Every goal comes alive when you hit the deadline switch. The same goes for Finacial investments You have to set your financial goal and deadline so that it reminds you to take one step towards your goal Money isn’t worth earning if you can’t enjoy it. There is no point in saving everything you make and leave nothing for your dreams and passions. No doubt it’s crucial to put money aside for uncertainties and retirement.
As Eleanor Roosevelt said, “Happiness is not a goal…it’s a by-product of a life well-lived.” A life well lived doesn’t always happen by coincidence. It is the outcome of setting the right goals and achieving them within the deadline.
The way you can take charge of your life is to ensure you have set a deadline for every goal you choose to achieve. However you know that setting a goal is the most important to become successful, but you may not be sure of how to start with.
You can create a list of your financial goals on your own. To make the most of this exercise, assign each of your financial goals a price tag and a time frame. Then, identify the kinds of savings and investing strategies that may be appropriate for meeting your goals.
While everyone's circumstances are a little bit different, there are essentially four steps to creating a strategy for meeting your goals that will work for just about every person and situation:
It's important to know what you want to accomplish with your investments before you actually invest. Learn how to set your financial goals, get a handle on your cash flow, control spending, manage debt, and get on the path to saving and investing.
Before you can choose investments to meet a particular goal, you need to have an idea of what the goal will cost and your time frame for meeting the goal.
Financial Goals examples:
Normally every individual has their own goals as well as family separate goals. We are specified common goals which normally family members make for their life.
It can be considered as an upgrade to the current home or move to a more spacious home. You may be called it a Dream home.
Here depending on your financial health and kids’ graphing power make your goal more visible. You can decide which private tuitions or which course the kids’ should join and how you will finance it.
Every people want to enjoy loan free life but due to personal, business aspects they have to take a loan or mortgage and you have to pay it for a certain period of time. It is advisable you should pay as early as possible loans or mortgages. Which will help you to enjoy better way of retirement life.
You along with your family members should be always saves first and then use. Also, the saving money should be used for investment so that it will be pay-off a higher return to you.
The retirement life should be less dependent on you as well as your spouse. You should plan it so that it will happen as per your wish and you able to have at least the same standard of living and less dependent on family members or government policy.
Others goals: After considering the main goals other goals can be
From all of these, we can see that the way you can take charge of your life is to ensure you have set a deadline for every goal you choose to achieve. However you know that setting a goal is the most important to become successful, but you may not be sure of how to start with.
Below are a few reasons, why you should set financial goals within deadlines to reach your financial success::
Deadlines will force you to commit: Setting a deadline will take you from the thinking stage to the planning stage
Deadlines will keep you motivated towards your goal: Think about the difference between the two statements:
“I want to buy a car”
“I want to buy a car by the end of this year”
The latter one has a lot more focus and motivation towards it
Investments for kids
As a parent, one of your biggest responsibilities is to make sure that your child has adequate financial assistance for all the significant milestones of their life. But to build a considerable corpus for your child, you need to start saving and investing as early in life as possible.
Equity markets are known to outperform all other types of investments in the long run. But the high returns potential comes with considerable risk. Make sure that you have adequate knowledge about the equity markets if you are considering it for your child. Also as per current rules, you can only purchase (IPO) but you can’t sell in the trading account.
Gold too is a proven long-term investment option. But rather than going for physical gold which comes with a lot of risk and additional expenses, consider Gold ETFs (Exchange Traded Funds) or SGB (Sovereign Gold Bond). These are electronic variants of gold.
We have seen the first stage where you must start investing In our next part we will cover other stages too till then ciao! Do subscribe to our newsletters and don't miss an update. Do follow us on our socials to stay updated about the stock market.