In the age of online frauds, even a split-second error can prove very costly. With the rise in cost of living, it has become important to earn more but at the same time keeping the earnings safe and investing them in good schemes are also significant for financial well being. On this Labour Day, take a look at five tips that will help in keeping your hard-earned money safe and make it grow.
Beware of frauds
As most of us are doing online transactions, it is important to be aware of tricks fraudsters use. The Reserve Bank of India (RBI) recently came up with a list of many new tricks fraudsters are using these days (Read about them here and here).
Experts say one should always follow safe banking practices to keep hard-earned money safe.
Invest in good schemes
Investing money is necessary to grow wealth. But the big question everyone faces is – “where to invest”. Experts say one should do proper research before making an investment decision. Schemes that are regulated by the Government and regulators like SEBI, PFRDA, RBI etc are generally considered safe investment avenues. Unregulated lucrative schemes may leave you disappointed at times when you will be really in need of money. (Read about some investment options here)
Get yourself insured
Life is unpredictable and full of risks. While everyone wants to earn more and get rich, not having proper health and life insurance covers may make all your efforts futile. Life insurance plans can keep your family protected even when you are not there while health insurance will help you meet unexpected health emergency expenses with ease. (Read about how much health insurance you need here).
Do not fall for tall claims
If anything appears too good, it might be bad. You should always remember this before investing in any scheme or plan. With experience we know that tall claims about big returns often fall flat. So it is important to avoid risks, especially when it comes to safeguarding your hard-earned money. That doesn’t mean one should totally avoid risky investments. You can take calculated risks but invest only that part of your earnings in risky assets that you won’t regret losing.
Be in touch with a financial advisor
Educating your self about financial products is very important. One way to do this is by reading about the products. But it is not easy for every one to understand everything. So it is always better to take advice from professional financial advisors.