Investment Options For Young Working Professionals In India
August 08, 2020
You have been adulting for quite some time now, and this is the time to act responsible financially as well. Get your finances on track by choosing the best investment option that will support you for the next phases of life.
As a young individual, when you start working, you may tend to get overboard with the way you spend your income. In a world of enticing things to buy, young salaried professionals often have a difficult time dealing with their insufficient earnings. Even if someone has a fat salary package, they end up living pay cheque to pay cheque, thus saving little or none in the process.
Youngsters are always advised on saving for the future, but not about investment. Only a minority of young professionals take the road less travelled. If you haven't started investing yet, it's time to upgrade your lifestyle and take your financial planning to the next level by exploring the best investment options by ICICI Bank.
Below are Some of The Investment Options:
Buy an Insurance: As you get ready for the next phase of your life, getting married and starting a family, you will have to act more responsible financially. Financial security of your family should be your priority; hence, you should buy a term life insurance. Buying insurance is a pure investment option that will save your family from financial troubles in your absence. Moreover, you can get tax deductions under Section 80C of the Income Tax Act.
Tax-Saving Deposits: There are a plethora of tax-saving deposit options like Fixed Deposits (FD), Recurring Deposit (RD), iWish RD and Delightful Deposit. The deposit allows you to save for goalposts. You can earn better interest rates on the account types. You can choose a riskier investment option like Equity-Linked Savings Scheme (ELSS). This is the only mutual fund tax-saving solution that helps you earn high returns.
Mutual Fund Investment: When you're an adult, you need to know that investing is a wise choice to brace yourselves for the next phases of life, such as marriage, buying a home or retirement. When it comes to long-term investment option, mutual fund scheme is a suitable option. With ICICI Bank, you can open a 3-in-1 account which brings the convenience of savings, trading and demat solution under one roof.
Pension Plans for Retirement: You should plan for retirement at an early age. You need to determine how much money would be sufficient for the post-retirement phase. Your current income and expenses are the two factors that will help you ascertain the estimated retirement corpus. It is best to start investing in National Pension System (NPS) or Employee Provident Fund or Public Provident Fund (PPF) so that there is no stop to the regular source of income, and you can live a happy retired life ahead.
These are some of the investment options young working professionals can choose to grow wealth and secure their future.
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