How Change Investing Can Make a Big Difference in Your Wealth
Change investing | Image Resource: livemint.com
Today, everyone understands the value of saving and investing, and why it is best to start as soon as possible. However, while implementing it, we frequently witness unneeded postponement. One reason for not starting to save and invest is a lack of finances or overthinking how and when to invest. Technically, no exact quantity of money is sufficient for investment, but it is not insufficient to begin investing. By channeling this idea, there is a new notion of change investing, causing quite a stir, particularly among today's younger population, and encouraging people to begin their investments with little sums that are considered spare change.
Meaning of Change Investing
Change investment is centered around the micro-investing format and is a relatively new idea in India. The advanced technology provided by new generation fintech applications underpins change investing. It is great for the country's millennials or young generation, who rely largely on electronic payments for their everyday transactions (debit card, UPI, credit card, net banking).
The applications in this investing method allow users to set an amount which is a round-off value to the nearest subsequent Rs. 10, Rs. 20, Rs. 50, and so on. When the user spends money on various elements of the program, the difference round-off amount is applied until the user reaches the desired investment (like, Rs. 100, Rs. 500, or Rs. 1,000).
Advantages of Change Benefit
Because of its dynamic investment character and other perks, change investing is acquiring appeal among the youthful population. Some of the most important advantages of change investing are listed below.
Every cent counts
Change investing fosters the theme of making every cent count. Most of the time, we establish a financial goal and allow for it to accrue before investing in profitable assets. However, we overlook that investment can begin at any time and with as little as Rs. 500. As a result, changing investment strengthens the concept of investing among individuals.
Investment security
Change investing is performed using new generation fintech applications, and the characteristic they provide is investment security. Some applications invest in digital gold, while others invest in specific mutual funds. The investment is kept secure, much like directly investing in such target investment options, and may be redeemed at any time.
Although the idea of change investing is new in the nation, it has found many supporters. This idea is here to stay.