As an earning individual, you have short term goals, midterm goals and long term goals. If you don’t, you should! You might be having short term goals for which you require money instantaneously.
What are short term goals?
A short-term goal is something you want to do in the near future. The same holds true for financial goals too. Let’s look at some illustrations of short term goals. You may want to travel somewhere, build an emergency fund, and pay off debt. You might plan building or buying a house.
How long does a short term goal last?
A short term goal is meant to be attained before three years. Just for your information, a midterm goal is meant to be attained from 3 to 5 years while a long term goal takes more than five years to attain.
What are some investment options to reach short term goals?
1. Commit to a fund solely for this motive
You will have to assign a fund(mutual fund) in which money is saved routinely. One motive, one fund; should be your objective. Saving is the first step. Investing can be done only when saving is being done.
2. Curtail costs that are unnecessary
Majority of the things most of us purchase are useless products advertised by someone for commission. In other words, the money you spend on useless items is bringing profit to an unknown business person. It is rightly said that many people buy things they don’t need to impress people they don’t like. You must cut down on unwanted purchases and save that money to invest later on.
3. Sustain a financial plan
4. Start investing
There are a variety of investment options such as Fixed Deposits, Recurring Deposits, Post office time deposits etc. You can contact us at www.moneymindz.com or Give Us A Missed Call at 022-62116588 for information regarding where to invest, how to invest and so forth.