In the quest for a peaceful financial future, one often works hard all day to make
enough money. But in times of high expenses and mounting inflation, one's income
alone cannot help create wealth. Hence, it is important to explore different wealth
creation ideas so as to maximise one's income for the future.
Consider the following ideas on how to make money:
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Save money every month: The simplest and best wealth creation idea is to start a savings fund. Every
month, add a certain sum of money to this fund. Do not touch it for any expenses.
Your savings bank account pays at least 4% quarterly interest on the saved money.
Once the money hits a large target amount (say, Rs 2 lakh or above), you can invest
it in a fixed deposit or recurring deposit to augment its size further.
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Invest in a SIP: Novice investors may be afraid of playing the share and
stock markets. However, investing in equities is a good option for those seeking
a smart investment plan. No investment is without an element of risk, but starting
a Systematic Investment Plan (SIP) reduces risk. Also, one gets valuable exposure
to the equity markets. Over time, the fund gives appreciable returns.
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Look up savings schemes: Savings schemes encourage the savings habit and
reward the policy holder on maturity. The savings scheme invests the money in good
equity and debt instruments for maximum returns. Thus, the policy holder gets a
large fund of money after a few years, which can be used for personal or professional
reasons.
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Start a retirement fund: It is never too soon to start planning for a stable retirement. Instead of leaving it for later, it is far wiser to save for it in the present time. The best saving and investment option in the retirement arena is buying a good retirement plan. Once the policy holder retires, the plan money can pay essential daily expenses and even fund medical procedures.
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Invest in land: Land and gold continue to be prized investment options for
beginners in India. Both are that appreciate in value over a period of time. They
are also easily liquidated in case one needs money quickly. While it is possible
to sell them and gain a profit, it is also possible to borrow loans against them.
These loans can fund children's education, or repay other expensive debts.