We are sure you must have many dreams for our future, right? And many of those dreams involve money in order to make them come true. Perhaps you’d like to own a beautiful home, travel to Europe with your partner or start saving for your children’s education. Reaching any or all of these milestones begins with setting clear financial goals.
Defining your goals
Goals are the stepping stones on your path to success. They should be inspirational and must be based on your individual values and interests. When writing your goals, ask yourself:
- What matters the most to you?
- What are you willing to sacrifice to make it a reality sooner?
- What will help you stay committed to your goals in the long term?
While defining goals, remember that a realistic goal must be:
Specific – To become rich or live a luxurious life is not really a specific goal. Having enough money to pay for my child’s college tuition fees is. Keep your goals as specific as possible to make it easier to reach them.
Measurable – Just like having work deadlines makes it possible for you to finish your tasks on time, having a deadline for your goal will push you harder towards achieving them. For instance, decide the age at which you want to retire and then start your retirement funds, or set a timeline for buying a new home and start investing for it from today itself.
Can you really rely on getting lucky?
If you mention any long-term financial goal, you’ll hear an echo of experts saying that you should invest in a Systematic Investment Plan (SIP). No one will ever ask you to plant a money plant or wait for your lucky date to invest or get some lucky charms to help you fulfil your dreams! If you’ve been reading about financial planning, it is difficult to escape the mention of SIP these days.
Plan your luck
Rather than waiting for your lucky day or being envious of your friend who’s really lucky, it’s better to plan your luck with an SIP. Simply put, an SIP is a systematic and regular investment in mutual funds. It enforces a disciplined approach towards investing and also helps you maintain healthy saving habits. This is similar to the saving habits we had in childhood where we maintained a piggy bank and realized that every small penny deposited in the bank turned into a large amount after a period of time. By investing regularly in an SIP, you can seek to build wealth over long-term.
SIP is one of the key to achieving your goals
Investing in SIP is lighter on your wallet so you don’t need to worry about the burden of a lump-sum amount getting debited on a single day from your bank to fulfil your goals. The earlier you start, the higher your chances of fulfilling your financial goals within the desired timelines. Also, with the benefits of rupee-cost averaging and the power of compounding, you may aim to build wealth while minimising risks and maximising your potential returns.
So why wait? Aim to Start an SIP, the #SabseImportantPlan today itself with Aditya Birla Sun Life Mutual Fund and gear up for all the happiness that comes with achieved goals by planning and investing! In this regard, you may also consult your financial advisor incase of any doubt.
Mutual fund investments are subject to market risks, read all scheme related documents carefully.