My father never understood these things. He earned money but never thought of investment. Yes they met our needs but never thought about our future financial security. At least people buy insurance policy for their family but my father didn't even take that. He was a good contractor. He used to take furniture contracts and make profits, yet they did not think about investment.
We were young at that time so did not understand anything about investment. That's why we couldn't even tell my father. At that time we did not have financial issue. My dad would give everything we asked for. Don't know why he never thought of financial security.
Due to not having any kind of savings and investment, we faced a very bad time and am still suffering. In 2004, my father was diagnosed with cancer and around one lakh ( approx $1348) had to be spent for his treatment. But all that money was taken on loan because my father did not have any savings or investment plan. Despite spending money, doctors could not save him.
We were not employed when my father died. Due to which our financial condition had become very bad. We often used to take small loan from friends to fulfill our daily requirements.
Now just imagine if my father had savings and investments, would we have been in so much trouble? I told about my life so that you can understand the importance of investment.
If you want to grow your money, then you have to invest. This is the only tool to double or triple your wealth. There are several investment policies in the market where you can put your fund, but before that you must know the policy in detail. Some investments are subject to market risk. That’s why you must know those risks before you put your money into any project.
Investments come in handy during your bad times. Especially when you or someone in your family is in bad health. Apart from this, the money invested can be useful to you after retirement. Your investments can also be used to build a new house. Not only this, you can also travel with invested money. You can achieve all your financial goals through investment. There's no doubt about it.
So, you must have plan how to invest and where to invest to get more returns. Investment should be a permanent part of everyone’s life.
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I believe that good investment helps to make one to have a secure future
Investing in a plan or putting your savings away is crucial. It helps you add more value to your current financial status. ... Aside from putting your savings aside, you could come up with other ways to grow your income. Get an extra job, start your own business or sell stuff that you don't need.
Investments are good if they are good investments,a bad investment can be a waste of time and resources so invest wisely.
I'm sorry to hear that about your father. But, you are very true. Investment is the only way to grow wealth.
Many markets, specially, cryptocurrencies, give us many opportunities to make some money, but there is risk involved in. So, we have to know very well the financial asset in which we're going to invest.
See you.
You are best place nicely from your experience of father's disease and cancer and the importance of investment or savings in that purpose. some issues we cannot resolve at all like such kind of accident or disease which obviously caused more from us. if it was required 10 lakh for the treatment and you had 2 lakhs of investment or savings then it would have been travel even as well but there should have some relief. if Almighty I wish to make a struggle then it is inevitable. but still we can have some investment and savings for our mind satisfaction that I believe. and I am agree about your statement of importance of Savings and investment specially. I just want to focus on investment rather savings. thanks for this nice post
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