} Managed to save a lakh? Here's what to do next

Managed to save a lakh? Here's what to do next

26 Apr 2019

Investment is that field where a lot of people are keen to put their money in to obtain the best results. They hope to earn high from their investments and make their future a stable and secured one. But among the different steps taken to bring an improvement in the future, the most important one is saving money. 

So, when it comes to you, how much money have you saved? But first things first, why do we ask? Well, Wealthclock Advisors is an established financial advising firm and we lay a strong emphasis on saving money. Savings, as we say it, is an integral part of the overall investment process and it gives strong support to the different other aspects such as financial planning, goal setting, etc. 

So now, let's come back to the previous all important question. How much money have you saved? Is it a lakh or maybe more? Well, if the answer is a yes, then you have the potential to carve a beautiful future for yourself. Not many have this option. You must know how to utilize your saved money in a smart way and achieve the best results in the future. 

Wealthclock Advisors in Mumbai will tell you how. This blog will now discuss what should be your future steps.

Here's what to do with your saved amount

It's not always that a person is able to save a lakh through a long period of time. Neither it's easy. If you have been successful in doing so, then there must have been a lot of hard work, dedication, and patience, right?  So, when you have managed to come such a long way, we recommend you to take some more wise steps and utilize your saved money properly. Although you are proficient in saving, you might be wondering how to handle your money that is lying in your bank account. 

You may face a big dilemma; should you let it stay idle over there or actually do something better with it? We will clear these doubts for you. At Wealthclock, not only will you receive the best financial advice but also other great services too like risk-based fund recommendation.

So, let's check out those points now.

  • Personal emergency fund

We never know how life may turn out in future. There will be difficult times when we will be financially challenged. Life has a funny way of bringing us down and therefore, it is your responsibility to handle it in the best possible way. You need to stay prepared for such times.  If you don't have enough amount of money to last for a few months without any income, then it will be a great idea to keep the money as savings or maybe invest it in debt fund. This amount of money will act as a cushion for uncertain times as a personal emergency fund. And what if you already have an emergency fund?

Well then, you are in a great situation in life and quite frankly, ahead of your peers when it comes to financial planning! You may also invest a portion of the money in mutual funds. They are a great source of investment. An important question that may pop in your head during this time is, How Do I select the best performing mutual funds? Visit Wealthclock Advisors for this purpose.

  • Save for the big future plans

Do you have a big plan in mind for the future? Like going on a foreign vacation or maybe your children's wedding? There may be any kind of plan, the main thing is, you should plan your finances for the same in an organized way. You can simply place your money in a debt fund till the time comes. With debt fund, your money will grow at a steady pace and you will end up with a little extra too.  A debt funds are one of the Best Investment Plan With High Returns In India. So, use it to your own advantage. Use the huge wealth that you have accumulated all through these years and keep it ready to meet those certain big futuristic plans. These are the ideal financial planning steps and will keep you ahead of your peers by a long margin.

  • Long-term saving

The distant future, say for example 20-30 years from now is obviously very hard to predict. One may not know how much to save exactly for their future. So, if you have catered to your short-term along with emergency needs, then it's a great thing! You can use the saved amount of money for your long-term needs.

For making this happen, you can invest in a couple of fruitful investment funds such as equity mutual fund and then allow it to grow for a longer period. So, by the time you retire from your work responsibilities, this one lakh will become a much bigger sum and thus it will benefit your distant future.

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about us

Wealthclock makes investing simple, safe and convenient. We offer mutual fund investment and financial markets advisory over the friendly and interactive online platform that makes investing fun for all first-time investors. With the help of advance tools, detailed market analysis and team of expert advisors, Wealthclock ensures that the users are on top of their game. Come and watch your investment grow.

contact details

Wealthclock Advisors,
205, Regal Diamond Center
Opera House,
Mumbai,Maharashtra 400004

Plot no. 146, 19/7,
Sahapur Colony, Bankim Mukherjee Sarani,
Block J ,
Kolkata, West Bengal - 700053

ASSOCIATION OF MUTUAL FUNDS OF INDIA
REGISTERED MUTUAL FUND DISTRIBUTOR
ARN:115995

BSE REGISTERED MUTUAL FUND
DISTRIBUTOR MUTUAL FUND
CODE NO:11946