You can see that summer is upon us and you must have already started packing your bag to hit the road. Well will it surprise you f I were to tell you that your investment journey is quite similar to your road journeys?
Equity market has gone through a tough cycle over the last few years. As a result many investors have panicked and many have given up on their financial goals and withdrawn from their mutual funds in panic; they have either stopped their systematic investment plans in panic. It’s not the first time and I can assure you this will not be the last.
Investing has become easier at the same time. Nowadays with the introduction of direct plans, the coming up of online investment platforms everywhere have given us multiple options to invest and also in a cost-efficient way. Investment has become not just a destination but also a bit about the journey over the years. Free Financial Assistance Advisory Portal, MoneyMindz helps you learn from your road trip to make your investment journey also as smooth.
If the journey is long, planning is the key
You will typically carry a map if you are going on a road journey. This is done if you especially go on a self-drive foreign holiday. As you don’t want to be lost.
Well investing is pretty much similar. In this case, your financial plan is your map. One cannot start investing without a plan, else you must be putting money anywhere and everywhere without a direction.
It is important to see convenience. In the same manner your investment journey should also be comfortable. So, basically do you have an emergency corpus to fall back on while your investments continue undisturbed? You won’t want to dip into your savings every time there’s an emergency, else your money will not grow. Check if you invest in a paperless and digital way and how you are going to keep track of your investments. You should be able to monitor them periodically.
An experienced driver helps
It’s a self-drive holiday or you aim to hire a professional one, the driver should be skilled and experienced to drive on highways.
In the same way, whether you invest on your own or hire a professional investment advisor, one has to be skilled and knowledgeable to navigate the markets. Your interest and your advisor’s interest should be aligned. It can also help if your advisor is empathetic and accessible.
Every journey comes with risks: you’ll have to manage them
A good road trip plan entails that we check the brakes of our car before we start. The car needs to be in good condition ; tires, wipers should wipers, oil etc. in your car before you start off?
You also need to prepare yourself before your embarking on your investment journey. Whether you would want to stagger your investments through systematic investment plan or invest in lump sum depend on how your income comes to you; salaried and regular income or business income that varies month or month. How well you manage your risks on your investment journey depends on what sort of instruments you choose to invest in.
Would you have enough support along the way to assist you to, say, change your tire, repair your car and so on if there are any road side breakdowns? Planning for your road trip also makes sense to you for your investment planning, then it’s important to map out your investment journey properly.
Financial planning can be considered as a chain of events which are process led and missing out on even one of the links is catastrophic. Therefore, a comprehensive financial advisor is the key to meeting your financial goals.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.