TOP 5 FINANCIAL MISTAKES
THAT WE COMMONLY MAKE
BY- IMPERIAL MONEY
1. Putting all Money in One Type of Investment The world's greatest investor Warren Buffett once said “Keep all your eggs in one basket, but watch that basket closely” He has also been quoted saying “Do not put all eggs in one basket”
2. Not Reviewing Out Investmeants Every Year Rebalancing your portfolio does not become overly dependent on either the success or failure of one investment at any given time. You Should monitor the performance of your portfolio & restore its original balance at least once every year
3. Continuing with an insurance cover which is not adequate Insurance is essential in order to ease the financial burden that arises due to a medical emergency. There are many health insurance plans offered by different insurance companies with different add-on covers and benefits. You should opt for the policy that best suits your needs and gives you respite in difficult times,
4. Stating Retirement Planning too late in life Retirement planning is very crucial for all individuals. Saving a specific amount of money for retirement is one of the wise financial strategies. A retirement plan is a savings and investment plan that supplements the need for an income after the employee has ceased employment. There are many retirement saving schemes available in the market that offer great benefits and adequate deals.
5. Investing Only to Save Tax, Not to Meet Future Goals When it’s about investments, we should have at least two clear expectations from them. first, they will improve our wealth, and second, they will cause minimum tax liability. Fortunately enough we have several taxsaving schemes available in India. However, you need to keep in mind that each tax-saving investment is different and invest accordingly.
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