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Feb 14, 2020
7 investment tips for a newly married couple
One of the first things to do as a couple, once the pangs of your wedding celebrations have worn off, is to sit down and have a chat about the many investment options available for you both. While it might seem daunting to take the first step towards investing for your future as a couple, it is essential for creating wealth so that you can enjoy a comfortable life together. If you’re unsure about where to begin, here is some excellent investment advice for newlyweds that can help you get going.
Determine your investment budget
Before you go ahead and decide on which of the many investment options to park your funds in, you need to determine your investment budget. Identifying the amount of money you can afford to invest can help you obtain clarity on the choice of investments. List down your combined sources of income and compare them against obligatory expenses like rent, EMIs, and monthly utilities. The amount remaining is what you have to invest. Set aside this sum each month and stick to your investment budget consistently.
Build an emergency fund
This is an important investment advice for newlyweds to follow. Life can often be unpredictable, and you never know when a financial emergency may crop up. By investing a portion of your income in a safety fund, specifically for unforeseen eventualities, rest assured, you can always have a kitty to fall back on to keep your family financially secure. Ideally, your emergency fund should be kept in a different, joint account that is detached from your other investment options. In addition, start building a short term corpus by investing in liquid funds which can be accessed during emergencies.
Identify your short-term and long-term goals
Not all investment options are similar. Some can fetch you high returns in a short time, while others can take years to fully mature and deliver capital appreciation. For your investments to deliver maximum benefits, it is highly essential to establish your short-term and long-term goals. Goal setting can give you clarity on how to split your investment budget between short-term and long-term investment options. A healthy mix of both is required to achieve maximal financial security.
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