What is investment?
An investment is buying an asset which has the potential to grow and eventually generate income or appreciation. Investments are a great way to manage money and achieve financial security for the future. Conventional investments include investments in stocks, cash, bonds, etc. The concept of investing has existed since forever. With time investing has become more popular and convenient.
What is an investment app?
A relatively newer concept in investing is the investment app. Investment apps are mobile applications that allow people to invest small or large amounts of money in any type of investment they want, quickly and easily. It helps in making savings easy. One can connect their accounts and manage them through these apps. It is also a great tool for managing all your investments and achieving your financial goals. There are a lot of investment apps on the app store/ play store which look simple and easy to look. Apps like Scripbox are helpful even for investors who are just beginners. People are liking these applications because they’ve made investments convenient and easy. There is a very minimal amount of effort you have to make for it to work. But the question is which platform is the best for you? To figure out the right application for your goals, you can use the following tips:
- Understand Your Needs And Plan Your Goals –
The first step before starting investment is to create a budget plan which would include your income and expenses and amount for savings. Investments take a long time to make money/profits. The results are not instant. Hence we must assume investments as a way to satisfy our long term goals. The market trend keeps fluctuating. Planning for a long term goal provides us a chance to choose the right time to enjoy the benefits of our investments. Your goals can be to save tax, build a retirement fund, grow money, buy a house, for marriage or higher education, etc.
- Learn Basic Investment – It is crucial to do a little homework and learn at least the basics of investing. This will help you in comparing various plans and platforms and choose the right one for your needs. These platforms vary from plans, services, features, user interface, etc. You can only compare these platforms when you’ve learned the basic concepts of investing like stocks, mutual fund, sip, trading commissions, asset allocations, etc.
- Investment Budget – One needs to figure out what amount of money is he/she willing and able to save. Depending on the investment budget, you can choose what type of investment do you want to do and what do you want to invest in?
- Get Involved – Once you’ve invested, you cannot just leave it on its own. For investments to work, one needs to get involved in the process and regularly keep a check on its growth and performance. Apps like Scripbox help to make this process easier by regularly notifying about any updates and market trends.