As we continue to brave the COVID-19 pandemic, there’s no doubt we are feeling increasing financial stress with bills, pay cuts, job uncertainty, dipping into our savings and investments, and in some cases, even losing our jobs. So, we reached out to Yogita Dand, Certified Financial Planner, and invited her to host an Ask Me Anything session on the Girl Tribe by MissMalini app. She answered all the questions the Tribe had on the basics of financial planning, growing your wealth, smart investments, money management, financial safety and planning, and more. Scroll down to read all that she shared!
Q. What is the right age to start investing for someone who has just started earning? Also, what is the safest medium to invest in?
The earlier you start investing, the better it is. So, if you have just started earning, start investing with at least 50% of your salary. If you are really young, I would advise you to take a bit of a risk and start by investing in equity mutual funds with a horizon of at least 15 years.
Q. What is the best option to save for my children: Fixed deposits, mutual funds, provident funds, or insurance?
Q. Is investing in gold bonds sensible during the current times?
Q. What investments can I make to take care of my parents in their retirement and old age?
If you are planning to invest your parents’ money for their retirement, then first and foremost secure their investments in the Government Senior Citizens Savings Scheme which currently offers 7.40% yearly, payable quarterly and has a lock-in period of five years, with a maximum limit of 15 lakh rupees per person. You can also opt for hybrid mutual funds for them. If you are planning to invest in them with your own money, then I suggest ensuring you have a hefty Mediclaim policy first, for both of them. Post that, you can start investing in mutual funds, which you can liquidate in case of need.
Q. Should I be investing in cryptocurrency?
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