Digitization across the vast plethora of industries has taken the nation by storm. It has not only made life simpler but also quite convenient for our loved ones and us. One of the most significant examples of this evolution is the emergence of service applications that allow you to keep track of all your investments on your fingertips. Not just that, they also enable you to keep your family in the loop so that they are aware of your investment details. Sharing such information is much needed, especially since life is quite unpredictable, and one might face an unfortunate accident or an untimely death. Investment tracking applications provide the ideal platform to serve this purpose.
The relevance of investment tracking applications
No matter how morbid, the truth is that death cannot be predicted. According to a recent report, the current death rate for India in 2020 is 7.309 deaths per 1000 people, a 0.49% increase from 2019. In 2019 it was 7.273 deaths per 1000 people, a 0.5% increase from 2018, and in 2018 it was 7.237 deaths per 1000 people. This gradual rise can be attributed to several reasons, including communicable diseases, non-communicable diseases, maternal, perinatal and nutritional conditions, injuries, old age, etc.
This reality check increases the need to secure your and your family’s future even more. Hence, investing in multiple financial vehicles reduces the risk factor and adds to financial security. However, the difficulty most individuals face regarding this is keeping all your investments in order and ensuring your family knows about them as they might require it in their future.
What is also important when investing for your future is the fact that your finances must not guzzle up your money and end up becoming financial mistakes. Making wise investments are more important than just putting cash in money-making schemes.
Avoid the below financial mistakes when making investments:
Research indicates, average life expectancy is 69.71 years. Among males, it is 68.39 years, while among females, it is 71.17 years! Thus, retirement planning at an early age is becoming a necessary option. Investments and savings help individuals not only in the advent of accidents but also after their retirement, to continue a comfortable life. Financial planners are of the view that retirement planning must start as soon as you start earning. However, most individuals begin once they reach their fifties. According to a recent survey conducted by Birla Sun Life Insurance, only 46% of the respondents felt that retirement planning is so important. When making such investments, ensuring timely payment of installments or premium is also quite important.
Though there is undeniable practical evidence that equities can bring in high returns in the long term, many investors continue to depend on fixed-income investments. The risk factor in investments is the primary reason why people avoid this form of income. Equities account for a marginal proportion of the total household savings. Your investment should ensure that your money grows faster than the rate of inflation in order to sustain your comfortable lifestyle. Thus making calculated decisions when investing can prove to be fruitful for your future.
While investment planning, you should avoid quick money-making dubious schemes. The excellent returns promised by the fraudsters should serve as a red flag for investors. It is practically impracticable to churn out 10-20% returns every month. A desire to earn more or double your income has led to significant losses.
Taking too little life and medical insurance is unfavorable. As mentioned earlier, the death of an individual is quite unpredictable. The statistics indicate a constant increase in the death rate over the years. Death can cause an upheaval in the life of your near and dear ones. Being financially secure can prove to be a consolation and a big help in their future. The insurance cover must be large enough to create a sizable income that can take care of the expenses of the policyholder’s family. However, whatever be the investment size, it must benefit the family. In today’s financial scenario, there is about 1,56,539 crore lying with various financial institutions as unclaimed money. This amount includes savings and investments of all kinds. No matter whatever the size of your investment or savings, it is of no use if it cannot benefit your family when you are not present amidst them.
Investment Safeguard – the security you can give your family
This is a scenario where Investment Safeguard, a smart and useful investment tracking app, make your life easy! It keeps a check on you through timely reminders. Once you share your details on the app, it automatically sends you periodic notifications to ensure everything is fine at your end. You can also configure the frequency and type of reminders that you would like to receive.
You can also add your family members and allow them to log in and access your investment information. Also, based on your preferences, you have an option to decide which family member can obtain details of only some specific investments.
Thus, as you grow old and life gets ever more unpredictable, Investment Safeguard ensures, your investments reach your family whenever the need arises.