Watch the Swatantra TV Series to learn about various investment options in mutual funds that can help teachers have a financially secured future. Witness an engaging session with Mr. Lalit Nambiar, Fund Manager and Head Research, UTI AMC & Mr. Satish Pandey, MD & Head, Private Wealth Management,....
Watch the Swatantra TV Series to learn about various investment options in mutual funds that can help teachers have a financially secured future. Witness an engaging session with Mr. Lalit Nambiar, Fund Manager and Head Research, UTI AMC & Mr. Satish Pandey, MD & Head, Private Wealth Management,.... Show all Video
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Every investment should be goal-based
Published On , 4 Jul 2016 By ET Wealth
Every important journey has a destination. Similarly, every investment should have a goal. And each goal should be time-based. Also one needs to quantify the estimated amount of money needed to achieve that goal. Your goals could be differentiated by the expected time to achieve:
Paying insurance premiums every year (Rs 25,000)
A foreign holiday after 2 years (Rs 5 lakh)
Buying a car after 3 years (Rs 5 lakh down payment)
Child’s marriage in 15 years (Rs 1 crore)
I will retire after 20 years (Rs 4.5 crore)
Buying a house after 5 years (Rs 30 lakh down payment)
The child goes to college after 7 years (Rs 20 lakh)
How to implement it
The easiest way to plan your financial goals is to take the help of an experienced and registered financial planner /advisor
The steps include:
Set your goals
Estimate in how many months /years you want to achieve each of the goals
List the goals as per your priority. E.g. The down payment for your house may be more important than a holiday abroad
List your incomes
List your expenses
Cut down unnecessary expenses
Allocate funds with appropriate financial instrument to achieve each of the goals
Be careful not to choose the wrong instrument for a goal (E.g. Don’t invest in an equity fund for a short term goal. Use a debt fund instead)
Remember to review your plan and investments every six months or a year
Try this on your own even if you Try this on your own even if you
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