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Looking to invest in mutual funds? Answer these four important questions first

It is rightly said that if you don’t know where to go, then it doesn’t matter which path you take.

November 27, 2018 / 03:59 PM IST

Archit Gupta
The first step towards investing begins by knowing about your overall financial condition. It is critical to develop a clarity with respect to the current level of income, assets, expenditure, liabilities, and savings.

Ultimately, your success in investing depends greatly on your ability to save. An increase in savings will gradually encourage you to invest more. Thus, monitoring expenses closely becomes a key to boost the level of savings.

Consider putting a cap on how much you want to spend and then stick to it, then immediately invest what is left behind. Make sure you have some money kept away for emergencies though.

The liabilities which you have created till now might be stopping you from saving. Piled up credit card debt happens to be the biggest reason which may eat up a major chunk of your salary. Thus, it is very important to clear your outstanding credit card bills in full before thinking about more expenses or savings.