Goal Based Investing
What is Goal Based Investing?
Goals-based investing or Goal-driven investing is simply a process of defining the financial goal, timeline to achieve them and making regular investment towards it.
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What does Financial Goals look like?
An individual can have several financial goals in life that are significant to them. Here are some examples of financial goals that Financial Consultants could help you in achieving:
Family Planning
Family Planning usually includes-
- Buying a better house.
- Creating savings for children’s future education.
- Payment of outstanding loans or planning a new loan.
- Maintaining cash liquidity for daily expenses so that savings and investments are not broken.
- Having adequate insurance to secure family’s future.
Wealth Creation
Wealth creation planning usually includes-
Retirement Planning
Retirement planning usually includes-
- Knowing your retirement needs like daily expenses, medical cost, etc. Deciding on a retirement age. Determining the retirement corpus.
- Selecting appropriate investment products like equities, mutual funds, FDs, pension funds, etc to meet the goal.
- Estate planning.
Buy A Dream Car or House
Planning to buy a dream car, bike or a house usually includes-
- Deciding on your budget and researching on the available options in your budget. Decide the time of purchase.
- Checking the resale value of the product.
- Deciding whether to buy using own funds or take a loan or both.
- Protect the asset value with appropriate insurance.
Plan A Foriegn Trip
Planning a foreign trip usually includes-
- Figure out where you are headed.
- Research on the approximate cost of your trip. Decide the time of your travel. Start to invest and save based on it.
- Getting a loan on time if you would need more cash for your trip in the last minutes.
- Getting a travel insurance.
Custom Goal Setting
Investing with goals help you to be a better investor, also goals encourage savings. Other custom goals can be:
- Planning to start a new business.
- Planning for higher education.
- Planning for a royal wedding.
- Planning for a Sabbatical.
- And many more.
Goals based on Time Frame:
Goals can be for any time period:
Why should you set goals for investment?
Goal-based investments provide both benefits and prevention towards risks in the long run. Also, it means avoiding hurried investment choices by establishing a clear framework for handling targets and choosing investing strategy to attain those targets.
According to studies, people with goal-based investment arrangements feel slightly better when they spend the cash on themselves. Realizing that your expenditures do not compromise your retirement fund or your children ’s dreams.
You can count on Equity Seeds Consultants no matter what your financial goals are, whether you’re looking to grow and sustain your wealth or plan for retirement.