You can always count on your parents for sound advice about any aspect of your life. Whether you are a fresh graduate or an experienced professional, you can still seek investment and saving advises from your father. The way of implementing the advice might differ at times. However, when it comes to investing, nothing beats experience. In the fast-paced changing markets, it is worth having inputs from your dad who has seen the varied economic cycles.
Here, we have come up with some of the best fatherly advises on investments which still hold well, when it comes to devising an investment strategy.
Invest for a Better Lifestyle
Everyone seeks a life which is free of financial insecurity. For making this possible, investments in funds like ULIP tax benefit is necessary. You must have seen your dad investing in these time-tested products. This is done with the mind-set of being able to spend the rest of their time with the family without continuously thinking about finances. When you seek an advice from your dad, he might tell you to organize your life with proper investments so as to improve the quality of life.
Family’s Future Has to Be Secured
When you got your first job, your dad might have advised you to adopt a habit of saving a portion of your income for the future. Life is uncertain and thus this advice will always hold true. You need to save for your family’s future by making investments in policies like annuity insurance plans.
Prefer Long-Term Investments as a Safe Bet
If the market highs and lows bother you, your dad’s advice of focusing on long-term gains might help. Markets are volatile and may not always fetch great returns in short-term. However, if you invest in long-term plans like a unit-linked insurance plan, you don’t have to be worried about temporary down-trends in the market. In the long run, you can expect a sound returns. If you want to keep your investments free from market variations, you can pick up invests like endowment policy plans too.
Investments are sourced from savings. So, you need to concentrate on the latter as well. If you are paying premiums for your life insurance, use that for saving your taxes. You can avail deductions for investments in tax saving insurance plan while paying income tax, which in turn will help you save a bit more. Insurance tax savings plans are perfect for dual financial benefits.
At Edelweiss Tokio Life Insurance, we understand how important investments are for our customers. So, it is advisable to instil trust in investment strategies of the elders and blend the advice with product and market knowledge. Our plans cater to the needs of every customer. If you want to follow your father’s footstep in securing your family’s financial future, you can invest in our Protection Plan. This provides death benefit as well as tax benefits. You only have to pay a premium for a shorter period, while you can enjoy the benefits in the long run.