Build Wealth In A Smarter Way With These Golden Rules-MoneyMindz

By | 22/04/2019

Build Wealth In A Smarter Way With These Golden Rules-MoneyMindz


            The word SMART stands for S- Specific, M- Measurable, A- Assignable, R-Reliable & T- Time-related. Basically in the last decade or so, this criteria has further seeped into defining your investment choices as well. This is as like every investor, you want to choose the investment that will provide you with the growth and income you need to meet your financial goals.

You need to first understand yourself as an investor. And in case you are under a dilemma, there is certainly S.M.A.R.T way to go about it. Free Financial Assistance Advisory Portal, MoneyMindz takes you through how:

Specific investment goals with quantifiable returns:

Taking time to understand what you want to achieve because of your investment process will guide you in determining specific investment goals. Let us take an example, your investment goals for the money that you’re saving for retirement may be different from your goals for the money that you’re saving for a down payment for a house.

But while you are working on this process, i.e. of working on your individual needs and desires ensure that your investment goals fit in with your entire financial portfolio. So, your portfolio returns need to be consistent with your goals, you can try and set up your portfolio in a manner that it averages a certain percentage of return over time, or so produces a given level of income. Remember that while identifying your goals, learn to move beyond the conventional instruments. Basically your investments will never gather pace if you continue to choose traditional instruments.

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You need to get together with your financial advisor and add a healthy mix of stocks, mutual funds to your portfolio. In case you are starting out career-wise, you could also choose to dabble in equity to gain maximum returns.

Define your time horizon:

The first question you should ask yourself while setting your investment goal is, “What is my time horizon?” When will you need the money? For a financial goal your time horizon will have a significant impact on the type of investments you choose to try and achieve it.

There will be two schools of thoughts which work here. Many financial advisors believe that a longer time horizon will provide you with more opportunity to ride out the fluctuations on your investments.

If your time horizon is short, you may even compromise with a relatively lesser return, if it provides you with a reassurance that your money will be there when you need it. Therefore, a shorter time frame will enable you to recoup losses, if any.

Assignable tasks and realistic timelines

The team leader often segregates the tasks into different functions within the team – with each member working on a realistic timeline to complete the task while trying to complete a task as a team. Your money will work pretty much on the same line.

You need to divide your money into brackets to fulfil those criteria after identifying your investment goals. So, are you investing for your child’s college education or do you hope to achieve some short-term gains via the investment? Such simple questions will play a defining role in charting your portfolio.

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Your objectives are a defining point to identify that rate at which your money will grow when it comes to your investments. If you use these simple and smart techniques to identify your goals – you will certainly gear towards wealth creation in no time.

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