Neglog - Personal Finance and Managing finances

Jan. 28, 2008 - PRLog -- Care has to be taken to ensure that the person does not lose track of the investments and at the same time reaps the maximum benefits through sound investments. The personal finance comes into play mostly for the salaried class, who do not have many investment options. The safest investment option for such individuals is the mutual funds or the trust funds. The salaried class can also have a role in the capital markets by buying and selling shares. Since the risks of share prices plummeting whenever the stock markets crash are high, the entire base of the investor could be wiped out in a single day. So, it is not a safe bet to have an exposure to the stock markets to begin with. When the individual is ready to make investments to secure the future, it is better to seek the services of a tax consultant. The job of the tax consultant is to make sound investment options on behalf of the person. This is to ensure that the investor receives periodical payouts for the investments made on the schemes at times when the offers are better.

While the stock markets offer instant rewards and at the same time present risks of wiping out the net investment base, the mutual funds, linked with unit plans, on a long term basis give good returns. The investment options are easy. One need not go all the way to the banks and mutual funds agencies to make the investments. Every month whenever the salary is credited to the account of the investor, the amount due towards the mutual funds is automatically deducted through the electronic clearance scheme. This is a better option since there is flexible payment option. If the investor wants to invest more money, there is that option too. For this, the banks should have an open understanding with the mutual funds manager and the investor.

Personal finance also relates to a number of other issues, such as seeking loans from various agencies for house building, property purchase and investments on other forms of properties such as land and fixed assets. The banks help their customers with making appropriate personal finance options by suggesting investment options. For instance, if the account holder has a clean credit history with no defaulting at any point of time, the banks will offer guidance and counsel the customer on safe investment options. The person can also invest in the bank to secure minimum returns without facing the risk of his base being eroded. Therefore, select a bank for salary account that can offer maximum benefits by way of assisting the customer identify the right investment channel.

Investments in personal finance can also be made through insurance schemes. These schemes mean that the investments are not only safe and locked, the returns are guaranteed though they take time unlike the stock markets where the returns are imminent. There are various personal finance investment options in insurance such as personal insurance, accident insurance, medical and health care insurance.

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