A goal without a plan is just a wish. This holds true for financial goals as well. Setting financial goals, and creating investments to optimise chances of hitting them, is a great way to manage both short and long-term objectives. Never created a financial goal before? Here are the basics.
A financial goal has three parts: duration, purpose, and amount. So, “I want to buy a car” or “I want to pursue higher education in 3 years” are not financial goals. But, “I want to travel to Europe in four years, and the cost of the trip is Rs 2 lakh now” is a financial goal. All three elements matter. Let’s see why.
The Purpose: What Are You Saving Up For?
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