In 2023: Where to Invest
In 2023 Indian Economy remains sturdy but an increased financial Crisis can impact Investors' wealth. High Inflation, Unemployment, and Global Financial Crises will be the biggest challenges in 2023 for India.?
2023 Start with new hope of growth, Development, and Change for better living of human life. Every person has these three types of essential needs and wills which are Growth in career, Nation Development (Society Development), and better living standards. All these can be achieved if people invest and manage their wealth rationally. I want to take up a story about my friend Jai when he was hired by one of the big 4 and started earning a handsome amount of money. Now he thinks I am going to be a permanent employee in this company. He thinks now I am financially Independent and spent my money where ever I want. Now what's wrong is the Afghanistan crisis happened and after that, the Russia- Ukraine war happened now things were moving not accordingly to Jai after that he got fired from his company. Now he was on the same page as where he started his journey. Most Peoples do the same mistake that Jai did. What you can do to save yourself from these mistakes and achieve their basic financial Goals.
If you follow the given suggestions in a disciplined way. You can realize that you achieved your goals in a very small pan of time. Following Steps are-
Cost Cutting – Cost cutting is the biggest weapon to fight the financial crisis. Cut down on your unnecessary luxury expenses. The global crisis has come silently in India we all see how inflation rises. Stop shopping over credit cards credit cards are the biggest rival of your personal wealth. Avoid your unnecessary trips, Spent huge money on Gadgets, and avoid shopping in Malls. Cutting down your expenses doesn't mean you must stop purchasing and avoid everything. Cost-cutting means finding alternative options to replace your expense solutions.
Insurance Plans- ?Insurance plans are now considered as an Invesent it generates a notional wealth for you. Insurance plans provide you the mental peace that your loved one is saved from unprevented problems. Insurance plans are the firearm for taxpayers to help them to save taxes. You can claim tax deductions under 80C. Insurance plans can be purchased through monthly premiums which will not pain to the insurer but can give huge benefits to the insurer.?
Do Side Hustle- In this uncertain condition where crises knock on the door and people lost their jobs.? Every day we read Google, amazon, Meta, and big tech companies fire their employees and cut down the bonus of employees by 50%. Conditions are very uncertain for everyone who do jobs or who is completely dependent on a single income. This crisis taught us that you can’t depend upon a single you have to create a different source of income. Start doing a side hustle with your day-to-day activities. Start freelancing, Start learning some new skills through which you can create a different source of income. Apply this formula you can find which skill is great for you to create another source of income.
These questions will help you find the skill in which you have to invest your time from now.
Start Investing – Start Investing in different stocks. Start SIP and find out the best mutual fund on the bases of personal risk capacity. Do an in-depth analysis of mutual funds if you are not able to do this on your own taking the help of professionals who can manage your portfolio on your behalf. It will provide you the financial security and help you create wealth. Experts' opinion data analysis has?been shown in the given Chart.
Invest In Your Knowledge– Knowledge is the source of every Skillset. In 2023 take the challenge to accomplish some technical courses. Courses will help you find new ways to live life and help you to find another source of income. Invest in knowledge will you compounding returns. Few of the high skill demand in 2023 on which you can do courses from different websites free of cost like Advance Excel, Six Sigma, Data Analytics, Public Speaking, and many more. You can refer to Coursera, Edx, and Swyam to do this course at free of cost.?