4 Life-Changing Moments That Influence Your Investment Strategy

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4 Life-Changing Moments That Influence Your Investment Strategy

  • Highlights

  • Saving for future requirements when starting a family

  • Avoiding a cash crunch during unemployment

  • Plan your retirement to safeguard your family’s needs

Investing right will help you plan a better life for you and your family. It is equally important to review your investment strategy from time to time to factor in market conditions and the current performance of your previously chosen schemes. However, you must also factor in your current situation in life when you review your financials. Accounting for life-changing moments will allow you to be financially prepared no matter what the situation.

Here are 4 life-changing moments that you must take into consideration.

1. When you get married or are expecting a baby

When you get married, you will be undertaking financial planning for two instead of one. Your goals will also change, and require ample funds. If you are leaving your parent’s house, this involves managing other expenses like rent. When you plan to have children, you also need to account for their school and college education expenses and medical needs.

This requires a shift in your investment strategy. You can consider investing in a health and life insurance plan and in a safe fixed deposit to help you build secure wealth for future needs.

2. When you lose a job

In the current scenario, start-ups with massive funding as well as finance and technology firms with years of stability downsize without much notice. So, it is important for you to consider how you will support yourself and your dependents if you happen to lose your job.

Set up an automatic savings account or recurring deposit from your salary account and create a contingency fund from the returns from various investments to prepare for this scenario. You can also rely on a non-cumulative FD that mimics a monthly salary to take care of daily expenses.

3. When you're getting close to retiring

Closing in on your last working years before retirement means you’ll do a review and revamp of your investment portfolio. Calculate the funds you need for retirement and see how much you have managed to save and how much you need to supplement. This is the time you can reduce risk in your portfolio, or at least focus more on less risky options.

You may also consider investments like Post Office Monthly Income Schemes and senior citizens FDs for safe yet high returns. This is also the time to think about where you want to invest the funds in your EPF account.

5 Reasons to invest in Fixed Deposits

4. When you lose a parent or family member

The pain of losing a family member or parent is often accompanied by the realisation of mortality. This can hasten your need to plan for yourself and your dependents. It can also encourage you to check the nominee and beneficiary information on your investments. When you think of making investments to support your family, consider real estate for its appreciating value and benefit of providing a house for them without the monthly rental expense.

Stay prepared for different life-altering events in advance and do not allow the loss or sudden change to alter your financial standing.

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