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By now you are done with your tax liabilities for this year. And for the coming year the equations are bound to change thanks to PC and his Union budget that has shifted the competition between insurance, mutual funds and other investment avenues to a different level altogether. Which means no more will insurance be bought with an aim to save taxes and mutual funds too will not cry hoarse about insurance companies selling financial products masqueraded as risk products.
In short you'll buy insurance if you need it. But then, isn't it a little strange that for most of us, its saving maximum tax that holds more importance to having a well worked out personal financial plan in place? Give it a thought. Would you invest as much time and effort in charting out a financial plan for yourself? A well structured financial plan gives you a fair idea of your savings, liabilities, the avenues you have invested in, the returns you can expect and the tax benefits you can claim there from. In other words, you know your worth and how much more you need to do to reach a level where you would feel secured.
That said, be informed that with the changing times there are a number of attractive avenues that have sprung up today. How about investing in commodities - wheat rice, soya, groundnut, tea, coffee, jute, rubber, spices, cotton? Baffled? The Indian commodity market is estimated to be around Rs 11,00,000 crore and is expected to be the next big thing especially for small investors to make fast money.
Watch out for this space till we bring you more on how to make the most in the commodities market.