In today's fast-paced world, the ability to build and maintain assets while constantly on the go is a valuable skill. 

Building assets is essential for achieving financial security and independence. It can help you endure unexpected financial setbacks, reach your financial goals, and retire comfortably. Whether you're a busy professional, a frequent traveller, or simply someone who prefers a flexible lifestyle, there are various ways to invest and grow your wealth despite a hectic schedule. Here are five strategies that cater to an on-the-go lifestyle:

1. High-Yield Savings

High-yield savings accounts provide a higher interest rate compared to regular savings accounts, making them an excellent option for effortlessly growing your money while you go about your daily routine. You have the convenience of opening a high-yield savings account and arranging transfers from your checking account every month. This means you can save money without much effort. 

2. Gold Funds

You can invest in gold by buying physical gold or by purchasing shares in a gold fund. It's a valuable metal and has consistently maintained its worth throughout history. Gold tends to retain its value during economic uncertainties, making it a favourable option for investors looking to build a secure asset base.

3. Property Rental

Property rental can be a great way to generate passive income and build assets over time. If you have a spare property, you can rent it out to tenants or turn it into an Airbnb. You can also invest in rental properties, such as apartments, duplexes, and single-family homes. With the help of property management services, you can efficiently manage your rentals from anywhere in the world, ensuring a steady flow of passive income.

4. Mutual Funds

Mutual funds have very diverse options which are managed by professionals. These funds pool money from various investors to fund stocks, bonds, and other assets. Nowadays, one can easily invest in mutual funds online or through a financial advisor. 

Here are some good beginner-friendly mutual funds:

Index funds are a good option because they are relatively low-cost and provide broad diversification. Balanced funds are for those who are comfortable with some risk but want to avoid the volatility of pure stock funds. 

5. Term Life Policies

While not technically an asset, term life insurance policies act as a safety net for your loved ones. They provide coverage for a specific period, such as 20 or 30 years. If a tragedy occurs during the term of the policy, your beneficiaries will receive a payout, serving as an emergency fund or backup plan. 

Tips for Building Assets While You Are on the Go

Investing and funding can be overwhelming so it is important to do your research and take financial advice. Here are some simple tips that you can use when starting your investment journey. Read along! 

1. Set up automatic transfers: This is the easiest way to save money and invest regularly, even if you are busy and helps you stay on track. 
2. Leverage Technology: Make use of investment apps and online platforms that allow you to manage your investments on the go. They can help you track your income and expenditures so you are aware of where your money is going. One of the platforms that we recommend is Policy Bazaar.
3. Reinvest your earnings: This will help your money grow faster over time. When you reinvest your earnings, you are essentially earning interest on your interest. For example, if you invest ₹10,000 in a mutual fund that earns an annual return of 10%. If you reinvest your earnings, your investment will grow to ₹38,160.49 in 20 years. However, if you do not reinvest your earnings, your investment will only grow to ₹17,224.80 in 20 years.

Building assets while you are on the go is possible with a little planning. It requires a strategic approach and leveraging resources that align with your lifestyle. By exploring various investment options and employing smart strategies, you can create a strong financial portfolio that suits your dynamic life. Remember, it's essential to assess your risk tolerance and consult with financial advisors before making investment decisions.

Frequently Asked Questions

What are the different types of assets?

There are many different types of assets, including cash, stocks, bonds, real estate, and intellectual property.

What is the difference between an asset and a liability?

An asset is something that has value and can be used to generate income or provide other benefits. A liability is something that you owe, such as a loan or a credit card debt.

What are the benefits of high-yield savings accounts?

High-yield savings accounts offer higher interest rates than traditional savings accounts, which can help you earn more money on your deposits.

How do I invest in gold?

You can invest in gold by buying physical gold or by purchasing shares in a gold fund.

The current gold rate: 

• 22K Gold: ₹ 5,828 per gram
• 24K Gold: ₹ 6,125 per gram

Subject to change*

What are the different types of mutual funds?

There are different types of mutual funds. Stock funds invest in stocks, which are shares of ownership in companies. Bond funds invest in bonds, which are loans that investors make to companies or governments. For example, Government bond funds and Corporate bond funds. 

How can I set up automatic transfers?

You can set up automatic transfers from your checking account to your savings account or investment account.

How often should I reinvest my earnings?

The frequency with which you reinvest your earnings depends on your circumstances and investment goals.