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Finance

10 ways to grow your money

Investing is an art that requires excellent planning and execution. A person needs to do thorough market research and know the tax legislation before parking his/her money somewhere. There are plenty of ways to make steady money. Here are ten options that you can explore to make the best use of your savings:

Stock market: Stocks are top-rated assets. Stock market investment is risky due to the market’s volatile nature. But, the right kind of research can always reveal safe and balanced options for optimal yet steady returns.

Mutual funds: Investing in a mutual fund is the best option for anyone looking to make steady money with a moderate return rate. There is low to moderate risk, depending on the fund size.

Real estate: Due to the volatile nature of the stock market, many investors prefer investing in real estate. Once a property is purchased, its value increases by 50-80%, depending on the location and amenities. Investing in real estate also has tax exemptions, especially when someone is paying off a loan.

Fixed deposits: This is the most common form of investment, with sure returns. The return rates are comparatively lower than that of mutual funds. But, the risk factor is almost zero. An FD is a good long-term investment option.

Public Provident Fund: This is the commoner’s go-to option. The principal investment amount has a mandatory lock-in period of 15 years. The invested amount is exempted from tax under section 80C of the Income Tax Act of 1961.

Taxable bonds: In the current scenario, where return rates on investments are plummeting, a sure-shot way to make money is through a taxable bond. They have return rates of up to 7.5%, depending on the economic condition and risk elements.

Gold: The rate of gold increased by 30% during the pandemic. Investing in bullion or jewellery has always been considered an auspicious form of investment. Gold can also secure a personal loan in case of an emergency. Gold rates hardly fall and always see a steady increase over time.

Post Office Monthly Income Scheme: It is one of the highest-earning schemes with an interest rate of 7.6 %. It is one of the safest ways to make money for conservative people who want to invest with no risk involved.

National Pension Scheme: Often considered as a retirement fund, a small amount of money put in the scheme every month can yield a handsome sum at the end of your work life.

Owning a business: Entrepreneurship, when successful, pays a lot more than a traditional desk job. A successful business is worth double the investment once it is up and running.