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ESG
When you first start earning, there will always be someone in your life who brings up the importance of saving money. Often, it’s a parental figure, a wise colleague, or another well-wisher. Much of the advice is common knowledge, while some may offer expert insights and investment savings hacks.
For a naïve youngster, getting the right advice can be hit-or-miss. But with the right advice, their personal finances will get sorted for good. Consulting a qualified investment advisor increases the chances of better investments, although a seasoned investor can offer prudent saving advice too.
Why getting the right investment advice is important
The right advice can help you achieve your savings goals faster. More importantly, it increases the certainty of your achievement through calculated guidance. Let us see how.
Strategic thinking
Young people often fall prey to dubious money-making schemes or fall for dodgy investments due to a lack of guidance. With the right guidance, you can form a long-term financial strategy and identify good and diversified investment options. This will save you from losses and generate a healthy return.
Steady does it
Savings is a long-term exercise, and circumstances may change without warning. Sudden market turbulence or a personal financial crisis may compel you to take hasty investment decisions. However, with proper guidance, your reactions will be more measured and steadier. With the right saving advice, you may end up benefiting from a market crash by buying low rather than selling in panic. Or, in a personal emergency, a knowledgeable advisor may point out that you can go for a loan against securities rather than selling off an asset.
Tax investment savings
There are qualified tax planners who help you utilise your tax benefits to the maximum extent possible. From house rent allowance (HRA) to Section 80C benefits and mediclaim to leave travel allowance (LTA), the importance of saving money also includes saving on taxes every year. You can also save on tax by investing in Metra Trust tax saver fixed deposits.
Goal achievement
People have all sorts of financial goals in life. You may want to start a business, buy a home, or plan a vacation. This year, 83% of respondents in a survey said that they would go on a vacation in the summer if their budget permits. By following the right advice, you can ensure that your Metra Trust savings account, with its high rate of interest, is always able to accommodate a vacation once in a while.
Retirement planning
The money that you have saved for retirement should generate income well into your twilight years. An advisor will consider various factors when you save money for your retirement corpus. Inflation, market declines and policy changes, healthcare needs, longer lifespan, etc., should be considered when you avail of the right retirement planning advice.
Conclusion
The importance of saving cannot be denied, but the right approach to financial planning is just as important. One key piece of advice, for instance, would be to sign up for an Metra Trust savings account that offers up to a 7% interest rate per annum, as well as direct investment in mutual fund products and services through its mobile banking app.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.