Diwali bonus 2022: Top investment options you can bet upon
- Diwali bonus 2022: Normally, we buy things with these bonuses, but if invested wisely, it can boost your financial goals to a great extent
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Diwali bonus: Diwali is not far away, everyone is eagerly waiting for this festival. One of the things that many of us look forward to during the festival season is the bonus . The festival starts sometime before the employees of government organizations and major companies get Diwali bonuse. Some people splurge or spend it all, others invest it wisely. Normally, we buy things with these bonuses, but if invested wisely, it can boost your financial goals to a great extent
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Manoj Dalmia, founder and director, Proficient equities Private Limited said that we can definitely use that extra bonus for investing in some strong stocks for a happier festive season.
According to him some all time well performing stocks would be
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Lemon Tree: Lemon Tree is approaching a resistance are which is weak plus with festive season coming up we can expect some travelling to pickup which can contribute to it upmove. Buy above ₹91.45 with a target of ₹109 in the short term.
Tata Chemicals: Tata chemicals is a fundamentally strong stock. Investors can wait for a closing above ₹1206 and expect a target of ₹1604 in the mid term.
Stock markets are always subjected to risks. Invest at your own risk with thorough research.
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Amit Gupta, MD, SAG Infotech suggested 6 ways in which you can harness your Diwali bonus so that it brings you more happiness in the future as well.
1) If you have any existing debt—whether it's a home, vehicle, personal loan, outstanding credit card dues, or even debts from friends and family, you can use bonuses to pay off your debt and reduce your monetary liabilities. You can utilise the Diwali bonus to pay off debt and lower your financial liabilities, if you have any existing debts, including debts from friends and relatives; a home, a car or a personal loan; or any unpaid credit card balances. This is the best way to use the bonuses.
2) Another way is to buy additional units of mutual funds or shares using the bonus you receive.
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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 rate of interest, which can easily multiply your wealth efficiently in 10 to 12 years.
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6) The last one is to invest your bonus is to spend it on essentials, such as learning a new skill or language, home upgrades, upgrading essential appliances, or any electronics item your family needs.
According to Gaurav Kapoor, director and co-founder, Fincorpit Consulting, the foremost thing one should do from Diwali bonus is to reduce the outstanding debts like credit card payment, personal loans, car loan etc. Setup emergency funds to cover at least 3 - 6 months expenses, including loan EMIs and insurance premiums.
“The markets are at lower levels so to start SIPs in equity scheme is another good option. After the Covid pandemic, lot of people realise the importance of health insurance. This Diwali use your bonus in buying family floater health plan to cover all family members," he added.
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Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint.
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