Table of Contents
How to Make Money in 2024: What are the Best Investment Options in India?
Looking for safe ways on how to make money in 2024? Investing is like planting a seed and watching it grow slowly over time; even though its growth may not always be evident, you know it is taking place. You sow a seed today and reap its benefits in the future. Similarly, with an investment, there is a feeling of financial security. You know that no matter what happens tomorrow, you have a Plan B to fall back on. In India, the investment landscape is diverse, offering various opportunities to grow your wealth in 2024.
Know about how to make money in 2024, and the different investment options that are available for you in the coming year.
Open an account with Angel One.
How to Make Money in 2024: What are the Best Investment Options in India?
Here are some important investment options to consider when it comes to how to make money in 2024:
1. Gold
Investing in gold has been a long-standing tradition in India. However, instead of purchasing gold jewelry, consider more cost-effective options like gold coins or paper gold. Sovereign gold bonds and gold mutual funds are also excellent alternatives. Gold is easily resalable, making it a smart choice for investment.
These gold investment options offer the advantage of purity and liquidity, eliminating concerns about making charges associated with jewelry. Sovereign gold bonds also provide an additional interest rate, making them an attractive choice for both traditional and modern investors seeking stability and ways for how to make money in 2024.
2. Debt Mutual Funds
Debt mutual funds offer a fixed flow of returns with lower risk compared to equity investments. These funds invest in money market instruments such as government securities, corporate bonds, and treasury bills. Your returns depend on the capabilities of the mutual fund manager. Debt mutual funds are an excellent choice for conservative investors seeking stability.
However, when you consider these for how to make money in 2024, it is essential to note that these are not entirely risk-free, as these come with credit risk and interest rate risk. Careful selection of the right fund manager plays a crucial role in optimizing returns.
Interested in mutual funds? Read our post on Top Indian Mutual Funds: Which are the 5 Best Mutual Funds in India for 2024?
3. Public Provident Fund (PPF)
PPF is a long-term investment plan with a 15-year maturity period. It promises high returns due to compounding and tax-free interest. PPF offers assured returns backed by a sovereign guarantee.
Also, the interest rate for PPF is reviewed quarterly by the government, ensuring that it remains competitive with prevailing market rates. This makes PPF a stable and attractive choice for those looking for how to make money in 2024 and seeking financial security as well as long-term wealth accumulation.
4. Fixed Deposits (FD)
Fixed deposits are one of the safest investment options in India for those in search of how to make money in 2024. With the recent increase in deposit insurance coverage, they offer added security for your principal and interest amount. FDs provide various interest plans, allowing you to choose the one that suits your needs. Fixed deposits are also known for their flexibility in terms of tenure, ranging from a few months to several years. This allows you to align your investment horizon with your financial goals and liquidity requirements.
While FDs offer safety and reliability, it is essential to balance your portfolio with other investment options to achieve diversification and potentially higher returns in the long run.
5. National Pension System (NPS)
NPS combines various asset classes like fixed deposits, liquid funds, equities, and corporate bonds. It is ideal for long-term retirement planning for those looking for how to make money in 2024. It allows you to choose your equity exposure. The Pension Fund Regulatory and Development Authority happen to be charge of management of NPS.
9. Senior Citizen’s Savings Scheme (SCSS)
SCSS is available exclusively to senior citizens and early retirees. It offers tenure of 5 years, extendable for an additional three years. While it offers steady returns, the interest is fully taxable. Also, individuals can hold multiple SCSS accounts, allowing for greater flexibility in managing their investments. However, it is essential to be aware of the full tax implications and deductions available for senior citizens when considering this option for how to make money in 2024.
7. Direct Equity
Investing in stocks can yield high returns but comes with substantial risk. Timing your entry and exit in the stock market is crucial. Consider thorough research or consulting a stockbroker to minimize losses, as there are no guaranteed returns.
As you look for how to make money in 2024, it is vital to stay updated with market trends and economic indicators. Diversifying your stock portfolio can help spread risk. Patience and a long-term perspective are the keys to successful stock investments. Always be prepared for market fluctuations and be ready to adapt your strategy.
8. Real Estate
Real estate remains a popular and appreciating asset in India. The location plays a significant role in determining returns. Consider capital appreciation or rental income as potential sources of profit. Be prepared for regulatory approvals and paperwork.
Investors should also factor in maintenance costs and the economic stability of the region. Engaging a real estate professional can help navigate the complex market and ensure a successful investment in this enduring asset class.
9. Equity Mutual Funds
Equity mutual funds invest primarily in equity stocks, with at least 65% of the fund allocated to equity-related instruments. Your returns depend on the fund manager’s expertise.
These mutual funds offer diversification by investing in a variety of stocks, spreading risk. Active and passive management approaches are available, allowing investors to choose strategies that suit their risk tolerance and financial goals. As you consider how to make money in 2024, it is essential to review the fund manager’s track record and investment philosophy before investing.
Check out our informative post on – Stocks, IPO or Mutual Funds: Which is the Better Investment Option for You?
10. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
PMVVY is designed for senior citizens, guaranteeing a return on investment with a ten-year maturity period. The pension income ranges from Rs 1,000 to Rs 9,250 per month, and the maximum investment is Rs 15 lakhs. If a senior citizen were to pass away, the amount is given to the nominee mentioned.
PMVVY offers financial security and a reliable income stream, making it an attractive option for retirees seeking stable returns and peace of mind in their golden years.
Open an account with Zerodha.
Conclusion
Investing is a crucial part of securing your financial future and contributing to the economy. Even small investments can grow over time, benefiting both you and society. When it comes to how to make money in 2024, consider exploring these investment options to make the most of your financial resources. Remember that it is essential to diversify your investments and align them with your long-term goals. Make informed decisions and seek advice if needed to ensure a prosperous financial future. And as you may surely have heard or read countless times before, remember that investments come with risks, and it is crucial to consult with a financial advisor or conduct thorough research before making investment decisions.
