I have recently started working with an MNC & it’s my first job. My salary is 3 lacs per annum. I want to start savings for my future needs but I am very confused about it. Along with LIC, Medical insurance I want to opt for some savings which could maximize my money in short period. Could you please advise me on how to plan my savings at this stage of life which can secure my future?
Expert Advice -
I appreciate that you have started thinking about investing and growing your money at an early stage of career. If you do it in the right manner, you may grow your wealth over long period.
Since you have not mentioned, if your parents are dependent on your earnings for their retirement life, I again consider that they are independent and hence you can use all your savings to be invested.
The first suggestion would be to take an appropriate Health Insurance cover for yourself. If your parents are dependent on you then you must also go for a Term Policy at this point of time.
Invest the balance money in Diversified Equity Mutual Funds with a time horizon of 3 years plus. You can also do it in monthly form. Don't look at short term returns. Investing is not a casino to look for short term returns.
- Vivek Karwa