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Investment Tips to Stay Financially Fit for Long Term

By : Bajaj Allianz Life

When it comes to money, having ups and downs in dealing with it may be something you should expect. However, it may be the bigger picture that truly matters. When you start your investment journey you want to think about the long haul and then plan accordingly. Long-term investments may ensure that you have sufficient funds to achieve your long-term goals. And when it comes to earning for the long term, helpful tips and expert advice may go a long way in helping you achieve it.

To manage your finances well in the long term, here are some investment tips that may help you out.


Long-Term Investment Tips


From goal setting to retirement planning, here are some tips to consider for your financial well-being:


1. Know your financial goals


Before you begin your investment journey, having a clear picture of your financial goals may be important. What are some goals you want to achieve in the long haul? What financial instruments do you want to invest in? How are you going to balance investments, debts, and everyday expenses? Your goals may align with your purpose of investing money. They may act as a roadmap towards how you should go about your investments.


2. Start early


Time may be one of the important factors in long-term investing. There may be two key advantages of investing early, the first one being the power of compounding. Compounding over the years may allow you to earn interest on your previous returns as well along with your principal investment. Also, when you start early, you may not be overwhelmed with several responsibilities that you may have to manage sometime during your later years. Starting early may offer you sufficient time on your hand to plan for your long-term goals.


3. Consider Investing in instruments with a lock-in period


Financial products, like a Unit Linked Insurance Plan (ULIP), may help you stay invested for the long term. These instruments may typically have a lock-in period of five years, which may help you avoid the temptation to withdraw your money prematurely. Products like these, may allow you to invest in a disciplined manner and inculcate the habit of saving.


4. Avoid placing everything in one basket


Diversification may be the preferable strategy for long-term investment. By spreading your investments across different asset classes and sectors, you may be able to reduce your risk and increase your potential for returns. The purpose of diversification may be to ensure that you are not dependent on any single investment for your goals.

Instead, you may want to have a balance by investing in both low-risk and high-risk investments to increase your potential returns while mitigating the risk.


5. Watch your spending


It may not be difficult to fall into the trap of overspending and accumulating debt. To avoid this, you can create a budget and track your expenses. Ensure your expenses do not exceed your income, and if they still do, maybe find ways to immediately cut back.


6. Have an emergency fund


Emergencies may strike at any time and may wreak havoc on your finances. To protect yourself, you may set aside some money in an emergency fund. This fund may be easily accessible and may cover at least three to six months of living expenses. Emergency funds may ensure you are not forced to take debt or exhaust your savings due to any uncertain circumstances.


7. Invest in your family’s financial security


When you are planning your long-term investments, you may have to consider securing your family’s financial future in case you were to lose your life. Life insurance may be one of the products to help you accomplish it. You may consider buying life insurance with a sufficient sum assured that your family can count on you in your absence. You can access online life insurance calculators to get an estimate of your coverage needs.


8. Aim at becoming debt-free


Debt may be a hindrance when it comes to achieving your financial goals. If you have high-interest debt, you can think of prioritizing paying it off as soon as possible. High-interest debt may spiral out of control, so it may be important for you to clear it as soon as you can.


9. Start retirement planning


Retirement may seem like a distant goal for young individuals, but it may be important to start planning for it as early as possible. For salaried individuals, your retirement may require sufficient corpus, as you may stop working, but your everyday expenses may continue or may even increase. If you buy a retirement plan now, you may be able to start small and yet build a significant corpus for the long haul.

Putting the above long-term investment tips into practice may help you in taking control of your finances and build a secure financial future. It may feel easy to get overwhelmed without having a financial plan in place. But you may be able to overcome this feeling by ensuring that you make a plan considering your main goals and may consider implementing the tips mentioned above.

General References-




~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.