My father never understood these things. He earned money but never thought of investment. Yes they met our needs but never thought about our future financial security. At least people buy insurance policy for their family but my father didn't even take that. He was a good contractor. He used to take furniture contracts and make profits, yet they did not think about investment.
We were young at that time so did not understand anything about investment. That's why we couldn't even tell my father. At that time we did not have financial issue. My dad would give everything we asked for. Don't know why he never thought of financial security.
Due to not having any kind of savings and investment, we faced a very bad time and am still suffering. In 2004, my father was diagnosed with cancer and around one lakh ( approx $1348) had to be spent for his treatment. But all that money was taken on loan because my father did not have any savings or investment plan. Despite spending money, doctors could not save him.
We were not employed when my father died. Due to which our financial condition had become very bad. We often used to take small loan from friends to fulfill our daily requirements.
Now just imagine if my father had savings and investments, would we have been in so much trouble? I told about my life so that you can understand the importance of investment.
If you want to grow your money, then you have to invest. This is the only tool to double or triple your wealth. There are several investment policies in the market where you can put your fund, but before that you must know the policy in detail. Some investments are subject to market risk. That’s why you must know those risks before you put your money into any project.
Investments come in handy during your bad times. Especially when you or someone in your family is in bad health. Apart from this, the money invested can be useful to you after retirement. Your investments can also be used to build a new house. Not only this, you can also travel with invested money. You can achieve all your financial goals through investment. There's no doubt about it.
So, you must have plan how to invest and where to invest to get more returns. Investment should be a permanent part of everyone’s life.