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Got Your First Job? Here’s How to Start Financial Planning

Getting hired as a fresher is a landmark event for an individual which they remember for the rest of their life. Many freshers and young employees use their paychecks to reward themselves, go on a brief spending spree, buy presents for loved ones, go on a vacation, etc., investment and savings are, more often than not, lower on their priority list. But since we live in a time with high inflation, financial planning and investment are no longer a choice but a necessity.

As a beginner, a fresher might not know much about investing and saving, so they often choose to take the advice of their friends and family at face value. However, it is crucial that youngsters start financial planning and investing as early as possible, to create long term wealth from their income. Investing today has become easier and more accessible through online platforms that offer a range of opportunities. 

Online Investment 

Gone are the days of visiting your bank branch or office of a mutual fund broker for the purposes of making investments. Online platforms/apps use technology and data analysis to encourage individuals to take action based on their individual financial goals and risk appetites.. These new-age online platforms inculcate financial discipline in freshers by removing the obstacles associated with investment – complex jargon, complicated numbers, copious paperwork, etc. Investing online is often a simple intuitive process which takes out all the traditional pain points associated with the investment process. Three major investment options available online are:

1. Mutual Funds: On an online zero-commission based mutual fund investment platform, you can pick out of thousands of direct mutual funds. New-age platforms provide critical data points in relation to past performance, peer comparison, fund objectives, top holdings, etc. Some apps/online platforms also provide unique features like tax harvesting, automated tracking, family account etc. 

2. Fixed Deposits: Forget about visiting a bank to open a fixed deposit and submitting copious amounts of paperwork. Online platforms/apps help you in opening a fixed deposit in minutes. The process is entirely digital. Most importantly, FDs of multiple banks and NBFCs are often available on a single app/investment platform, and you can choose the one which is aligned with your investment goal.

3. Invest In Stock: Online platforms/apps helps you explore stocks basis industry, sector, more importantly, provides critical insights on: income statement, balance sheet, cash flow, key executives etc., of the company, enabling individuals to make an informed decision in relation to investment.

Kuvera App (Play store and App Store)

We reviewed a popular wealth management and investing app today – Kuvera. Kuvera (Arevuk Advisory Services Pvt. Ltd.) was founded by Mr. Gaurav Rastogi former portfolio manager at Morgan Stanley and a graduate of Booth School of Business and IIT Delhi and Mr. Neelabh Sanyal former Vice President with Axis Capital and a graduate of IIM Ahmedabad. 

Here are some of the things we loved about Kuvera’s Android app, especially from a new investors’s point of view:

  1. Easy onboarding process: From download to completing KYC, we were done in about 10 minutes. The process was super smooth and fast, with no lag experienced. We loved the integration with Aadhaar-based Digilocker for KYC.

2. Amazing interface: Kuvera has one of the simplest interfaces that doesn’t overload you with too much information. Once the KYC is done, you can start with adding your goals, and can start investing instantly. Setting up SIP mandates is very easy too, so you don’t have to remember to transfer funds manually every month. We also like the funds detail page that gives a quick snapshot of each MF, and comparison of performance with Index.

3. Investment options: While we all want to maximize wealth, some short term goals need the security of FDs. Kuvera has a range of Fixed Deposit products from banks and NBFCs too. Booking an online FD literally took 3 minutes!

4. Tracking portfolio: We also tried the external investment import feature and can confidently say it is one of the best we have seen. Just enter the email id registered for external investments and you get an email almost instantly from CAMS with your holding details. Forward this to a Kuvera email id and your import is done instantly.

Make Your Personal Finances Simplified With Online Investment 

The intuitive approach to investment and saving offered by new-age platforms like Kuvera makes your investment journey simple and efficient. This makes it extremely easy for first-time investors to start disciplined investing early. 

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