If your answer is ‘yes’ to all of the above questions, chances are you have envisioned a life of financial freedom. And you know the best part? you are not alone Many people like you dream of a life of financial freedom.
In this article, we help you understand what financial freedom means and how you can achieve it. lets start.
What is Financial Freedom?
It can mean different things to different people. For some, this can mean a lot of money so that they don’t have to work anymore, while for some it can mean earning enough to fulfill their dreams without working much. Being financially independent mainly depends on your personality, society, lifestyle, values ​​and goals.
In simple words, being financially free means that you are able to manage your finances well enough to live your life the way you want. It gifts you with:
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Like – Make your own choices in your life without fear
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Security – To ensure the life of the fixture
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Investigation – To be able to explore new ventures without stress
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rest – Don’t give up on your comforts
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Time – To have more control over time
The key to unlocking the future of financial freedom
A great starting point for living a financially independent life would be through regular savings or investments. Here again, where saving will ensure that you have a stable corpus for future expenses, investing ensures that you have a corpus that can keep growing.
Systematic Investment Plans (SIPs) are a great tool to start investing to attain financial independence. SIPs are periodic investments that you can make for any amount, even Rs. 500 per month. All you have to do is select a specific amount to invest (based on your income and expenses), choose a mutual fund scheme, and choose a time frame. At regular intervals, the SIP amount will be transferred from your bank account to the plan of your choice.
You can also choose to add SWP facility to your SIP, which can help you make periodic withdrawals from your investments. An investment product combining SIP and SWP can help make things convenient for you.
SIP and SWP are almost like an automatic disciplined investing habit that will help you build a pool of money for yourself over a period of time.
Now, it is natural to have different goals at different points in life. Some of us have something in common:
• Helping your kids pursue non-traditional careers after college
• Build your start-up during your working life
• Opting for early retirement
• Live a peaceful, retired life while pursuing your dreams
If you have such a goal and are wondering where to start, then investing in Freedom SIP can be the place to start.
In this facility, there are three phases: Investment (SIP), Transfer (Switch) and Withdrawal (SWP). You will first need to choose the investment amount, the number of years you want it to run (8/10/12/15 years), and the source and target plans. Your SIP amount goes into the Source Scheme (Equity). Once the tenure is over, the SWP (Systematic Withdrawal Plan) amount is transferred to the target plan (loan or hybrid).
While you can go for regular SIP or SWP for your retirement goal, Freedom SIPs are tailored to meet specific short, medium or long term goals along the way. It is a goal-based planning solution to help you become financially independent at any stage of life.
Freedom SIP from ICICI Prudential Mutual Fund is a great convenience to have when you are embarking on your journey to financial freedom. It helps you choose the right plan based on your goals and risk appetite and helps in building a healthy long-term investment habit. This plan is designed to help you meet your goals such as following your passion, traveling the world, or taking an early retirement, without any worries.
You can learn more about the plan here:
www.icicipruamc.com/icici-prudential-freedom-sip
Disclaimer:
ICICI Prudential Freedom SIP is an optional facility that allows initial investment through SIP, switching to another plan after a predetermined tenure and post SWP. The SWP will be processed either by December 2099 or till the units become available in the target plan, whichever is earlier. This facility does not in any way warrant the performance of any scheme of ICICI Prudential Mutual Fund or provide any guarantee of withdrawal through SWP mode. Freedom SIP allows investors to convert SIP investments into a target plan, and after the completion of the SIP tenure and monthly SWP will continue from the target plan. Please read the terms and conditions in the application form or visit www.iciciprumf.com before investing. This feature should not be associated with or confused with Freedom SWP; Both are different facilities provided by ICICI Prudential AMC Ltd.
Mutual fund investments are subject to market risks, read all the documents related to the scheme carefully.