Diwali Bonus: Diwali is not far away, everyone is eagerly waiting for this festival. Bonus is one of the things that many of us look forward to during the festive season. The festival begins shortly before the employees of government organizations and major companies get Diwali bonus. Some spend it or spend it, others invest it wisely. Normally, we buy things with these bonuses, but if invested wisely, it can increase your financial goals to a great extent.
Manoj Dalmiya, Founder and Director, Proficient Equities Pvt Ltd said, “We can definitely use that added bonus to invest in some strong stocks for a happy festive season.
According to him some of the best performing stocks of all time would be
lime Tree: Lemon Tree is approaching a resistance which is weak and with the festive season approaching we can expect some to move towards a pickup which could contribute to it. buy up with a target of 91.45 109 in the short term.
Tata Chemicals: Tata Chemicals is a fundamentally strong stock. Investors can wait for the close above Expect a target of 1206 more 1604 in the Middle Ages.
Stock markets are always subject to risk. Invest at your own risk with in-depth research.
Amit Gupta, MD, SAG Infotech suggests 6 ways you can utilize your Diwali bonus so that it brings you more happiness in the future.
1) If you have any existing debt – whether it is a home, vehicle, personal loan, outstanding credit card dues, or even loans from friends and family, you may be able to pay off your debt and reduce your monetary liabilities Bonuses can be used. You can use the Diwali Bonus to pay off debt and reduce your financial liabilities, if you have any existing debt, including debts from friends and relatives; a house, a car or a personal loan; or any outstanding credit card balance. This is the best way to use the bonus.
2) Another way is to buy additional units of mutual funds or shares using the bonus you get.
3) The third way I would suggest is to use your bonus to invest in gold, preferably in demat form.
4) The next and very important way is to boost your emergency fund.
5) Investing in insurance coverage is the fifth and most obvious way, it may not sound so important but in reality, it is important for the future of you and your family. Additionally, you will earn a very good interest rate, which can easily multiply your wealth efficiently in 10 to 12 years.
6) Last to invest your bonus, spend it on essentials, such as learning a new skill or language, upgrading a home, upgrading essential appliances, or any electronics item your family needs .
According to Gaurav Kapur, Director and Co-Founder, Fincorpit Consulting, the most important thing to do with Diwali Bonus is to reduce outstanding loans like credit card payments, personal loans, car loans etc. Establish an emergency fund to cover at least 3 – 6 months’ expenses including loan EMIs and insurance premiums.
“Markets are at a low level so starting SIP in equity scheme is another good option. After the COVID pandemic, many people realize the importance of health insurance. Use your bonus to buy a family floater health plan to cover all family members this Diwali.”
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