By having a fixed goal, you will be able to plan and fulfill your need. If you can invest with the right financial goal then you will not need to take a loan. If you are planning to invest somewhere in the new year, then it is important for you to first understand why you are making these investments. Investing anywhere without understanding your financial goals can cause you to lose. Today we are telling you why it is important to set a financial goal before investing anywhere.
Why is it Important to set a Financial Goal?
By having a fixed goal, you will be able to meet your need by planning better. Suppose you need 2 lakh rupees after 3 years, then from now on, you can invest 5 thousand rupees a month including any scheme such as Recurring Account (RD) and Mutual Fund (SIP) from where you get 7% per annum. Interest received From this, after 3 years, you will get about 2 lakh 6 thousand rupees. Similarly, you should also invest keeping in mind your financial goals.
Protects you from Taking a Loan
If you can invest with the right financial goal then you will not need to take a loan. Because you have a system of money so that you can meet your needs. This does not make you fall into the debt trap.
Help Maintain Discipline
If you invest with a specific goal, it helps to create discipline in savings and investment. It also helps you to keep track of your expenses. Apart from this, if you feel that you spend more then you can convert it into savings. This helps you increase the savings bus.
Reviewing Remains Easy
When all investments are linked to financial goals, you can periodically review their performance. Doing this not only helps you identify the underperforming avenue but it also helps you to deal with any situation you like, which can lead you away from the set goal. Apart from this, if the returns from investment fluctuate, then you can withdraw your money from there and invest elsewhere.
Money will be Available at the Right Time
Take special care of how long you want to invest your money or can do it. Because many saving schemes and schemes come with a lock in period. That is, you will not be able to withdraw your invested money in this period. That is why take special care that there is no lock in period in the place where you are investing and if there is so much. Keeping this in mind, you will get your money on time according to your need, and you will not have to pay the penalty if the lock-in period is not completed.
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