The lockdown continues amid the havoc of Corona. But still with new changing technology every day people always want to get something new. Many people are fond of having expensive smartphones. Phones are always launched with some new updates. As soon as the phone is launched, people buy it without seeing its price. It can be attractive to have an expensive smartphone in hand, it may look good, but this money can also be used for other important work. With the help of this money, you can get better financial security by investing. Know that there are some important steps that you can take for your financial security.
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Health Insurance
Diseases can happen anytime, to anyone, in a critical situation like Corona. Nowadays its danger has increased. Also, people are not able to pay as much attention to their health as before. It is important to remain health insurance covered. You can take health insurance instead of spending thousands of rupees on an expensive smartphone. If you ever fall ill, you will not worry about money.
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Systematic Investment Plan (SIP)
Regarding this investment, it is the advice of experts that one should start investing at a young age with regular savings. With this, you will be able to earn money fast. Systematic Investment Plan (SIP) is a better option for investing money. You can invest in a high performing and reliable mutual fund with a fixed amount every month. With this, your risk is also reduced and you are expected to get good returns. For SIP, one should always keep the long-term investment target in mind.
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Emergency Fund
The price of many smartphones is around one lakh rupees. Instead of spending one lakh rupees for a smartphone, you can use this money to make an emergency fund. This emergency fund can be useful for you in times of loss of a job, getting sick. If you have not yet created an emergency fund, then every month you can save money for this. For this, you can also invest in a fixed deposit or liquid mutual fund in your bank account.
