Wealth guide: investment strategy as a couple to opt before Valentine’s Day

February may be the shortest month, but it’s definitely the longest when it comes to spreading the love. With Valentine’s Day positioned in the middle of the month, the whole month is infused with love. It’s also a good time to share financial love with emotional love. By financial love, we mean ensuring the future of the other and of the family. To protect, maintain and increase wealth so that the family benefits financially from emotional love. Ahead of Valentine’s Day, TradeSmart CEO Vikas Singhania suggests the following steps a couple can take together to secure a financially stable future:-

Have a common dream

“The first task is to know the goal of what a couple wants to achieve. For this, they must share their ideas and come up with a common and concrete plan for their dreams. Since we are talking about young couples here, they have the luxury time that would help them dream big,” said Vikas Singhania.

Working to make dreams come true

“How to achieve a dream will depend on the players who will contribute to the achievement of the dream. Here the concept of time enters the picture on the basis of which the couple must engrave a plan that defines their short and long term goals. If both partners will earn in the future, it will be easier to achieve the common goal.In case one member is working, the other can take on the role of monitoring their goal and helping to maintain a savings plan to achieve his dreams etched on schedule,” Singhania added.

“To dream big and achieve it, it is important to maintain a frugal lifestyle. Saving before you start spending will go a long way towards realizing your dream. Even if one partner is working, saving enough capital in the right investment product will over time become a significant contributor to a family’s wealth,” he said.

Keep lenders away

“Borrow only when there is an absolute need to do so. They say that if you spend on things you don’t need, you’ll end up selling things you need. Borrow wisely at the lowest possible cost and on assets that will appreciate. A home loan, with tax advantages, is a good investment,” Singhania advised.

Insure the family

“It is important to secure breadwinners to protect the family against loss of income stream. It makes little sense to use insurance as a savings tool for children. That said, health insurance to protect all family members is important. An unforeseen event can shatter the family’s dream and take years to recover from,” he suggested.

Investment strategies

He further advised, “Develop an investment strategy so that there are no leaks in the system. Invest wisely by taking advantage of discounts/deductions. Not only is this assistance a reduction in tax expenditures, but in the long term, it will constitute a good source of capital. The couple should include tax planning investment products in their financial savings plan.

Investing for a better future

“Scoring every goal in their life’s journey is the part of the dream, how to get there is where the insight is needed. Invest in instruments that will protect your capital while allowing it to grow. Invest according to your age, by this we mean investing in a riskier asset early in their journey and then focusing on protecting your capital as they age,” he added.

“Life is a journey and Valentine’s Day is well worth it to take the first step as a couple. There can be many obstacles in this journey and some of the biggest are financial and have the potential to make or break the family. With proper planning and timely action, the couple can overcome the stress associated with lack of funds and work towards achieving the life of their dreams,” he concluded.

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