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5 reasons to go digital: How technology can make your investment journey easier
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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What’s the end goal of increasing your savings and cutting back on your expenses? It’s to invest more money, of course. Investing is the art of putting your money in assets whose value is expected to grow exponentially over time. This effectively makes your money also grow at a similar pace, so you can build a significant financial corpus over the long term.
This corpus can be used in different ways. You could check off some long-term goals on your list of financial targets, or retire comfortably at 60, or even use the corpus to leave behind an inheritance for your children.
Whatever the goal of your investments may be, here’s some good news — technology can make your investment journey a whole lot easier. Here is a closer look at some of the top reasons to go digital with your investments and investment planning.
1. You can compare different investment options
There are several different investment options available to investors today. Right from safe and low-risk options like government bonds and fixed deposits, to market-linked investments like direct equity and mutual funds, the choices are aplenty. Making a decision, however, is easier than you’d expect. You can easily go online and compare different investment options before you make your decision.
Online comparison tools help you see how different investment options stack up against each other in terms of the expected returns, the investment tenure, the taxation and tax benefits, and other such aspects. You can then check the details at a glance before choosing where to invest your money.
2.Computing your returns is possible
Merely knowing the rate of return on an investment option is one thing. But actually understanding how much your money will grow is another. Digital tools can help you get more clarity on the latter by helping you compute the potential returns you could earn from a given investment option.
You can use various tools such as fixed deposit calculators, SIP calculators or even simply compound interest calculators to get a clearer picture of how your money will grow at various stages of the investment. You can also change your inputs to see how the tenure, the capital and the rate of returns affect the way money grows.
3. Help is just a click (or two) away
At some point in your investment journey, you may need the help of a professional to understand the best way to proceed with your investments. This may occur at any of the different pivotal stages in your life, such as when you inherit a large sum of money, start a family, tick off a major life goal, or add a new life goal to your list.
When you find yourself in such a situation, technology can bring professional financial assistance right to your fingertips. You can book an appointment with a financial planner online or you could even have an e-consultation with an investment advisor to get a better idea of how you can proceed.
4. You can monitor your portfolio on the go
Although the common misconception is that an investment is a one-time thing, the truth is that it’s an ongoing journey. It’s not a smart move to simply invest your money in an asset and forget about it. On the contrary, you need to monitor your portfolio on a regular basis and carry out a portfolio rebalancing if needed.
Technology can help you keep one eye on your investments round-the-clock, no matter where you are. With just a few clicks, you can monitor most of your investments online and see if they are performing as needed.
5. Investment planning becomes easier
Overall, with technology-enable digital solutions, investment planning becomes much easier. You can assess your risk profile, identify the risk levels in your current portfolio, check if it aligns with your investor profile and make any changes as needed. You can also use various free online tools like retirement planning calculators, SIP investment planners and insurance cover calculators to create or alter your investment plan to better suit your financial goals.
Conclusion
So, you see how incredibly beneficial it can be to bring technology into your regular investment plan? By choosing the right digital tools, apps and trackers, you can accelerate your journey to wealth creation and create your desired financial corpus within the desired timeline. You can also seek timely advisory assistance, monitor your portfolio and do so much more with technology in your corner.
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