It’s the most awaited time of the year- Diwali. This is the festival when individuals receive lots of sweets, glitters, gifts and cash. The amount of cash gift may seem too trivial or modest to make any difference but with diligent financial planning and goal management, one can turn this small amount of cash into future wealth.
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Here are few tips to make the most of Diwali’s cash gift:
Invest it
According to Nitin Mathur, CEO at Tavaga Advisory Services, the festive season discounts, offers and parties may lure individuals to go on a shopping spree but it’s better to keep temptations in check and consider investing the smallest amount of money to grow wealth over time.
“Investors should consider investing in a diversified assortment of asset classes like Stocks, Exchange Traded Funds, Mutual Funds, Bond and likes to mitigate their risks while enjoying the benefits of compounding,” Mathur said while talking to CNBC-TV18.
Seconding his views, Anil Pinapala, Founder & CEO at Vivifi India Finance said that before putting that cash gift into investment, it’s also imperative to find out about investment plans and schemes that best suit the short-term or long-term goals that individuals may want to set for themselves.
“It's vital, thus, that investors do their research, be cautious of risks, take an informed decision and invest wisely,” he said.
Clear dues
Anshuman Narain, Vice President at Cashbean, PC Financial services
suggested individuals to clear outstanding loans with the cash gift, especially if there is any high interest loans that they might have running.
"This will help people in having an unencumbered refresh of their financial journey," Narain told CNBC-TV18.
Buy something imperative
As cash gifts give the flexibility to spend in any way, individuals can also use it to buy something on their wishlist which they dearly wanted, said Abhishek Soni, Co-Founder & CEO at Upwards.
However, one should be careful to differentiate between needs and wants here.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
(Edited by : Aditi Gautam)
First Published: Nov 3, 2021 8:27 PM IST
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