Ever since DIY investment solutions arrived on the scene, investors have relied on them greatly to plan their financials and manage their investments. Millennial investors, in particular, can benefit significantly from such investment platforms. Now in their prime earning years, millennials are financially aware and are poised to make the most of DIY investment services.
How can DIY investment solutions add value to financially aware millennials
As a matter of fact, yes, they can. Over the years, investment services have evolved substantially by keeping pace with the changes in the financial and investment spaces. Most DIY investment solutions adapt to the requirements of millennial investors, which are completely different from those of the previous generations.
How do such solutions help financially aware millennials?
To fully understand how DIY investment solutions add value to millennials, it is essential to take a look at the ways in which these solutions help them. If you are (or someone you know is) a millennial looking to make the most of the investment options available, here’s how these do-it-yourself platforms can be helpful.
They help identify new investment avenues
The lifestyle priorities of millennials are vastly different from that of baby boomers and Gen X. Younger millennials tend to have a larger appetite for risk and therefore are not afraid to pursue new and riskier investment options. Older millennials, on the other hand, may prioritize wealth creation for the purpose of early retirement.
Here’s where DIY investment solutions can assist millennial investors like you. They educate you about the latest avenues of investment available, bring you up to speed on the various latest investment options and help you chart out a financial plan that allows you to invest in these schemes. And the best part is that you can accomplish all of this on your own.
Moneyfy from Tata Capital complements your do-it-yourself investment plan perfectly. This user-friendly app enables you to invest in various kinds of mutual funds, including the ones rated as top choices by Morning Star and Value Research. Furthermore, you can also opt to purchase gold funds or other thematic funds to diversify your portfolio and explore other mutual fund investment options.
It helps plan for the short-term and the long-term
DIY investment platforms like Moneyfy from Tata Capital offer the option of instant redemption, so millennials like you can meet any short-term emergency requirements that may crop up unexpectedly. This feature is particularly useful during uncertain times. It always helps to have the freedom to keep your investments liquid, if needed.
Do-it-yourself solutions also provide you with the much-needed assistance required to plan for the long term. If you’re a millennial investor, do-it-yourself investment apps and platforms give you the option to set your own goals, choose from a range of investment options, and create a portfolio of investments that pay out at key stages in your life. These investment solutions also guide you on how much to save for retirement.
Tata Capital’s Moneyfy can help you save up for the future in small amounts through a Systematic Investment Plan. If you’d rather invest a lump sum amount instead, Moneyfy supports that strategy too.
Additional Read: Understanding the Power of Systematic Investment Plan
It helps save taxes
The current financial and economic climate is volatile. Tax regimes have also been undergoing changes very often. In spite of being financially aware, most millennial investors may not be up to date with the various taxation laws that are in place. As a result, they might not be in a position where they can take optimum advantage of the various relaxations that our tax laws offer.
In addition to providing investment advice and assistance for long-term financial planning, DIY investment platforms can also help millennials save tax. Right from recommending attractive tax-saving investment options to giving suggestions on how to rejig an investment portfolio to minimize the impact of our tax laws, these services can do it all.
If mutual funds are your investment of choice, you can include tax-saver funds as a part of your investment portfolio. With Moneyfy, you can invest in options like ELSS, which helps you save tax as well as create wealth.
Additional Read: Is ELSS a Wealth Creation & Tax-Saving Tool?
DIY investment solutions have embraced the full power of technology and are going completely digital. With around 60% of millennial investors being tech-savvy about choosing solutions for their financial needs and requirements, do-it-yourself investment services can be a great complementary addition to your investment tools. Go ahead and take advantage of some do-it-yourself investment services, so you can benefit from this value addition over the long term.