The main objective in investing should be the safety of capital and thus, DIVERSIFY!
A lot of people lost their fortune in real estate market crash in 2008 because they were overly exposed to just one asset class ๐
Well then, what are Awesome Ways to Build your Wealth, you ask? ๐ค
โ Have emergency fund
โ Save wisely & manage debt efficiently
โ Have ideal insurance coverage
โ Prepare ur own asset allocation
โ Plan ur goals & start investing
You can save 28 Lakhs while paying a Rs 50 Lakhs home loan ๐คฏ
Letโs find out how โคต๏ธ
Buying your own house is the best feeling especially when you have been paying rent for a very long time.
Also people feel it's better to pay home loan EMI than to pay rent to a landlord, as at the end of the loan tenure, you get the ownership of your dream home! ๐
But, by the time u repay ur home loan, the interest cost runs into a sizable amt, sometimes 2x of your principal!
For e.g.: A loan of 50 Lakhs will cost you ~ 1 Crore incl. interest of 50.37 Lakhs (assuming 8% int. rate & 20 yrs tenure).
Lots of people die prematurely every year due to illness or accident.
Imagine the financial and emotional state of the family, if the sole breadwinner passes away!
If you have dependents ๐จโ๐จโ๐งโ๐ฆ
For replacing lost income, paying for your child's education or making sure your spouse gets the much-needed financial security, life insurance could save the day for surviving dependents.