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How Much Do You Need To Invest In Reits – Perhaps you have just received your annual bonus and a new idea struck you: what if I invest this money?
You are on the right track. The right investment early in your career can pay dividends if you play your cards right. But before you even start investing, there are some basic things you should take care of.
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For example, many people start investing before they have fully cleared their debts or taken care of basics like insurance.
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Another important part of investing well is having a financial plan. A sound financial plan is not only essential but unique to each person depending on their financial situation.
Maybe some of us are freelancers, who get random money from time to time. Depending on your salary, expenses and plans for the future, you can shape a financial plan that is unique to your spending pattern and needs.
A well-shaped financial plan would cover all aspects of your financial goals, including the current financial situation, the future financial situation, any financial goals you may have, how to give the plan itself in place, and crucially, other actions in case Plan ‘A. ‘ not working out.
However, implementing it does not mean your work is done. The financial plan also needs to be reviewed from time to time as circumstances change. This brings us back to the original point, investing money is a big part of the planning process. But before you invest, there are some basic things that should be taken care of first:
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Sketching out a household budget should be one of the most basic accounting practices that everyone should follow. Most of everyone’s wages end up in the household budget anyway, so it’s important to keep track of these expenses and keep them efficient so you have more to save.
The first thing you need to do is note down your sources of income on a piece of paper.
This would include your salary, bonuses, earnings from other investments, money from freelance work and so on and so forth. Once you have a clear understanding of roughly how much money is coming in each month, you can start monitoring your spending habits.
The second step here would be to start identifying your expenses. Start with the basics: rent, grocery bills, electricity bills, WiFi and any other such recurring expenses. This is usually a bulk expenditure that all of us make every month.
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Now comes the crucial part: you need to monitor how and where you spend the rest of your money.
One way to do this is to draw up your bank balance and look at how much you spend on, say, online shopping, Uber and Ola, fuel, eating out etc.
If you don’t have the patience to go through your bank statement, there are also apps like Walnut Android App that will go through your SMS and automatically track this information for you.
This is a variable expenditure, depending on what your needs are for that particular month, so a little more wisdom here can go a long way in your savings plan.
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The faster you settle any existing debt, the faster you can make money off your investment. For example, if you have invested in a mutual fund through the app and are getting an annual return of ten percent, it is going to be completely pointless if you are going to spend that extra ten percent on pay off your current debts instead of saving. or reinvest it.
There are many types of debt, but debt that people usually struggle with is divided into two types: the first is called non-performing loans, which usually refers to personal loans, car loans and debt credit card.
In India, credit card debt is rising at an exponential rate. As of May 2016, the total credit card debt incurred by Indians was 42, 100 crore, compared to 27,000 crores during the 2008 great recession.
If you have outstanding credit card debt, it’s wise to take stock of the situation and plan to pay off the principal as soon as you can. You can also convert this into a personal loan to prevent you paying too much interest.
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The second category of loans are constructive loans and they generally include things like home loans that have an interest rate of almost 9 percent.
These are easier to manage than credit card debt that has a rate of 36 to 48 percent per annum. But it still needs to pay off. To make the most of your investment, make sure your debt is taken into account.
Life can be unpredictable. As we have discussed in previous articles, you may have a medical emergency, which can lead to a heavy hospital bill.
Or worse, you could be fired from work and penniless. In these cases, many people turn to credit cards, which is a recipe for debt.
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In case things don’t go as planned, credit card bills can escalate and skyrocket very quickly. In these cases, it is absolutely essential to have a reserve fund.
You can start by setting up an online savings account. Once you’ve set up your account, you can transfer a set amount into the account every month without breaking the bank too much.
Over time, this will build up and give you a solid reserve for tough situations. Ideally, you should save an amount equivalent to 3 months of your salary as a reserve.
To have a solid plan, you must be aware of what you want from your investment. To have an investment plan, you must have an achievable financial plan. To start achieving your financial plan, you can break it down into smaller steps and complete them one by one.
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Let me tell you this, some of you may think that taking financial advice is not the right way to go about it. And what if the “advice is wrong?”, what if “It’s a scam?”.
If you feel that you are restless about the world of finance, there is no harm in taking help from a financial adviser!
Once you have enough money to invest, don’t just go by instinct. While stocks are a great option, for early investors, the mutual fund route is much more favorable because you’re essentially trusting your money with someone who knows the market much better.
At this stage, it is also a good idea to consult an expert. However, you don’t need to pay an expert to advise you throughout your investment journey. Initial input and some periodic guidance should do it.
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You’ve got a great business idea, and you’re raring to go. But before you start your small business, you need to ask yourself an important question: how much money do you need to invest?
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The answer, of course, is that it depends. There are many factors involved in starting a small business, and the amount of money you will need to invest will vary depending on your unique situation.
That said, there are some general guidelines you can follow to help you calculate how much money you need to start your small business.
The first step is to get an estimate of your start-up costs. This includes everything from
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