How to get rich: These investment tips can keep you at Manirbhar throughout your life | Mint

If the Nation becomes Atmanirbhar, why should we stay behind individuals? Let us discuss how one can have Atmanirbhar and atmanirbhar during all the stages of life. Early days in life that gain basic knowledge about finance must be learned at school level. The basic knowledge of the importance of composition and time value of money is important, regardless of your field of specialization. Since most of you have already passed that deer in your life, at least you can initiate your children in it, if not in the broader financing field in general, but at least in the field of personal finances, so that they are able to make informed decisions about money at every stage. This is a part -time job early in the morning, as the timing for most of the graduate colleges is early in the morning and the classes are over by 11 o’clock, you can tackle a part -time job in the office of a professional like a chartered accountant or an advocate. This will be your first step to become Atmanirbhar in your life. By taking such a part -time job, you will not only make money, but also learn something that will be of use later in your career. During the earnings days, it begins to save early to maximize the benefit of the composition of “compound interest is the mostly of the world. He who understands it deserves it. He who doesn’t.” is what Albert Einstein reportedly said. So you should start saving and investing from your first salary. The magic of composition can be demonstrated using an example. Suppose you start investing Rs. 5,000/- Monthly at the age of 20, when you get your first job, in a product where you get annual compound yields of 12%. You will be able to accumulate Rs. 5.88 Crores By the time you complete 60 years. One of your friend who can only start investing after he turns will have to invest Rs. 16,800/- per month to match your corpus. One other friend who realizes the importance of saving and starting to invest a lot after turning 40 will have to invest a huge RS. 59,500/- Every month to build the same corpus. The key to becoming independent is therefore no longer money, but is to invest money for longer period, which can be achieved if you start early. Slowly but steady wins the race as the proverb says. Buy appropriate insurance Buy enough life insurance to ensure financial independence from your dependents. However, to ensure your own independence, I would advise you to buy a critical illness insurance so that you remain financially independent, even if you are diagnosed with a critical illness such as cancer, kidney failure, heart disease, etc. Critical Diseases Insurance, which affects your earnings, will take care of your financing when your life insurance or health insurance comes to your rescue. In addition to life insurance and critical disease insurance, you should buy health insurance to meet the great cost of medical treatment. Existing health insurance comes handy at your age when it is difficult to buy it. Although you feel that you do not need health insurance during your youth, but it should be purchased if you really do not need it. You will not be able to do this if you need it at age due to health complications. Health insurance purchased early will come in handy later if your ability to carry large medical expenses is significantly lower due to the discontinuation of your regular income. Buy a household home, even if you need to do it with home loan to buy a dwelling during your earnings phase, will reduce your tax expenses and also help you go out to minimum after your retirement. If you own a home during retirement, you will help stay financially independent, even with minor resources. Do not impoverish your retirement swab if your salary is, where regular contributions to the provident fund or National Pension System (NPS) are made, do not withdraw from these accounts as it is supposed to be your retirement. You should only use it to withdraw if it is a life and death situation, otherwise you will make a life and death situation for your retirement. Do not do this, even for higher education of your children and rather take education loan. During retirement, you should not give away all your assets under any consecutive planning, for your assets after your death, is an excellent idea, but that does not mean that you have to convey a significant part of your assets to your children while you live. Make a will to ensure that the assets you deserve and obtained are set off according to your wish and not according to the legal provisions. This will ensure that you remain independent and Atmanirbhar during your lifetime, while after your death, you ensure the transfer of assets. Use inverted connection in the ultimate that you cannot save enough for your retirement, despite all your sincere efforts, you can always use reverse mortgage, on the safety of your residence. Under reverse, you can get twenty years to fifty thousand rupees, while you continue to stay in the house, and also without worrying about repaying the money you received. Learn to be Littlie Tech Savvy with increased digitization, one can do almost everything with a smartphone, including paying for aid programs, groceries and fruits and vegetables, etc. This will help you stay at a large extent after your retirement, especially if your age is limited to your home. Regular exercise The first duty you owe is to your body. Regular physical exercise will keep you fit and healthy. It will make you feel and less dependent on others for day today tasks. I am sure with the above measure a person in a true sense can become Atmanirbhar. The author is an expert on tax and investments. He can be reached at [email protected] and @jainbalwant on his X handle