We, at Scripbox, understand that your money has a purpose. In fact, your money has multiple purposes. This understanding is what defines the way Scripbox works for you (and where mutual funds come in).
The 3 kinds of money in our lives:
#1. To cater to our day to day living expenses.
#2. To cater to our desires, big needs, and dreams that we want to achieve in the short term, say in less than five years.
#3. To cater to our need for financial security when we might not have an income in our later years of life i.e., retirement.
This is why we save and invest.
Now all these purposes need different approaches to money. Money meant for fulfilling your day to day needs such as commuting or groceries can’t be treated the same way as the money that will support you when you are retired.
Where do mutual funds come in?
Mutual funds are just the most convenient and versatile tool amongst the variety of financial tools available to you to fulfill various purposes. For the majority of individuals, mutual funds are the smartest way to go about meeting their objectives. And it works for all the 3 purposes we talked about above. To know why – read this.
How does Scripbox help you do this?
#1. Selecting the mutual funds which are right for your different purposes
While you know mutual funds are best, the problem comes when you have to choose which one. There are over 8000 mutual funds out there. With all the various criteria to consider, this is overwhelming even for experts.
Scripbox cuts through this confusion for you and has come up with selections of mutual funds in 4 categories that match your purpose.
#2. A category for each purpose
Emergency Fund (up to 1 year): Invested in an Ultra short term debt fund with a debit card to give you money at any time of day or night - when you need it.
Short Term Money (1 to 5 years): Invested in Debt Mutual Funds works like a better alternative to bank FDs – money you will need for things in 5 years of less.
Long Term Wealth (5 years or longer): Invested in Equity Mutual Funds to – investing here will help you build wealth for retirement.
Tax Saver Plan (3-year lock-in) is a special kind of long term wealth: Invested in ELSS Tax Saving Mutual Funds for saving tax under Sec. 80C, much better than LIC, NSC or PPF.
#3. Making sure the selections made are relevant each year
Things change, and therefore the funds Scripbox recommends are also subjected to a thorough review every year and if required, they are replaced by better mutual funds. The way you switch to the new funds is done in such a way that you don’t suffer unnecessary tax liabilities or exit loads.
#4. Plan for your entire family from one account
Want to invest in mutual funds for your child or your spouse from one place? Scripbox helps you do that by allowing you to open a family account and invest for them. This reduces the effort required to track your investments.
#5. Easiest way to invest without being a mutual fund pro
Scripbox is specifically designed to make it easy to use for individuals who might have never invested before. It keeps things simple and easy. This is supported by a friendly team which is available on the phone every day from 8 am to 8 pm. Basically, we work hard so you don’t have to.
You might know next to nothing about how to invest in mutual funds but with Scripbox on your side, it can’t get any easier.
PS: Scripbox is also loved by experienced investors who recognize that behind the simplicity lies a very powerful best practice investing approach.
#6. Scripbox helps you “learn while you earn”
Instead of confusing you with jargon, we believe in equipping you with better knowledge of personal finance and investing as much as helping you do the actual investing.
Just as you did not start your career with perfect knowledge of everything, you can start with Scripbox and use our blog to become better at money. If you were to wait to be fully informed about investing before starting, you may just be too late!
Choose Scripbox if you are planning to start with Mutual Funds. After all, it is designed with you in mind.