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Why Go For Goal Based Investments? Investment Planning – Axis Direct
AxisDirect-O-Nomics
Jul 29, 2019 | Source: www.financialexpress.com
Why Do You Need Goal Based Investment Plan?
List of financial goals
To start with; make a list of your financial goals. Quantify them based on time; short-term goals for 0-2 years, mid-term goals for 2-5 years and long-term goals for 5-25+ years. The priority you give to each becomes important because that will help you decide which goals are to be achieved first.
After you have adapted to a goal-based planning approach towards your finances, you need to keep a few crucial things in mind to remember:
Haste makes waste: Remember, when you are investing in goals, especially the long-term goals, do not calculate everything in terms of profits. Short-term performance is not the best indicator of your overall position. Think about it as progressing towards your goal. Sticking to your goal-based investment plan will allow you to spend a lot more time in the present rather than worrying about your future.
Know what your goals are: In a competitive world, we are always looking to match up to specific standards or commonly decide what’s right. Make sure the goals you determine for yourself are based on what you want. Do not listen to all the advice you get: Family, friends, insurance agents—everyone has an opinion on what you should do with your money, but that does not make it the best option.
Review your plan annually: In an ever-changing world, our priorities can also change. This makes it essential to continually review both short-term and long-term goals. Annual reviews are also a good time to go back to your portfolio to check if any changes need to be made.
Choosing a goal-based investment plan will not only help you achieve your goals, but also allow you to live a tension-free life. You will be in control of your savings, understand how your money is structured and know that your future is sorted. Besides, it will help your money grow towards what you really want.
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