Wealth Creation Success Formula For 2021
The Year That Changed Everything
2020 taught that the job market, businesses and the world in general can go into a tailspin by an unprecedented pandemic.
It’s important to get wise about finances.
With the situation in India still precarious, it’s important to start saving, investing and looking to create wealth from other streams, to cushion any blows you may face.
What Is Wealth Creation?
Wealth creation is the process of investing in different asset classes that will help in meeting one’s livelihood needs.
The key is to start early and stay consistent.
A Stable Source Of Income
These investments should also be self-contained and generate a stable source of income, helping one fulfil their aspirations.
Understand Where You Are
Before you start investing , look at how much you have. Take into account your regular income, passive income (rental, etc) that you can use for wealth creation purposes.
Each of you will have specific goals related to wealth creation: home/car purchase, an education fund for your child, a retirement corpus.
Identify the goal and outline who much you need.
Based on your risk appetite, allocate your funds accordingly - choose from mutual funds, directly investing in stocks, safer options like PPF and National Savings Scheme, etc.
Set timelines for each goal and start investing.
Having a separate investment fund for each goal will help achieve them sooner. Starting small and early will help in wealth creation.
These are unprecedented times. Spend only on what you absolutely need, and not on unnecessary wants.
You should work towards putting most of your funds into wealth creation.
Wealth Creation With Scripbox
At Scripbox, we have a range of wealth creation plans, with a predefined set of goals that act as a guide.
Get in touch to start investing today!
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.