Areas You Need To Take A Financial Leap In

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  • 05 Feb 2023
Areas You Need To Take A Financial Leap In

Having a fiscal-oriented goal and maintaining financial prudence has attained great significance in today’s fast-paced lifestyle. Though you may have planned your goals well, a major leap may be missing from your financial plan, hindering your growth prospects. This being the age of many, you now have access to different types of financial services which will help you to get your finances straight. Let us then explore the areas for taking the leap that will set you on the path of financial freedom and success.

Areas you need to take a financial leap in:

You can consider any financial service discussed below to serve your financial goals.

1. Long Term Equity Anticipation Securities (Leaps)

Leaps are longer time derivative options than the ones available on equities and indices. They provide a greater profitability window for its investors. Also, time erosion under Leaps is slower when compared to the traditional equity options. These financial instruments are best suited for experienced investors who have a deep knowledge of the market and undertake strategic option planning with the ability to counter market volatility.

2. Life and Health Insurance

In this age of rising medical expenses and lifestyle diseases, any untoward expenses can cause a huge dent in your savings. Life and uncertainties make it necessary to have life and health insurance policies. Like a term plan, a life insurance plan will help your dependents against financial crisis in the untimely event of your death. Likewise, health insurance would help you and your family to tide over their health issues prudently. It will cover the hospitalisation expenses apart from the various medical expenses incurred. Opt for an insurance plan most suited to meet your needs.

3. Investments

One needs to undertake sound investment decisions for wealth enrichment. Investment choices are based on investors’ investment goals, risk appetite, and the like. Today, various investment options are available for the new age investor, including mutual funds and direct equity investment. A financial leap via direct equity investment will help provide inflation-adjusted good returns over the long term. However, direct equity investments move in direct tandem with market volatility and are more suitable for investors with a higher risk appetite. If you are looking for less risky options for your various goals that help you to accumulate decent returns, then mutual funds (Lumpsum/SIP) can be the ideal option to consider.

4. Retirement Planning

With the life expectancy of Indians increasing, owing to advances in medical fields, they are now enjoying a longer retired shelf life. That means you need to have robust retirement planning focussed on accumulating a good retirement corpus to help you lead a stress-free retired life. With different types of financial services available today, the days of investing only in fixed securities are gone by. Before taking a financial leap, access the financial services available for sound planning. The earlier, the better - that is the new mantra for retirement planning. Investments across fixed and flexible market-linked products like equities will help build a sizeable retirement corpus.

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