Life's most important Financial Goals

I have created this list based on personal experience and also thoughts shared by my customers and others .

1. Pay Off Debt

Paying off debts - hoem loan , student loan etc ..is one of the most common financial goals. Paying off debt can easily be translated into a financial goal.In addition to making every monthly payment, the best way to make real progress is to stop borrowing. Adding to your debt will only push you away from your goal, so it’s important to stay strong and diligent. 

My suggestion is to increase your EMI payment to bank to decrease the tensure of hoem loan . Use your bonuses to pay off these loan , You can redeem unproductive financial resources such as Bank FD , redundant low productive insurance policies . Saving up a sizeable down payment is the best way to get a reasonable home loan

2. Saving for Retirement

Planning for retirement is the most important goal which is mostly forgotten by us till we reach our late 40's /50's. It is the perfect example of a long-term investment.

It is important to consider exactly what your retirement needs are. Having a retirement plan , for this we need to detail expenses during retirement inflation adjusted and then find the retirement corpus required . Now is time to devise a monthly investment plan meant only for Retirement to be executed . Remember, the earlier you start, the better off you’ll be in the end. 

3. Invest in a College Education

Unfortunately, due to the increasing cost of college, paying off student loans has become a modern long-term goal. For a parent saving for your child’s education, college tuition is easily a substantial goal to base your budget on. Ajusting eductaion inflation at 10% , it is vital to start this monthly investment plan when the kid is kindergarten . Since the timeframe is long , it is better to do equity /MF investing while there is a high belief in us to follow traditional govt saving schemes such as PPF , POMIS etc..

4. Start an Emergency Fund

Life is unpredictable, and it’s important to be prepared. Saving for emergencies is one of the only goals that is a necessity. It should be the first one you should set, regardless of your situation.When something unexpected and expensive occurs, emergency funds are there to keep you from suffering the financial blow.

With this in mind, it is in your best interest to save roughly 9 months’ worth of income for emergencies.

5. Plan for Fun

While most financial goals are oriented around being responsible, you should always try to aim for one “fun” goal. This could be a vacation, a big-screen TV, a boat or any other unnecessary thing that you simply want.If you work hard and save diligently, you deserve to reward yourself with fun savings goals. Plus, working towards something you truly want is a great way to practice self-discipline and goal setting.