With the outbreak of coronavirus and the lockdown restrictions that followed up, the economic conditions was bound to get impacted as well. As a result, the financial position of many also got impacted due to pay cuts and job losses witnessed in the economy. But, things are looking to improve and with the vaccines in place, the fallout is expected to be handled well by the nations. For you as an individual, it certainly is a time to get your finances back in shape and build a stronger road map for long-term goals.
Even before one starts investing, there are quite a few things that one needs to fix about one’s money matters. Investing, after all, is only a part of the financial planning process and not the beginning. Even before a rupee is invested, there are several things that need to be done in the background. Here are those few important things to consider even before one starts to write a cheque to make an investment.
Proper asset allocation
Not all asset classes preform the same way and hence diversifying across them helps. The returns from assets such as equities, debt, gold, real estate, etc depend on different factors which keep chagrining with time. Going into 2021, it's important to check your asset allocation and stick to a prepared-one for long-term goals. It is often said that the final return in your portfolio will be largely determined by the asset allocation in the portfolio rather than the returns from any specific asset-class.
Initiate goal-based SIP
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Esta historia es de la edición January 2021 de Investors India.
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