Different Financial
Goals
What are financial
goals? When an individual make financial plan for self then he/she try to find
out what responsibilities in future he/she has to fulfilled. To set the
financial goal is very important process of one’s financial planning. It should
be practical and achievable.
Although, Indians are
good savers but not so smart in investment. Only 4% of household saving comes
into stocks and mutual fund. It is because of lack of awareness. Systematic
Investment Plan (SIP) route is the best way to achieve your future financial
goal. For example if you invest Rs 33,000 per month in equity SIP till 20
years, it would be Rs 5 crore with 15% CAGR. It is a good retirement corpus at
the time of you will get retirement. The important factor is time. If you delay
5 year to start a SIP for your retirement, then you have to invest Rs 66,000
(just double from above mentioned Rs 33,000) per month till 15 year to achieve
the same Rs 5 crore retirement corpus.
Another important financial
goal is child education which is equally important for every person. I will
give you a simple example to achieve your child’s education goal. Please start
Rs 5,000 every month till 15 year you will get around Rs 30 lakh with 15% CAGR
return and if you invest the same amount 5 more years means total 20 year then you
get around Rs 66 lakh with the same rate of return.
In general, parents spend
more than half of their income on their children’s education and it prove
significant burden on their family budget. According to a survey, majority of
parents spend on average more than 18-20 lakh for raising a child from 10th
standard to graduation.
So it would be
better if you plan for the same before the time in prudent manner.
There may be many
financial goal for a person so make investment separate for each financial goal
with the help of financial expert.
If you have doubt about investment
product and want more information regarding investment or you need investment
services, feel free to ask us. We also conduct the seminar on investment and
financial planning. If you are interested for conducting seminar in your city,
just drop the mail.
Warm regards,
Arvind Trivedi
Certified Financial Planner
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I am thankful to you for sharing this awesome article with this helpful knowledge.It is a very useful article about the Goals.
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