Set Your Financial Goals With These Smart Tips-MoneyMindz.com

By | 15/04/2019

 

     One of the most important questions that almost every investor has in mind is what instrument will get him the maximum rate of returns?  Is it the right question to ask? So, the basic tenets of personal finance advice individuals to start with introspection. You should start with your financial goal and then look for high paying investments.

Basically financial goals clearly define what you intend to achieve and you can accordingly plan your journey—where to invest, how much to invest and set your expectations right. Smart financial goals help you make a sound financial plan and ensure better execution of the same to achieve your goals. Free Financial and Investment Assistance Portal, MoneyMindz helps you frame a SMART financial goal.

Specific

Financial goal must be clear in the minds of the individual. Like, buying a house is a very vague goal. Therefore specific goals ensure that there is an emotional connects with the financial goals and such goals are more likely to be achieved.

Measurable

Your goal should have a money value ascribed to it, among other factors. It will help the individual to understand where he wants to go clearly. Basically the money value lets you adjust your goals depending on the extent of money you saved and the changes in the price of the financial goals.

Achievable

One important tip to remember is that the financial goal must be achievable. At times the goals are not achievable in a near future. One may want to use time on his side to make goals achievable. Therefore, goals that look not achievable for individuals with a very low-risk profile, may become achievable if some allocation is made to risky assets offering high returns.

Realistic

Financial goal needs to be realistic. For example, if an individual with a monthly salary of Rs 1 lakh decides to build a multi-storied mansion in the plush localities in South Mumbai, then it would look impossible in the given context of high property prices and inadequate income.

If you stick to your goal of buying 1BHK, but try to achieve it in a short span of time along with other goals such as going on a foreign vacation and arranging down payment for a luxury sports utility vehicle, then it will become unrealistic.

Time-bound

Your financial goal must be expressed in the context of the time. However each financial goal comes with a price tag. Inflation ensures that the price tag changes with the time involved. Therefore, clearly defining financial goal makes it easy to draw a financial plan. A proper saving and investment action can be prescribed with more clarity if the individual knows what he wants.

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