
Commandment 1: You need a goal
To create wealth you need to know why you desire wealth in the first place. Your goal could be:
- Saving up to make the down payment for a home mortgage
- Buying a car
- Saving up for the higher education of children
- Your retirement
Whatever the goal is, once you figure it out there will be a target for you to achieve.
After this, it is as simple as saving your bonus or surplus towards the goal.