Save & Invest Smartly in Your 20s: SIP & Gold Guide for Wealth Creation

Why do they say your 20s are the right time to save?

Most people think that save money in life should start after age 30. However if you start saving from age 20, you have more time. By saving a small amount from your 20s you can save up to lakhs within 10 to 15 years That’s why 20s are called the golden age. Because, the age of 20 is not only a time for playing and having fun, but also an age for dreaming, In fact it is the foundation and golden age for creating wealth. So,Start saving from a small amount, correct your saving habits, trust in time. The decisions you make at the age of 20 will determine how you will be in your 40s.

Follow these 2 rules and you too can turn 40 into a golden age for yourself

step:1

Start saving from your small investment now.

SIP (Systematic Investment Plan) Saving

SIP is a systematic investment plan. It is a simple method created for those who want to invest in mutual funds. Not all people can invest a huge amount, so it was discovered that all people should invest with small amounts. One of the best ways to invest in Mutual Funds is through SIP, through which you can start investing even with a small amount following the SIP method, so that you can earn higher returns in the long run. This is the most important advantage of SIP investment.

You can start investing even from a small amount like Rs. 500 or Rs. 1000. College students and even low-income earners to start investing. Small investments turn into large investments after a long time. Sip investing builds financial discipline and investment habit, it automatically saves money from your bank account for slow growth.

How to invest in SIP?

Sip investing is very simple as you can directly invest online. Before you invest, decide for what reason you are investing. for example, retirement planning, child education or marriage, or plans to buy a house and car.

Must-Know Before You Invest :

Before you invest, decide for what reason you are investing (for example, retirement planning, child education or marriage, or plans to buy a house and car). Next, you need to choose which mutual fund scheme is right for you and know the complete pros and cons. Before you invest, choose the right mutual fund scheme according to your risk tolerance and investment horizon. (for example, equity fund, ELSS fund).

Determine the SIP amount. How much can I pay per month? How many periods can I pay it for? How much return will I get if I pay for how many periods? Set up the auto debit facility from your account every month, and set it to withdraw the money you save on that day on the date you specify from your bank account.

Choose the right investment platform for Invest and Saving

After you select that site decide which plan you are going to invest and save (ex: Groww,Angelone) next you need to see how much taxes are the plan, exit taxes and some,After you select that investment platform, you need to do KYC verification, next you need to select the plan and enter the saving date and amount as per your convenience and get that plan. Next you need to set the money you save to be automatically debited. Now your savings and investment has begun.

Important Note: Mutual Fund investments are subject to market risks. It is important to read the schemes documents carefully before you investing. It is best to consult a financial advisor.

step:2

Start with a small saving in gold

You can store gold in two ways (digital gold and live gold)

Gold is not just a piece of jewelry it is considered an important investment vehicle.People invest in gold to protect their money, gold works against inflation, for example 30 years ago 100 rupees was known as a huge value but now 100 rupees is like ten rupees, but the price and value of gold is increasing now than it was then, even if the share market price goes down, the price of gold does not go down.That’s why every investor is part of saving and investing in gold.

Digital Gold Saving :-

You can also store gold as digital gold, the easiest way to invest is to invest online,You can invest even with just $1 savings when you invest online,You can guarantee the quality of pure 24k gold when you invest online, you can keep your gold safe, sell it online when needed, or you can convert it into real gold or jewelry after adding a certain amount,This also has an advantage for us, if you go to the stores directly and buy it, taxes and processing fees will be charged, but if you buy it online, there is no processing fees.

Example Apps:-

Aura Gold,Paytm, Groww,Angelone

Disclaimer:

The information provided on this blog is for educational and informational purposes only.Any app links shared here are based on personal opinion/experience and are to be used at your own discretion. I do not make any guarantees about the performance, reliability, or security of the apps mentioned.The blog owner will not be responsible for any losses, issues, or damages arising from the use of these apps. 

Please read the terms and conditions of the respective apps carefully before using them.