2022 Dhanteras – Seven Steps Towards Investment and Financial Freedom

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5 min read

Updated on Oct 19, 2022

Read on and know how to invest your money to get Financial Freedom this Dhanteras 2022 and Seven Easy Steps to achieve your financial goals.

With Dhanteras around the corner, it’s time to revisit the idea of investment and returns and move towards financial independence. Let there be prosperity everywhere this festive season.

It is the most awaited time of the year again! The month of festivities is about to start, with the Hindu festival celebrations that take place with full vigor and zeal. The festive mood starts right from Dhanteras, which is celebrated in India exactly two days before Diwali. In fact, it can be rightly said that the actual Diwali celebrations commence right from the festival of Dhanteras. It is also that time of the year when most people in India start looking out for the best investment options to create more wealth and attain prosperity, which is the real essence of Diwali.

When it comes to investment and wealth generation, there are 7 steps that one can make to move (slowly but surely) towards the destination of financial independence. Here we discuss those 7 steps that pave the way for attainment of financial freedom. This Dhanteras, let us choose our investments wisely and generate a considerable corpus.

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7 Steps Towards Investment and Financial Freedom

Prosperity should not just be restricted to one single day. It should continue forever. This is why it’s important to take the right steps towards attaining long-term financial prosperity. Here are at least 7 ways you can attain this goal faster:

  1. Stay debt-free: This is the very first step towards financial freedom. The longer you stay in debt, the more stressed out you’re likely to be and the slower you’d move towards financial freedom. Free yourself of this debt circle and only then you’d be able to keep yourself financially secure and healthy.
  2. Look for multiple income options: If you want to achieve financial independence faster, you’d need to have more than one income stream open. Earning money from just one income source would not be adequate to create sufficient wealth for the future. Moreover, it would take a very long time before you can achieve financial freedom.
  3. Keep money aside for emergencies: Life is uncertain. This is what the COVID era taught us. You might be financially settled in life but it is always wise to be prepared for all contingencies. This is why you need an emergency fund in place, either in a savings account or by way of other investment options so that you can access them in times of need and protect yourself financially.
  4. Keep your financial goals clear: When moving towards financial independence, it makes sense to create and prioritize your goals in terms of finance for the future. This should include your current financial requirements (short-term goals) as well as keep some room for unexpected surprises (long-term goals) that life may throw at you.
  5. Reduce expenditure: To become financially independent, you need to save enough money for the long term. And savings come when expenditures are reduced to a considerable minimum. Start by finding out your wants and “actual needs”. You’d soon realize that everything that you want is not actually what you need to lead a financially comfortable life. Once you start reducing your wants and thereby lower your spends, you’re likely to save more, eventually moving towards financial freedom.
  6. Look for good investment options: Sometimes saving too isn’t enough. It is important to invest your money to generate more returns in the future. We’ll talk more about the best investment options in India in the section below.
  7. Keep yourself financially protected: This is best ensured through insurance. Buying an insurance plan for yourself and your family is not an option anymore; it is an absolute necessity to a secure future. Mishap can hit any person, anytime, anywhere. You can only be prepared in advance to face life’s uncertainties. Insurance helps you stay financially covered in the face of a mishap.

Read More: Gift a Secured Future on This Dhanteras, 2022 with PayBima Khushi Ka Tohfa

3 Best Investment Options in India You Can Start Investing on this Dhanteras 2022

As discussed above, the best way to generate wealth for the future and ensure financial independence is to invest money wisely. Only reducing spending and saving amounts of money is not really enough to cover all your financial needs and that of your loved ones. You’d need to be prepared for any emergencies that come up in life in the future. This is where it helps to choose the best option to invest money so that you can fall back on a good corpus when in dire need of it.

Here we list some of the top investment options in India that you can consider to create a decent wealth corpus for the future:

  1. National Savings Certificate (NSC): A fixed-income scheme backed by Government support, it is highly preferred by most investors owing to the no-risk factor. You can easily buy the NSC at any public or private bank near you as well as all post office branches. The interest payable on the investment is compounded every year by the Ministry of Finance.
  2. Public Provident Funds (PPFs): Yet another government-backed investment scheme, it is one of the best tax saving investment options in India. The best part about this plan is that investing in PPF is free of tax payment; moreover, the earned interest on investment is also exempted from taxation.
  3. Post Office Monthly Scheme: This is a more reliable way of earning regular income and is often regarded as one of the best multiple income options for many people in the country. An account can easily be opened in any public office branch near you. You can also choose to open a joint account with your spouse or minor kids. Interest is paid on the investment amount every month and this is what ensures regular flow of income under the plan.

Read More: Post Office Monthly Income Scheme Features and Interest Rate

In a Nutshell

Investment is key to wealth generation. Here we talked about some of the best short term investment options in India which you can consider choosing this year on Dhanteras. These choices are considered very safe in terms of returns and risks. However, it is always recommended to consider all your options carefully before choosing to invest in any of them.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

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