Now the question is to make our savings secure from such problems which are uninvited or those problems which came with no early notice, for example, if we met with an accident or any injury or any health issue and these types of problems are enough to kill or clean up our whole saving very easily and for preventing our fund from problems or expenditure we must have medical insurance to cover up all the expenses related to damaging health issue or injury so that our saving is safe from the factors of a medical issue as it is the largest enemy of our savings.
In simple terms, having medical insurance is beneficial, and we can consider cement between the bricks to form the path of wealth creation brick by brick.
After the security of funds by having medical insurance, it now turns to secure our financial goals, as we all need a financial structure for our lifestyle and plans for our family goals. If you are the only financial source for your family, you ought to have term insurance for the stability of your loved ones after your absence, as "No one is immortal." It will help them with new hope and other perspectives for living/survival as you are the home's only financial pillar or working capital.
After the security of funds and family, now let us talk about the diversification investment of funds, which helps you move on the path of wealth creation and makes you liable to counter the major inflation problem.
Several investments are available for your fund and can help you find another income source. Let us talk about them separately.
It is also known as the share market, and it is the best source for getting a high rate of return. We can buy the shares of the companies through the help of brokers or any brokerage app or platform. Still, we ought to have a demat account to invest in the share market, and our revenue will also increase with the share values of the companies and how much the company is earning revenue.
Direct Investment: In this way, we directly Purchase the company's shares on our own behalf and get a return directly whether the company is making revenue or not.
Indirect Investment: In this method, we do not invest in any company or group, but we invest our money in a platform of specialists, and after they invest the money further in different parts, which decreases our risk. For example, they will divide funds into five parts and then invest under different policies for a better rate of return. You may also listen to such platforms as Mutual Funds.
