Woah Seeker, you surprised us! You know your financial instruments and you’ve got your game face on. The fact that you’re investing your money is pretty killer but is it beating inflation?
Year on year, the prices of goods and services rise, decreasing the purchasing value of our money. And to add to it, our lifestyle habits and spending patterns actually makes relevant inflation over 8-9% for us.?
But here’s the good news, what happens when your investments are beating inflation? It grows, appreciates and compounds. Essentially, increasing the value of your money over time.
Read about compounding: The Power of Compounding
So just investing in traditional instruments won’t cut it, you’ve got to upscale, optimize and most importantly DIVERSIFY your portfolio to get maximum returns.
So honey, let’s get cracking!
1. Asset Allocation
Hey Seeker, meet our best friend, Asset Allocation. She’s got some pretty cool tricks up her sleeve. It’s easy, Asset Allocation simply means investing in various asset classes based on your financial goals. Your asset allocation will depend on your personal circumstances, financial goals, time-horizon and your willingness to take risk or your risk appetite.
So what happens here? You safeguard yourself from one investment scheme thereby balancing out risk and benefiting from returns across various instruments.
To read more about Asset Allocation, simply click here: Asset Allocation: The Golden Key to Investing Smartly!
Now that we’ve got you hooked onto Asset Allocation, make sure you have key financial goals covered.
The 4 pillars of GOOD financial planning are
- Emergency Fund
- Retirement Fund
- Health & Life Insurance
- Planning for your Future Goals
Hold on, they may sound a little scary but THEY’RE NOT! Sharpen your pencils and bring out the calculator, because ladies, we’re getting down to business!
1. An Emergency Fund is essentially your safety net! If something goes wrong or you’re faced with an unforeseen medical or financial emergency, your emergency fund will rescue you.
The general rule of thumb is to have 6 months of your family’s expenses parked aside in a liquid and easily accessible investment avenue.
So look no further, LXME’s ultra short term fund best suited for a time duration of 1-11 months and targets a 6% return can be used to build your emergency fund (better than Savings Account). Easy withdrawal ensures your money is accessible whenever you need it.
2. A Retirement Fund is going to ensure you maintain your lifestyle and can pay for your expenses even post earning an income. So the earlier you start building that retirement corpus, the larger it’s going to be.
Wondering how much you should be saving up for retirement, check out the Retirement calculator. Click here
Pro tip: To invest for your retirement, start soon, stay invested and target returns of 14%* with the LXME Long-term Plan and 15% with the LXME Equity Fund. Start here: My Money Tab
3. A Health & Life Insurance is a MUST ladies, we cannot stress this enough! Getting the right plans for you and your family ensures you are ready to tackle any emergency that comes your way. You don’t want to break the bank in case of a medical emergency and lose all your savings!
Wondering where to start and which policy to buy? Just create a post on the BeingLXME community and tag the LXME Money Coach or drop a comment. You can also get in touch with us at 02916661010 or email us at firstname.lastname@example.org for more details.
Read more here: Are you making these excuses while getting insurance?
4. And lastly, plan for your goals whether it’s a beautiful house by the beach, getting into your dream college, or investing for your child’s future; your goals need money and we’re here to see you achieve them!
Check out our long-term, short-term, long-term, equity and debt plans here: My Money Tab
And that’s it, Seeker! The next best step for you is to look at diversifying your portfolio. Take a look at the portfolios we have, to pick a plan that suits your goals.
Now remember, the LXME account opening is Easy peasy lemon squeezy, takes only 5 mins AND you win reward points worth Rs. 10,000, that you can save on your favourite brands like ClearTrip, Sugar Cosmetics, MyGlamm, Lifestyle and many many more!
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