This question may arise in your mind - where do i invest my hard earn money? Before starting a effective financial planning you have to understand which product is good and which product is bad. To become financially free one do not have to invest in all the products available in the market. Truth is combination of only few products in proper proportion deponding upon your risk ability and your financial goal can make you financially free. Risk ability depends upon in which age group you fall. For example a young investor can invest 80-100% in equity where as investor of age 50s cannot invest that much in equity.
Financial Products available in India
- Stocks
- Bonds
- Fixed deposits
- Saving account
- Gold
- Mutual funds
- IPO
- Real estate
- Term Life insurance
- ULIPs
- Whole insurance plans
- Money back insurance plans
- Pension plans / retirement plans
- Health insurance (Mediclaim)
- Auto / Home insurance
- Post-office savings scheme
- National saving certificate
- PPF (Public Provident Fund)
- EPF (Employer Provident Fund)
- Home / Auto loans
- Gold loans
- Personal loans
- Credit Cards
- etc.....
And many other products are introduced every year, You don't have to invest in all products. NOT the all the Financial products can help you to achieve Financial Freedom. Before you start investing in a particular product do some homework's like read reviews on net, ask experts on various financial forums etc.
Combination of only 3 financial products can help you to achieve your financial goals - Term Insurance, Mutual Funds & PPF.
- Term insurance gives you enough life cover with low premium.
- Mutual fund helps you to grow your money and beat inflation.
- PPF is the best product in India for TAX saving.
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