We all have and should have financial goals. Some people are reserved and will not discuss their financial goals while some others are open and discuss their financial goals. Best Financial Adviser Kuber Mindz asks you whether your financial goals are realistic.
Retiring early is not as fancy as some people make you believe
There are people who dream of working for a few years and retiring before the usual retirement age. Don’t get us wrong. This is a good idea but is helpful only if you are sure you can financially manage another few years. That is to say, if two people start their career at the age of 25 and one of them wants to retire at the age of 50 while the other retires at 60, and both of them have a life expectancy of 85 years, the one retiring at 50 should have money to support him for 35 years compared to 25 years for the one who retired at 60.
Smart Financial Adviser Kuber Mindz says that if you start early and invest early, depending on your income, expenses, savings, financial goals and investments, you can afford to retire early with sufficient funds to support you during retirement.
Quit buying too many houses and too much land
While it seems to be a great idea and also carries prestige to own several houses and some plots of land, it can also put you in a financial mess. Most people can’t afford these on their own so they take loans for the same and end up paying EMI’s for the next few years as the interest rates are too high often.
Getting an airy flat is fine. However, that should not compromise with your other goals such as retirement, emergency fund, other investments, insurance needs and other debt repayments. India’s First Free Online Financial Advisory Moneymindz says that it is a good idea to limit buying/building more houses. You only need one house to live and one small plot of land for your grave.
Quality education must never be neglected
Education provides critical thinking abilities and knowledge. Being the backbone of any country, it needs to have good quality. Hence, it is prudent and wise to spend money on quality education that shapes up the learners life and future. However, if you have to plan your kids’ education, better start early. Inflation has to be kept in mind as it is reducing the value of money. Invest accordingly.
For more information visit www.moneymindz.com or give a missed call to 022 6211 6588.
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