When demonetization hit the Country, we all found out that the Indian household Women were the richest in the family. They had so much money saved with them just for the fact that if any emergency comes their way tomorrow, at least they will have some cash available to fight with it. This is what we call SAVING.
Who doesn’t want to have a good life, a life with all the comfort, fancy cars, amazing wardrobes, access to high-end restaurants serving different delicacies, and whatnot? Spending our hard-earned money on buying the things you love, going out shopping, and getting every item tick marked in your wishlist feels so fascinating, it makes us feel independent and to be honest quite proud as well. But, the actual sense of Independence and pride is a financially secured future.
Saving money gives you a way out of the uncertainties of life and provides you with an opportunity to enjoy a quality life. Saving is not about investing in Stock Markets, Fixed Deposits, SIPs, etc. Saving is just about keeping a part of your earnings aside and just not touching it. Setting aside money every month for investing will keep you from spending that money on unnecessary expenditures.
So how is Investment different from Saving?
Saving is keeping the money aside, either in your bank account or at your home and Investment is putting that saved amount in a market scheme to gain a return on the same is called an investment. Investing is an effective way to have your money work for you and build wealth. Holding cash and bank savings accounts are considered safe strategies, but investing your money allows it to grow in value over time with the benefit of compounding and long-term growth. At a certain age, it feels like it’s too early to start investing and after a certain time it feels like it’s too late to start investing, but then there is no fixed time to start planning for the betterment of your future.
Investing is one step ahead of savings and comes in a wide range of choices starting from including stocks, bonds, mutual funds, exchange-traded funds, real estate, etc. It’s never too late to become an investor. You may be well into middle age before realizing that life is moving quickly, requiring a plan to deal with old age and retirement.
Many people think investing is complicated, but it doesn’t have to be. Take small steps with the advice of an experienced Investment Manager, who can guide you in and out about the benefits of investing. Investments give good returns and all they need is your time. One cannot compound wealth without giving it proper time. So, plan your near future goal and start investing a limited amount every month. Trust me the happiness of having a compounded amount in your hand at the time of the need is the biggest of all.
Not everyone gets a chance to plan their future, some do have to just go on with the situation. But, Investments give you an opportunity to plan your future. There is a different confidence level in your planning when you know that you do have a certain amount saved for executing that plan.
Having inherited wealth is not everything today looking at the increase in expenses these days, and hence it is suggested to create wealth by investing and compounding your money with time. And you know what comes free with compounding wealth is a most comfortable and hassle-free post-retirement life.
It is very important to educate our society and our children on the importance of saving or the importance of financial freedom. There’s nothing bigger than having financial Independence. Savings not only helps with our future goals but also brings
discipline to life. We may not have the money to save for a retirement home in the mountains but we all do have a small room available for it.
Take your first step towards Financial Freedom today.
A Wealth Experience Manager for UpperCrust Wealth Pvt. Ltd. A person with a blend of creativity and emotions, who loves to discover new work angles.
