What is your Goal?
Goals are broadly classified into shorter and longer. Each Individual whether he is businessman or salaried employee there are certain fixed goals in your life. Our life has primary three phases
What is your Goal?
- Children Education
- Marriage
- Retirement
- Dream Home
- Dream Car
- Foreign Vacation
- Passive Income
Apart from above goals certain goals can be short term too which can be associated to your status and lifestyle.
- Up gradation of Your Home
- Upgrading Car
- Perusing Trainings and Enhancing Skills
- Electronic Branded Products
- Club Membership Fees
Smart Goals can be defined as
- S Specific
- M Measurable
- A Achievable
- R Relevant
- T Time bound
- No Income Dependant on parents
- Income starts and grows gradually
- Important stages in life
- Marriage
- Children
- Business Growth and Expansion
- No Income or low Income if not Planned
- Fixed Expenses
- Contingent (Sudden Expenses)
- More cost on Health and allied Treatments
- Rising cost with rise in Inflation
Remember you can get loan for everything but there is no loan for Retirement.
Key Factors of Selection of Right product based on your type of goal.
Returns on Products
Liquidity
Capital Protection
Tax Aspects
Hassle Free completion
After Sale Service
Period of Investment
Risk Taking Capacity
Age