The answer is not a numeric value. It, rather, depends on your investment goals and time horizon.

Here is a suggested checklist that you can start any year with and as you move forward, customize as per your personal situation.

As opposed to the systematic investment plan or SIP which allows you to invest in small amounts on a regular basis, an SWP allows you to withdraw defined amounts in regular frequency.

Its primary function aside, getting a health insurance policy can add a lot to your investment journey too.

It feels good to get a phone on your reward points or air miles or a stay, free. However, managing multiple credit cards is more than about reward points. Here is what you need to be careful about.

An equity index-linked ETF is one type of fund. It cannot be an alternative for all your investment needs.

There are other investment avenues which can help you save a similar amount of tax, however, when you look at performance, none of the others has delivered similar inflation plus returns in the long run.

There was a time when IPOs were the go-to wealth creation products for retail investors, but in the last decade or so we have seen more of them fail than do well over time.

While this is a priority even before you start investing, it is not a one-time affair, you need to revisit your emergency fund, at least once a year.

Focusing on some of these tasks will help in starting the new year on a positive and strong footing.

Whether you invest in a tax-saving fixed deposit or an equity-linked savings scheme, your maximum allowable tax deduction through these investments remains the same at a maximum of Rs 1,50,000 under section 80 C of the IT Act. Then why not pick the investment which will help you maximise long term wealth too?

While the previous generation was taught that saving is a must, the next generation who inherits the wealth that has now been created also needs a lesson in money management. Here are two things you can focus on when it comes to passing some money wisdom to the next generation.