January 16, 2023
‘New year, new me!’
If this was the energy with which you stepped into 2023, then this is a must-read blog for you. After all, what spells ‘new me’ better than new wealth creation opportunities and new benchmarks of financial stability? No matter your new year’s resolution, the beginning of a new year is the perfect time to start goal based financial planning for your future. If you have already dabbled into investments, this is the point where you can motivate yourself to explore better options. If you are someone who still hasn’t begun your investment journey, now is the perfect time to take the leap!
We have compiled a list of all the top investment options in 2023 that have caught the fancy of wealth managers and finance experts, and the best wealth management platforms. Treat this as your blueprint, and confidently venture into all the new beginnings of success you envisioned for yourself in 2023.
1. Equity-Linked Savings Scheme (ELSS):
If you want to start off slow but solid, investing in ELSS is a great way to begin your investment journey. ELSS is a type of mutual fund scheme that helps you save taxes under Section 80C. There is also a lock-in period that prohibits you from taking out your money. However, for long-term investments, ELSS is a profitable tax-saving option. Being an equity mutual fund, returns in the long term are higher than other tax saving instruments like PPF. You can invest a maximum of 1.5 lakhs annually, which is tax-free.
2. National Pension Scheme (NPS):
Issued by the government, the NPS can be a relatively secure and less-risk investment, should you choose it to be so. You can invest in NPS either online through its website or through your banks. NPS is a tax-saving investment that also doubles up as a solid retirement plan. The scheme ideally saves upto your retirement, but you can exit from NPS after 5 years. Since a major chunk of money is invested in the equity market, NPS gives good returns to investors over a long term.
3. Sovereign Gold Bonds (SGBs):
RBI issues bond units denominated in grams of gold, known as SGBs. Upon every issue, you can buy any number of units through banks, post offices, and stock brokers. A fixed rate of return is paid twice a year for your investment, and upon maturity, any capital gains you earn are tax-free. It’s government-backed and hence, free from market risk or any hassles.
4. Equity Mutual Funds:
We are sure you have heard a lot about mutual funds and how they are among the best investments if you want to earn high but low-risk returns. The popularity of mutual funds is grounded in reality; equity mutual funds have been known to give compounded returns of over 20%. We suggest investing long-term in mutual funds, as long-term capital gains of less than 1 lakh annually are tax-free. There are many experts and specialised apps, like Tailwind, that can help you invest in the best mutual fund schemes.
Excited to begin the year on a high note and build your financial security? Connect with us at www.tailwindfin.com to receive able guidance from experienced wealth managers on taking the next steps in your investment journey.
