As India steps into the 70th year of independence, a lot has changed in the space of expenditure and savings for the common man. An economy which was once known as a savings driven economy, is now selling various loans. Once the average householder used to buy the first car and the first house closer to retirement, now it is the times of EMIs, where everything is purchased in equated monthly installments or the plastic card the credit card. Flying to international destinations, owning a MacBook or an Apple product, owning a palace on four wheels is no longer a luxury but a necessity. With all this, there is an urge to become a millionaire in the shortest possible time. Indians have definitely become richer and have it easier than their parents.
With the increase in the incomes, comes the increase in the savings. I have always believed in the adage that 'Your savings should work as hard if not less than you'; and a 'Penny saved is a Penny earned'.
Let us make this journey together where we can find various avenues to invest our hard earned money such that we get a good mix of risk, returns and taxes.
Just like all that glitters is not Gold, all investments are not risky and all investments don't mean investing in Gold or equities or cash or fixed deposits. We have various financial instruments which give us 8-10% pre-tax returns monthly and are not as risky as equities. More on them the next time
