GOAL BASED PLANNING
Goal-Based Planning is a financial planning approach that involves identifying specific financial objectives or goals and developing a plan to achieve them. This approach focuses on creating a roadmap for achieving specific financial outcomes rather than simply accumulating wealth.
WHAT IS GOAL PLANNING?
A goal without a plan remains just a goal – many people have visions, intentions, ideas, dreams which never happen because they are not planned. Goal planning can be especially helpful in advancing your career and job hunting, or starting your own business, or becoming self-employed or freelance. Goals give you an idea as to what you want to achieve. They can vary from just plain savings to your retirement, to your child’s education, buying a house, buying a car, finding your or your son’s/daughter’s marriage etc. The job does not end here though. Even after listing them, you must have a clear vision about their priorities
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With well-defined financial goals, you can plan your income and expenses accordingly. A popular financial goal for saving is 50-30-20, i.e., you will spend 50% of your income on your needs, 30% on wants, and the rest 20% will be your savings.
TIME FRAME
Once you have set your goals then the second important step is to decide the time frame in which you would like to achieve them. This factor is very important when you are planning to invest. The time period for the investment is based on the time in which you wish to achieve your set of goals.
THE BEST, WAY TO MAKE THIS DAUNTING TASK EASY IS TO DIVIDE YOUR GOALS INTO THE FOLLOWING THREE CATEGORIES:
RESPONSIBILITIES :
Like providing for your parents, providing education to your children, funding their marriage, meeting any unforeseen events etc. These can be planned with the help of a financial planner or investment planner according to the responsibilities.
NEEDS :
This includes requirements that you have like providing for retirement, buying a house, providing for day-to-day life and also saving for the near future, etc.
DREAMS OR ASPIRATIONS :
It can be anything like buying a luxury car to buying a solitaire for your wife or a world tour. Your dreams may be out of reach but there is no harm in listing them as this can act as a constant reminder for you to work hard.
CHILD’S EDUCATION PLANNING
➤ You as a parents dream of fulfilling all the requirements and dreams of your kids. You want to give the best to your child. Best of education, best of toys, best of health, best of everything!. The only problem of these best things is that these have the best price tags too. These days Child education is one of the biggest goals of any parents because of the high cost of education and tough competition. It is very important to start saving for your child education. To plan your child’s education check out this ‘education planner’ which will give you an insight on how much you need to save today, to provide for your child’s education at a future date.
➤ Give Your Child A Promising Dream Future
HOW CAN WE HELP
- We will assist you in preparing a clear investment plan for the education goal and thereby secure you child’s future. Following things should be considered when planning for your child’s education –
- Decide whether your child wants to study abroad
- Consider whether you want to save for his graduation or post-graduation
- Estimate the future cost of education considering inflation
- Insure yourself adequately. If there is sudden death of the sole earning member of the family, insurance back-up provides you with sufficient funds to achieve your goals.
- Estimate how much you should save each year for this goal
- Considering the time left for this particular goal you should choose the kind of investments you need to make
- Last but not the least, Start investing today.
CHILD’S WEDDING PLANNING
➤ A child’s wedding is one of the most important events of a parent’s life. You dream of hosting a lavish event to mark a new beginning of your child’s life. And since time flies faster than you think, it is important to plan for a grand celebration while your child is still young. Here is how a good investment can help: But giving your children the wedding of their dreams requires a lot of careful financial planning. Planning for this wonderful goal should start right from their childhood so that you are totally prepared to fulfill your and your child’s desires for this special day.
HOW CAN WE HELP
- Estimate the future cost of wedding considering inflation.
- Estimate how much you need to save each year for this goal.
- For how many years you need to save.
- What are the best products you need to invest in to achieve this goal.
- We would even review your investments periodically & recommend necessary changes.
DREAM HOUSE
➤ Buying a new house is a big event and hence requires proper research and planning. Such important decisions should be backed by proper financial planning. We can help you achieve your dreams with our comprehensive plans for every style and budget.
HOW CAN WE HELP
- Estimate the future cost of wedding considering inflation.
- Estimate how much you need to save each year for this goal.
- For how many years you need to save.
- What are the best products you need to invest in to achieve this goal.
- We would even review your investments periodically & recommend necessary changes.
DREAM CAR
➤ A car is a possession that speaks about your status. It has been always a childhood dream to drive a cherished car. The car you drive tells people that you have arrived. It is a measure of success and after burning mid night oil and struggling in career finally you wish to splurge and its a right well earned. Proper planning of finances can help in bringing this day more closer
HOW CAN WE HELP
- We have to first consider the total cost of buying your dream car. We need to check whether you can afford it at this point of time.
- We then assist you in choosing a car loan
- Next, we help you figure out whether you have enough savings to pay the loan EMIs
- Further, we will ensure that your other goals are not affected due to this goal
FAMILY PROTECTION
➤ Whether you’ve just had your first child or already have a young family, you’ll know that becoming a mum or dad changes your life. Your days are busier and your income has to stretch further. Like many busy parents you may take your own health for granted while looking after your little ones, but more than most you need to be prepared for the unexpected.
HOW CAN WE HELP
- We assist you in choosing a Best Health Insurance Plan, Accidental Insurance, Term Insurance, Life Insurance & Plan for any Uncertain Event.
DREAM VACATION
➤ Everyone dreams of going on a grand vacation at some time during their lives. It can be overwhelming, however, when you sit down to actually plan your trip. Many considerations go into planning a vacation: timing, weather, activities, budget and preferred travel method. By taking as many of these as possible into consideration, you increase your chances of having an enjoyable vacation and set your mind at ease during the planning process.
HOW CAN WE HELP
- We have to first consider the total cost of your Vacation. We need to check whether you can afford it at this point of time.
- Next, we help you figure out whether you have enough savings to pay loan EMIs
- Further, we will see that your other goals are not affected due to this goal
RETIREMENT PLANNING
➤ Most of us like to live in the present, so much so that often, we end up ignoring the future. We splurge on present needs and retirement planning to most of us is something esoteric that is best relegated to financial planning magazines.
➤ To be sure, saving and planning for retirement is a real and urgent need; it’s a lot more urgent than the latest mobile or car or the grand vacation to Europe. Retirement planning is too pressing and long-drawn to be taken up when you are a just a few years away from retirement; by then it’s probably a little too late in the day to wake up to the rigors of retirement planning. At EquityEdge Investments, our recommendation to clients is to save for retirement at an earlier stage of their lives.
HOW CAN WE HELP
- Decide in how many years you expect to retire
- Identify your sources of income & expenses during retirement
- Estimate how much money you need to save each year for this goal
- Review & compare the various retirement income options available.
- We would even review your investments periodically & recommend necessary changes.
CUSTOM GOAL
➤ Today is a god gifted day to think about your goals. With goal current cost and inflated value after the goal maturity period. We can plan it well in advance to reach any planned goal.
HOW CAN WE HELP
- Analyze Your Custom Goal
- Review and recommendation periodically
- Estimate how much you need to save for this goal
- For how many years you have to save to achive your financial goal easily