Hoarding cash in your bank accounts to secure a safe future is a thing of the past. The returns from your bank accounts are far less than you will earn from investing money in bonds, FDs, stock market, SIPs and mutual funds among others.
Investing is key for those who want to become financially independent in the future. Investing in these options is not enough, you will have to monitor the progress of investments and stay invested in the long term. Here's a list of advice from financial experts around the world on how to invest, spend and save better in the prime of your life.
He advises to not bother with long-term funds if one intends to invest for a couple of weeks. "Only the money that you are unlikely to need for many years should find its way into long-term savings vehicles. That's the first thing to ask and that answer lies with you. Similarly, your child's education on a given date is a non-negotiable goal.
But, buying a house in the next three to four years can be negotiated a little bit. These answers lie with the individuals," he says.