The financial year 2019-20 has already started and it is time to review your financial planning for a better year. Apart from the saving, planning, investing and reshuffling the portfolio, there are some tips which can help you grow your wealth. Money can not only be created through more sources of income, but big investments, etc. the right planning at the right time can also make your active present income into a hefty sum. It is essential to make a proper plan and track your income and expenditure. Here are 5 tips that can fetch you more money this financial year.
1. People should start planning for the taxes for the new financial year. Most of the people complete this task at the end of the financial year. Planning in advance lets you know about tax saving instruments.
2. The person should seek the help or advice of an insurance agent or broker to get the best cover plan suitable for his/her needs. There are financial commitments and dependencies like, children's lifestyle, their education, marriage, retirement planning, etc. One should always determine the correct requirement before making a decision on a suitable plan.
3. It is advisable to review your investments from time to time. If you find out that some specific investment plan is not performing well, they do not shy away from switching it to another plan. Always look at the five to six years of return history before making investments. Try to make a plan and explore new funds after reviewing their returns in the past.
4. Cash is the backbone of any financial planning, make sure that there is enough cash in your hand. Cash is very important to meet any emergency or need during a year. An individual should make sure that he has liquid money in the bank or any other asset class, that is easy to sell off.
5. Do not get lured by the idea of making more money. Before you invest your hard earned money to make sure that the option is not risky. However, all investments are risky but make sure you avoid any attractive fund or options that you don't really understand.