Diwali Bonus: Diwali is not far away, everyone is eagerly waiting for this festival. One of the things many of us look forward to during the festival season is the payoff. The festival starts sometime before employees of government institutions and big corporations get their Diwali reward. Some people splurge or spend it all, others invest it wisely. We usually buy things with these bonds, but if you invest wisely, you can greatly improve your financial goals.
We can definitely use this additional bonus to invest in some solid stocks for a happier Christmas season,” said Manoj Dalmia, founder and director of Proficient Equities Private Limited.
According to him, some stocks will perform well all the time.
Lemon Tree: The Lemon Tree is approaching resistance and weak as the holiday season approaches, and we can expect a few trips to catch what may contribute to its movement. Buy above Rs 91.45 with a target of Rs 109 in the short term.
Tata Chemicals: Tata Chemicals is basically a solid stock. Investors can expect a close above Rs 1206 and expect a target of Rs 1604 in the mid term.
Stock markets are always subject to risk. Invest at your own risk with thorough research.
Amit Gupta, MD, SAG Infotech suggested 6 ways you can use your Diwali bonus to bring you more happiness in the future, too.
1) If you have any outstanding debt, whether it's a home, a car, a personal loan, outstanding credit card payments, or even debt from friends and family, you can use rewards to pay off your debts and reduce your financial obligations. You can take advantage of the Diwali bonus to pay off debts and reduce your financial obligations, if you have outstanding debts, including debts from friends and family; home, auto, or personal loan; or any unpaid credit card balance. This is the best way to use bonuses.
2) Another way is to buy additional units of mutual funds or shares using the bonus you receive.
3) The third method he would suggest is to use your bonus to invest in gold, preferably in the form of Demat.
4) The next and very important way is to strengthen your emergency fund.
5) Investing in insurance coverage is the fifth and most obvious way, it may not seem very important but it is actually important for the future of you and your family. Plus, you'll get a very good interest rate, which can easily and efficiently double your wealth in 10 to 12 years.
6) The last thing is to invest your reward and spend it on the basics, like learning a new skill or language, home improvements, upgrading basic appliances, or any electronics your family needs.
According to Gaurav Kapoor, director and co-founder of Fincorpit Consulting, the most important thing to do with a Diwali voucher is to reduce outstanding debts, such as credit card payments, personal loans, car loans, etc. Prepare emergency funds to cover at least 3-6 months of expenses, including EMI loans and insurance premiums.
"The markets are at low levels, so starting SIP on a stock system is another good option. After the Covid pandemic, many people have realized the importance of health insurance. This Diwali use your reward to buy a family health plan to cover the whole family.” he added.
Disclaimer: The above opinions and recommendations are those of individual analysts and are not issued by the Business2Business.