I am a 24-year old postgraduate student. I have savings of around Rs 50,000. I want to start investing. I don't have any source of income till April 2014. Please advice on how to go about it.
- Mohit Lala
We admire your responsible attitude towards savings at this age. You have more than a year until you start earning a regular income. Before starting any grandiose investment plans you should consider potential expenses that may halt your investment midway.
If you anticipate any such expenses, which at your age, could arise from anything as simple as coaching fee, a gadget purchase or a vehicle breakdown; you should put your money in an easy to access savings account.
However, if you are completely sure that you will not need this money and want to get a taste of investing you can start with a Systematic Investment Plan in mutual funds. You can do this only if you have a PAN card, since almost all investment avenues mandate you to have one. SIPs inculcate regular saving discipline and eschew market peaks.
You can invest in any diversified equity-oriented large and mid-cap or hybrid fund. Choose a from the fund select feature from our website.
This article was originally published on April 02, 2013.
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