3 Investment tips for Jaipur youths for a great 2023 financially
These are the most basic, but important steps that Jaipur youths can take in 2023 to secure their financial future.
JAIPUR: The New Year is just two days away. Many youths in Jaipur or anywhere else for that matter make a lot of resolutions every year. One of the most common resolutions is to start investing and make the future secure financially.
The PinkCity Post spoke to many financial planners in the city and try to find out what the youths in Jaipur should do to have a rewarding 2023 financially.
Pay off your debt
The first step would be to pay off the debt. Investing is pointless if a person has lots of debts. If you have debt, you should pay it off first, then start investing, particularly if you are planning to invest in riskier assets such as stocks.
If you don’t have debt, you will be able to make long-term investments more confidently. You will be able to take advantage of investment schemes that have a lock-in period and in exchange, provide guaranteed returns.
Save for an emergency fund
Before committing to long-term investment schemes, you should also make sure that you have an emergency fund set aside. Life is full of uncertain circumstances, so you should be able to get through difficult phases without interrupting your investment plan.
The Covid-19 period highlighted the importance of emergency funds. Many people were caught off-guard when their income from business and other sources completely stopped. They were forced to tap into their long-term investment and bear losses.
Have a clear investment goal
You should be realistic about the returns on investments and have a clear understanding of the risks. For this, you will need to have a clear ROI goal. You should know how much return you can expect in 5-10 years if you invest a certain amount of money each month. What will you do with the corpus once you exit from an investment at the end of the investment period? What taxes will you need to pay?
Many people make the mistake of being over-ambitious. However, You can get great results by taking baby steps in the beginning if you are consistent and patient.
Make a calculation of how much you can save for investments every month comfortably. After taking into account your emergency fund requirements, you should make sure that you invest the remaining money.
These are the most basic, but important steps that youths in Jaipur or anywhere else for that matter can take in 2023 to secure their financial future.