Family  Discussion Forum

Do you regularly check whether your finances are in order? Do you invest? What is your preferred approach to investments? Anu replied. Also what i forgot to mention in my below msg was regarding provident funts. They are the best. May be u can increase the amt u r putting in provident fund n in span of 10 yrs u can get a very good amt. I know what u r thinking and i agree with u if u say u have to visit their office atleast 10 times before u can get ur money. But it is still worth it ! Anu replied. U are talking about stock market... I agree sometimes it has some hidden cluases. Thre are safe investments where it has nothing to do with the stock market expecially from LIC. U have such a bad impressions about the agents. I used to think the same until very recently. Thank God i no more think like this. U need some serious investigations. Moreover, it was just a suggestion. Also having an RD account is very good idea if you are not a good saver. You are forced to save this way. I hope u trusts the banks atleast. Also u can invest in KVP (Post office) certificate. They are really very very safe and secure. My mom used to put in them when we were kids and has got all the moeny back till date. I put in KVP. It doesnt really matter how small is the amt. But atleast u can save. These are all safe investments. If you have lots of money then investing in realestate is the best idea. or even buying a land. but u need good amt for this.
let me know if you have any better ideas. By the way a last thing in case u have no knowledge about the stock market, any investment in the stock market for a long term will always get u the money... when i say long term may be 7 + yrs. Vandana replied. It is all very well to say that we must make investments and take insurance and so on and so forth. However, if you try to go about this, you will soon find that it is not as easy as it looks. All these schemes are designed to confuse the investor greatly. You invest in one scheme and then find out about hidden terms and conditions that were lost in the fine print. Add to that agents whose mission in life is to cheat you of your hard-earned money. The stock market may be booming right now but do you know how many people actually are benefitted by it? What will happen if the stock market were to crash tomorrow? Would things still be hunky-dory then? Anu replied. Having an insurence as soon as u get the job is a wise thing. If the money permits u should have a life insurence and soon you should also have a pension insurence. Nobody told me this when i started my job at 24. But now i am 28 and have both the insurence. I am happy for this. Also some insurence for your baby' s education. But what i notice is that in aducation insurence u end up paying more premium so it is better to have a differnt plan like pension etc where u can pay less and get the same amt of money. we put our baby as nominee so that we know it is for her only. I think insurence is very very important. especially in india we have good shcemes from LIC. Pritam replied. One important point to keep track of is to never spend more than you can afford. If you want to buy something and you do not have the money, don' t buy it. In most cases, it is not something you desperately need anyway. Leela replied. I think that finance courses should be made part of the school curriculum. People need to learn about managing their money right from a young age. Otherwise later on, they do not know what to do. Even if you are earning a big salary, you should always remember that it does not take long for you to lose your money.