We are already in the eighth month of 2019 and it is time to gear up the financial activities. We should know where to invest and understand our investment decisions better to avoid making any sort of mistakes. Here are a few tips to invest money along with the investment options to achieve financial success.

1. Unit-Linked Insurance Plans (ULIPs)

A ULIP is a market-linked investment plan that offers dual benefits. It provides an insurance cover and offers benefits from the investment. The plan has tax benefits under Section 80C and 10D of the Income Tax Act, 1961. You can invest in debt, equity, or a mix of both. Keep your risk appetite in mind while selecting the investment options.

2. Opt for equity and debt mutual funds

One of the most important investing tips is to diversify the portfolio. You need to have mutual funds in your investment portfolio. You need to reduce the risk associated with this investment option investing in debt and equity mutual funds. Merely investing all the funds into debt instruments or fixed interest instruments is not a good idea. You need to set a certain amount aside to invest in equity funds to gain high returns.

3. Choose a savings plan

It is important to plan for your retirement and invest in a . The investment option carries low risk and offers regular returns. You can choose to invest in Public Provident Fund, National Pension Scheme, Sukanya Samriddhi Yojana, and National Savings Certificate, among others. You must understand the salient features of the various savings plans and then make a wise investment decision.

4. Invest in a life insurance plan

If you want to know how to achieve financial success, you need to start by investing in a life insurance plan. The plan will provide cover for death, which is the biggest risk associated with life. It will provide financial security to your loved ones in case of an unfortunate event.

5. Buy gold

One of the most important tips to invest your surplus is by buying gold. Investment in gold is considered as the ideal shield against inflation because gold is a risk-free asset. You can choose to invest from numerous schemes in gold.

Keep these investing tips in mind to grow your wealth and to reach closer to your short-term and long-term financial goals. These tried and tested investment tips can help build a strong, diversified portfolio that generates consistent returns in the long term.