Wealth creation and growth is an important part of leading a secured financial life. While there are several ways to grow your money, there are no shortcuts. Every individual, especially women must start investing early on and be prepared to constantly monitor the same. It is advisable to start investing when you get into your first job, but your early 20’s may be driven by major splurges. As you hit the 30-mark, asset building must be of highest priority.
There are numerous milestones that you will experience in your life and these include marriage, parenthood and much more. You must pay heed towards building financial security for yourself and your loved ones. Here are some investment options for women in their 30s:
Mutual funds – Mutual fund investment plans pose to be a good way to earn significant returns. It is best to keep your funds invested for a longer term and invest in large and multi cap mutual funds. It must be a mix of funds that is driven by the level of risk you can take. For a lower risk, it is better to include a larger portion of large cap mutual funds in your portfolio. Use a mutual funds calculator to help find out how much you must invest in order to generate a target corpus.
Life insurance – Life insurance is an important part of making investments. It is a protection against the possible life risk and keeps your dependents safe in the case of adversities. When taking a life insurance, it is best to follow the thumb rule that is, the death benefits on the policy should be at least seven times of your salary. Essentially, the life insurance must be created after evaluating your lifestyle.
Public Provident Fund – Public Provident Fund or PPF is a scheme that makes a great addition to your investment portfolio. It can bring you good returns upon retirement and also carries tax-benefits. The investment option is risk-free. A Public Provident Fund does not bring quick returns but will let you enjoy long-term stability.
The investment portfolio of a 30-year old woman should thus compose of a balance of equity, insurance and risk-free balance. This policy may not fit every woman, but having a mix of asset allocation will help you achieve your financial goals successfully.