March 24, 2021
By Xtracap India
“Guptaji, did you see Sharmaji’s new WhatsApp message?” “Yes, something like ‘Your savings is your gold mine’… Wonder what he meant by ‘savings’ and ‘gold mine’. Anyways we will get to know now.” “Yes, chalo, I too am curious about this ‘sone ke savings’. Come, come.”
Well, if you are wondering what these two men are discussing about then our neighbourhood business wonder Sharmaji, who after turning around his once sinking business is now a much sought after business guru! His business insights are quite a hit.
Well, chai, samosas, jalebi ke saath free gyan. Who won’t come???
Today Sharmaji is discussing savings, more precisely, systematic savings via a Systematic Investment Plan (SIP). Says Sharmaji, “Friends, most of us own our shops and businesses. So naturally, we also dip into our shop’s business income to fulfil our personal needs. But should we?”
Traditionally small business owners use their business funds for personal consumption. 100% of the profits earned are reinvested in their business, so the business owner feels he/she has the natural right to use it for their personal and family needs. After all, why are we running a business if we don't take care of ourselves and our family, right? Absolutely right. But as Sharmaji further adds, if we keep using our business income without any savings or foresight then it can be problematic. Let’s just say if the business suffers losses due to market conditions or for any other reason, and you have no savings. Then what will you do? So, we need to save. We need to have savings which can, not only cater to our personal expenditure but also buffer us and our business at our time of need. Remember, little drops make an ocean. So building your savings is no rocket science. Large savings can be built easily by depositing small amounts from your business income into a systematic savings plan. “But Sharmaji, what exactly is a SIP?” Simply put, a systematic saving or investment plan is a process of automatically setting aside a specific amount of your income at regular intervals, it can be weekly, biweekly or monthly. There are many types of options available for you to invest and build your savings depository. Eg: Various types of bank fixed deposit schemes, post office savings, or mutual funds. But how do you check which savings option is a good one?
No.1 Rule of Savings: Before investing always check if the chosen saving plan has the following features:
It is your hard earned money, so there should be fool-proof assurance of keeping your invested money secure. The selected savings scheme should be reliable.
You should be able to get your money when you need it. Generally fixed deposit schemes lock away your money for a fixed tenure of time. So, look for an option which can be encashed at your hour of need with minimum hassle.
Longer the term of savings, higher will be the return. So check for a long- term option with easy liquidation.
If a savings or investment option gives you the freedom to exchange, sell, or encash the amount for another saving plan or convert into another option, then that’s quite helpful.
Underlying motto should be ‘always try to harvest a higher return’. Just to say, your INR100 invested should get you INR1000. Basically, the more zeros after numeral 1, the better!
“Arre Sharmaji, you had mentioned something about gold savings…” Patience my friends, saving the best for the end! Digital gold savings is a golden option. Normally, we buy or invest in gold coins, gold biscuits or jewellery. Similar to bank bonds and mutual funds available in banks and the share market, you have various other funds to invest in. But after COVID-19, another method of ‘saving in gold’ has become popular - DIGITAL GOLD. “Please let me explain,” exclaims Sharmaji, as a chorus of questions rise up.
Unlike the hassles of buying physical gold; such as identifying its legitimacy, purity or haggling with the jeweller, or the headache of keeping it safe - digital gold, certified for its purity and authenticity, can be easily bought online and stored in insured vaults on behalf of the customer by the seller. All you require is a smartphone, mobile banking and a digital platform offering digital gold savings. As for a trustworthy platform, what’s better than our own Bridge2Capital app, which we use daily for our business, Sharmaji opens his Bridge2Capital app and points out the new feature of investment through Bridge2Gold.
Yes, our Bridge2Capital people have launched a digital gold savings plan – Bridge2Gold! This digital gold savings plan ticks on all the boxes of a good savings option.
Let me tell you more about Bridge2Gold:
You can easily buy digital gold online through Bridge2Gold. Click on Buy Now and enter an amount in INR or weight in gms. Choose your payment method and voila! You are now a proud owner of digital gold.
Our mobile app platform is secure and reliable. Your gold purchased is stored safely and is 100% secured.
You can easily buy and sell digital gold whenever you want.
You can buy digital gold on Bridge2Gold platform for an amount as low as INR 10. This is to make the benefits of digital gold savings accessible to as many people as possible.
You can also request to convert your digital gold into physical gold (bar and coins) and keep them with yourselves.
You can decide how long you wish to keep the digital gold and sell or convert whenever you want.
Since ancient ages, gold always has appreciable value. And now with digital gold savings, you can easily and safely get higher returns via Bridge2Gold. “But Sharmaji, if I am not very comfortable with buying digital gold again and again?” Okay, Bridge2Gold also offers a goal based savings plan with SIPs starting at INR 500 every month.
By the way, it’s our chai and samosas time. You want to know more, then just click here.