Money must help make more money. That’s the basic principle with which the experienced and savvy money managers. What simple things can you do to make your money work for you. As you grow older and your earning years are behind you, its even more important to ensure that you work smart to make your money work hard. Check out the ideas below. Team RetyrSmart
How to get your money to work for you
Here are five simple ways to make money work for you.
Cap savings a/c balance to minimum
Leaving money in a savings bank account is a truly unforgivable waste of your money’s potential. Savings account gives just 3.5-4% annual interest. Use sweep-in accounts so that beyond a certain threshold, funds in the account will be converted into term deposits, etc., offering much higher interest rates.
Liquid funds for extra return
Known to give 6-7%, liquid mutual fund schemes are an epitome of liquidity. With instant withdrawal facilities, you can get your money quickly with absolutely no lock-in period whatsoever. There are no exit loads in liquid funds. All this means fast and unlimited access to your money in this low-risk investment. With liquid fund investing now online, you have the ability to execute investments seamlessly anytime anywhere.