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Long Term Investments – These are one of the best things and one of the wisest things that one should start doing as early in life as possible. There is no ideal age to start working or start saving. It will not only help the individual but also his/her family to lead a secure life.
How does long term planning work?
Ideally it is one of the best ways to secure one’s life. The big advantages of slow and steady investing are:
• Flexibility to invest less: When the plan is for a longer period it is obvious that it will work well even if the amount invested is less. This is because the amount being saved is for a longer period and also the interest received will be higher resulting in higher final amount. This is obviously not possible when the investment horizon is short. It is also observed that the method of calculation of interest is also different and gives lesser returns.
• Flexibility in choosing the return option- When the scheme is held for a longer duration, it is clear that the mode of return can be determined by the investor. This means that one will have the option to choose how and when they want the returns. Be it a lump sum payment, savings that can be converted into an annuity, or regular income in the form of a pension.
These may seem like little benefits in reading but in practical life they are actually one of the most important benefits in one’s life. Just read the points again and you will understand. Even if you don’t understand them completely, it is always better to start planning for your future and your family’s future well in advance.
As the famous saying goes; A stitch in time saves nine – why wait for a disaster to strike to think about how to manage it? Plan well in advance so that when there is a real need, you have the finance or assistance to deal with the situation. Otherwise any unfortunate event or general old age disease will result in compromising the lifestyle of the basic needs of the entire family.
Everyone is aware of the ever-increasing prices, especially those paid for medical care and geriatric nursing. Taking care at home or even in a nursing home could cost you a fortune or even money your entire life. So it is best to start planning for your future as early as possible.
But it is also obvious that not everyone will know how and where they are. long term investment It is possible For these reasons there are many advisors and mentoring organizations who work dedicatedly to help and guide people about such planning and withdrawal. Just check online for such reputable organizations and you will find real people who can help you have a secure life.
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