SIP
SIP, or Systematic Investment Plan, is an investment strategy that allows individuals to invest in mutual funds regularly over a specified period. It involves investing a fixed amount at regular intervals, typically monthly. SIP offers several advantages, making it a popular investment method. Firstly, it promotes financial discipline by encouraging regular savings. Secondly, it provides the benefit of rupee cost averaging, allowing investors to buy more units when prices are low and fewer units when prices are high. Additionally, SIPs offer flexibility and convenience, as investors can start with a small amount and increase it gradually. Overall, starting a SIP is a wise choice as it helps inculcate disciplined investing habits and offers potential for long-term wealth creation.
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How to start SIP
Starting an SIP is easy. First, you need to select a fund that is best suited to your long-term goals and risk profile. You can do this yourself, or you can take the help of a professional financial advisor. Once you have zeroed-in on a fund, you need to fill the SIP application form, post which a fixed amount is deducted from your bank account every month and directed towards the mutual fund you choose to invest in.
Step Up SIP
When training for a marathon, you will increase your pace and distance gradually as you build stamina, right? It’s the same for investments. A step-up SIP enables you to increase and ‘step up’ the SIP amount as you earn more manage your finance better. This article covers everything about Step-up SIPs.
You are essentially topping up your SIP by a certain percentage every year – for instance, 5000 in 2015, 5000+15% in 2016 and so on. You can do this in line with your current income, prospective yearly increments and of course financial goals. This lays down a set plan for the investor to reach the predetermined investing amount over a period of time. Just step it up by adding an automated feature that will increase your SIP contributions after a specific period!
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SIP
To achieve financial success in life, we put in a lot of hours at work. And it is only during these hours that we actually strive towards achieving our goal. But with a Systematic Investment Plan (SIP), your success is in progress. SIP lets you invest a fixed amount in mutual funds step- by-step, monthly or quarterly over a period of time, thereby averaging out your cost of investing and benefiting from the power of compounding. The power of compounding works best as you stay invested helping your money earn more money itself, over the years. So, as you get ready for work or even decide to take a break from it, be rest assured that SIP is constantly working towards your goals and helps you keep your success in progress.
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