21-Year-Old Seeks Investment Advice: How to Avoid Scams and Create Side Income?

Ans: You may start with Axis ESG Equity Fund - Growth.

 

Ans: please reframe your question, you want to build a portfolio worth 1cr or you need 1cr income per year?

Ans: It's wonderful that you're considering investment options to secure your financial future. Let's explore suitable avenues aligned with your goals.

Assessing Your Current Financial Situation:

Before delving into investment options, let's assess your current financial status, including income, expenses, assets, and liabilities.

Identifying Investment Objectives:

What are your investment objectives? Are you investing for retirement planning, wealth accumulation, or specific financial goals like education or travel?

Analyzing Risk Tolerance:

Understanding your risk tolerance is crucial in determining the appropriate investment strategy. Are you comfortable with market fluctuations and volatility?

Exploring Investment Avenues:

Equity Investments: Equity investments offer the potential for high returns over the long term but come with higher risk. They include direct stocks or equity mutual funds managed by professional fund managers.

Debt Instruments: Debt instruments like fixed deposits, bonds, or debt mutual funds provide stability and regular income. They are suitable for investors seeking capital preservation and steady returns.

Systematic Investment Plans (SIPs): SIPs allow you to invest regularly in mutual funds, harnessing the power of compounding to build wealth over time. They offer flexibility and convenience in investing.

Retirement Planning: Investing in retirement-focused instruments like Employee Provident Fund (EPF), Public Provident Fund (PPF), or National Pension System (NPS) ensures financial security during retirement.

Consultation with a Certified Financial Planner:

Engaging with a Certified Financial Planner (CFP) ensures personalized guidance tailored to your financial goals and risk tolerance. A CFP can help you design a customized investment plan to achieve your objectives effectively.

Conclusion:

In conclusion, exploring investment options tailored to your financial goals and risk tolerance is essential for long-term wealth accumulation. By consulting with a Certified Financial Planner and diversifying your portfolio across equity, debt, and retirement-focused instruments, you can build a secure financial future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in