5 Tips to a Successful Investment Journey

Investment Journey Tips

A journey is confusing without a map the same way the journey of the financial world is impossible without a pre-planned chart or strategies. You cannot start investing without a plan. You will probably waste your money anywhere or everywhere. You have to look up according to your convenience and resources. Financial planning never comes easy, without the chain of steps. These steps guide you based on your money and outflow. Here, we will introduce five tips for a successful investment. It’s a long way to go through the small steps that we take.

Start Investment
In today’s time, the process of growing your wealth must comprise investment. Focus more on investing the right way and right proportion. It needs a lot of hardship in the financial world to grow as an investor. Identify your goals, define your investment approach and then play your process of investment accordingly.

Acquire Knowledge of the Market
Grow your interest by investing in the stock market and making informed investments. Read books or take courses on investments dealing with modern financial strategies. There is much worth reading text like stock for the long run by Jeremy Siegel, that will explain to you about the high levels of finance. Investing consists of science as well as art. It has principles and also quality. It’s required to learn about every aspect of investment. Grow up your market knowledge. Once you know what works in the market and what does not work, you can formulate simple rules regarding your investments.

Define of your investment strategy
Nobody knows your financial condition better than you. You should go according to the plan so that you can get the best out of your investment. You can consider consulting a financial advisor who can give you the best possible measure by which you can get more returns on your investment and can help you in planning for future investment. He will help you select out the best investment alternative according to your financial goals and risk appetite.

Right investment guide
Your level of resources will define your path of investment. Always differentiate in the options you have. Don’t rush in one way. Be careful about what you invest and where you invest. Start with low risk and learn gradually. Adopt long term investment for an optimistic future. Always try to take help from the financial advisor regarding investment because he is the only person who will guide you in the best possible way in regards to your investments.

Long term investments
Sticking with a long-term investment strategy may give you benefits for future decisions. Owning assets is one of the most beneficial steps in growing up your financial status. Your chances of success will increase if you stay in the course without letting your emotions take charge of your practical life.

Learning to be a successful investor is a gradual process. The market will prove you wrong sometimes. Believe in your strategies and be on the runway for the long term. In the end, a conclusion comes to like to explore various types of investment alternatives. Risk is an inseparable part of the financial world. Set your bar from low-risk investments to high-risk investments. You can’t expect miracles without putting in efforts. The result of your investment will be the reflection of your effort and hard work. Invest smart, not high if you invest a small investment in the right way.

How to Save Tax Without Fresh Investment in FY 2019-20?

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When the month of March is comes to end, the only thing that comes to the mind of a salaried person is Tax Liability and Returns. Tax Liability is a duty levied by the government on your income which aids it to conduct public welfare activities. Tax planning here becomes a necessity as there are a lot Individuals who often pay tax more than they were required. The only reasons are the lack of weakness and knowledge about various deductions and schemes issued by the government in order to help the individuals avoiding excess tax liability. In common parlance, the best time for tax planning is in the starting of the year but people tend to procrastinate till the year end and end up either making errors in filing statements, paying more tax or filing belated returns. 

However the good news is that even if you have been careless towards planning tax the whole year you can still claim certain deductions on expenses that you have incurred in the normal course of your daily routine. Some of the deductions are-

Children’s Education & Hostel Allowance and Tuition Fees (Sec 80C & Sec 10(14))

The most common expense generally an individual incurs is the tuition fees of school, college or any other recognized institution for the purpose of full-time education of any two children of the employee is eligible for deduction.  Please note that any sum in the name of donation, development fees or capitation fees or any other payment of similar nature shall not eligible for deduction. In certain cases where the Children’s Education & Hostel Allowance is provided by the employer, such sum shall be added to the gross income of the individual & deduction of Rs 100 & Rs 300 per month per child upto 2 children shall be eligible.

Medical & Life Insurance (Sec 80D & Sec 80CCC)

Keeping in mind the uncertainty of human life and importance of medical and life insurance, the government has incorporated sums expended in such regards as an eligible deduction. Tax deduction based on health insurance premiums paid for individual, spouse, and dependent children shall be eligible for deduction up to Rs 25,000 per budgetary year.  Similarly, for investments made with respect to life insurance shall be eligible for deductions as per the related provisions. 

House loan and interest (Sec 80E, Sec 80E, Sec 24)

Employer’s contribution to NPS

Every individual whose employer has made contribution under section 80CCD(2) to the notified pension scheme which is not covered within the overall cap of Rs 1.5 lakh for cumulative deductions under sections 80C, 80CCC and 80CCD(1) shall be eligible for the deduction in accordance to the said section. Such deduction under is in addition to the cumulative deduction available under section 80C, where the overall limit is Rs 1.5 lakh, and 80CCD(1B) which is Rs 50,000.

Contribution made towards PPF and other approved schemes

There are a lot of regular investments that a common person invests in for which deductions is allowed under the Income Tax Act. This includes any deposits made with National Savings Certificate, Sukanya Samriddhi Account, Senior Citizen Savings Scheme 2004 (SCSS), NABARD Rural Bonds, 

Equity Linked Savings Schemes (ELSS)

ELSS is tax saving mutual fund that help the investors to save taxes up to Rs 1.5 lakh under Section 80C of the Income Tax Act. ELSS funds are considered ideal for new investors to start their investments in equity mutual funds. They, generally, have a mandatory lock-in period of three years and are among the shortest lock-in period among tax-saving investments permitted under Section 80C.

Standard deduction

A standard deduction up to Rs 50,000 is allowed for all salaried employees. This deduction is is mandatorily available and is considered by the employer while computing tax liability of each employee. The respective deduction is available at the time of filing ITR. However, while planning your taxes for FY 2019-20, you must consider standard deduction as well to compute your total tax liability.

Apart from all the deductions mentioned above there are multiple other deductions under the Income Tax Act 1962 which are available to an Individual.

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