} This 5 step approach will help you decide your financial goals

This 5 step approach will help you decide your financial goals

26 Jun 2019

Financial investment when done in the most effective way will enhance your lives. This is the reason why so many people are actively involved in this world and continuously strive towards devising ways to make their investments more productive. Everyone wishes to live a happy and peaceful life, where we stay far away from financial troubles and related monetary issues. 

But for this, they must understand ways to be a better and smarter investor, than the rest. But the problems lie elsewhere. Most people are not thoroughly acquainted with every aspect of this world and thus, sometimes they fail to take critical steps. Also, to make things worse, they often end up making the wrong decisions, based upon a plethora of reasons, that cost them high!

This is why you need helpful guidance from people who can show you the right direction towards earning financial independence and overall success. You must seek expert financial advisors, who are thoroughly capable of guiding their customers throughout their entire financial journey.

Wealthclock Advisors is the name you should go with if you are confused about where to begin with.

And we say, begin by deciding your financial goals.

Goal-based investing is the right approach

Every investor should follow the goal-based investing approach. This will facilitate their investment as when you devise and fix your financial goals, you know the basis of your investment journey and towards what purpose you are working on.

We suggest that you understand your financial needs deeply and then determine short-term and long-term goals, that you wish to fulfill with your investments. Financial planning is a highly-needed thing and without it, you can lose yourselves when things go wrong or not as per your plans. And financial planning is also facilitated by the goals you fix for yourself.

We suggest you choose your investment tools as per your goals. Simply going for mutual funds may not suit you, if your overall aim is different than what they can provide. But how to do decide your financial goals? You can check out the 5 steps below.

Ways to decide your financial goals

  • Is money involved? - Not every goal involves money. Although a lot of goals are all about money, you should not confuse between the two. Understand the difference. Like for example, maybe you want to go on your dream vacation next year or is planning to retire in a few years, these are goals that are money-based.  So, while deciding your financial goals for your investments, keep into consideration whether there is a financial aspect to them or not. It will clear the air of doubt and help you invest better.
  • How much money? - Figuring this out can be quite straightforward for some goals than others. Like for instance, if you are planning to buy an apartment, the cost involved can be known quite quickly. However, for long-term goals such as retirement planning and funding your children's education expenses, you cannot be as straightforward. You need to understand a couple of factors in respect to such goals; inflation, rising expenses, lifestyle, different rates of return on investments, your ability to save, etc. So, take our help and we will assist you in the process, bringing our own expertise and knowledge of the field. Also, you can depend on us for the most effective mutual fund investing advice.
  • When you need money - The next step would be finding out when. Interestingly, the "when" depends on "how much". If the sum is large, then you need more time to save up. And vice-versa in case of a smaller amount of money. You should remember this while considering when you need the money. An investor needs to be proactive at this stage because sometimes you won't have control over the "when". This mostly happens in the case of a child's education or retirement. If you need a more considerable sum of money after a few years, you need to invest in strong instruments that have the potential to beat inflation. We suggest mutual funds. They are one of the best kinds of investments and so, for knowing how to invest in mutual funds online, contact us.
  • Can you save for it? - There are a few financial goals that are simply non-negotiable. One of them is saving for retirement. This is because of the fact that only a few professions allow people to work until their last breath. Other financial goals need people to consider if they can afford them. So, if a financial goal is important to you, then you need to keep it as a top priority over others. Not everyone can afford every financial goal that they come up with as savings is limited
  • Will investing enable you to reach your goals? - Once you know that you can and want to save for a certain financial goal, the next step is to decide if you need investment and where should you invest your savings. Investing in equity will be helpful for your long-term goals. So, choose the best investment that will help you reach your goals.  Visit us and we shall help you out in this.

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