Understanding how money works is the first step toward making your money work for you, says Harshad Chetanwala, co-founder MyWealthGrowth.
Buying or selling securities based on rumours about expected changes in tax rates or sectoral sops can backfire, advises Sarbajeet K Sen.
Avoid investing in a new ELSS scheme each year. Stick to one well-chosen scheme to avoid clutter in your portfolio.
Resist the temptation to react to every move of the market and remain disciplined with your investments till you reach your financial goal.
One of the biggest advantages of index funds and ETFs is their low cost, points out Sarbajeet K Sen.
Make the most of the income that you earn by invest the money in the right instruments. The advantages of starting early and investing right cannot be overstated, says financial planner Harshad Chetanwala.
Select the exact category by matching your investment horizon to the portfolio duration, suggests Sanjay Kumar Singh.
'Avoid going overweight on gold. But maintain a 10 per cent allocation via sovereign gold bonds,' Bajaj Capital MD Sanjiv Bajaj tells Sarbajeet K Sen.
Each financial product is governed by a different regulator and the rules for gifting vary, points out Tinesh Bhasin.
Young investors could allocate in the proportion of 70:20:10 to equity, debt and gold.
You need to learn the art of balancing savings and investments, advises Harshad Chetanwala, co-founder, MyWealthGrowth.
Postpone the purchase of big-ticket consumer durable items, recreational spending on holidays, and other such expenses unless your financial position is very secure, advises Sarbajeet K Sen.
Some of these plans will weigh on your pocket. The increase in premium could also be large as you grow older.
Small-cap funds have enjoyed a massive run-up over the past year. The category has turned in an average return of 109 per cent - the best-performing fund has yielded a humongous 201 per cent. Many investors, however, are concerned whether the category has turned risky after such a sharp rise.
The KYC parameters now include declaration of the gross annual income or net worth.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
At the outset, decide whether you want to be a trader or an investor, suggest Sarbajeet K Sen and Sanjay Kumar Singh.
Plan these investments well rather than just doing random investments at the beginning of the year or rushing in at the end, advises Harshad Chetanwala, co-founder, MyWealthGrowth.
Many people struggle to claim or liquidate investments and insurance policies due to procedural issues.
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