Setting clear top financial goals is the most important aspect that every person should think of. Whether it is related to career, marriage, retirement or anything else, a clear understanding on resources and thorough planning is necessary. This helps you to create a fair plan to achieve those targets and to stay motivated to achieve those targets.

Likewise, it is equally important to bust any investment myths and set investment goals to achieve key milestones in your life. But most of us completely ignore this part and do not prioritize our financial goals due to lack of clarity in financial planning. So here are some key points to remember while setting up financial goals for your lifetime. 


Top Financial Goals 1: Try to live on less than you earn

1) Don’t spend too much money on things that lose value over time (luxury items that depreciate). For example, instead of buying a 70 inch tv, but a 30 inch TV. Instead of buying a 2 lakh rupees bike for kid, try to buy it under 1 lakh rupees.

2) Such items are big traps and they tie up your fund without giving any financial benefits.

3) Instead put your money in productive investments

4) Don’t let these luxuries eat up your money

5) A penny saved is a penny earned, if you try to live on less than you earn, it will not only help you to avoid unnecessary debt but it will create additional corpus for your investments and financial plans.

Top Financial Goals 2: Insure yourself

1) Don’t overburden yourself with high premium of life insurance policies.

2) Always choose term plan instead of investing in insurance plans as term plans and cheaper and sufficient to take care of your family, always treat insurance as an extra expense, don’t carry to much premium burden

3) If you are safe driver, try to buy mandatory auto insurance only

4) Buy a health insurance which is sufficient to address your family’s needs and try to balance it with your emergency fund.

Top Financial Goals 3: Create an Emergency Fund

1) Don’t treat your saving account as emergency fund

2) Create a separate short or long term emergency fund by investing in short or long term mutual fund plans with best liquidity option

3) Keeping an emergency fund is one of the important aspects in money management

4) Emergency fund will act as a cushion in case you face situations like job loss, medical emergency

5) Emergency fund helps you to avoid harming your long term investment plans

Top Financial Goals 4: Do not forget to take advice from your Mutual Fund Expert

1) When you reach out to Mutual fund distributor for taking care of your investment portfolio, he or she will have best plans for your retirement, child’s education etc

2) Mutual Fund distributor can check your risk profile, suggest best funds for investment and ultimately grow your investment portfolio

3) A mutual fund distributor can do more than just investing your money like balancing your portfolio during market ups and downs or optimizing your mutual fund portfolio etc

4) Mutual fund distributor will help you to monitor and track your investments

5) Always remember that a mutual fund distributor can help you to convert your financial targets into reality.

Top Financial Goals 5: Create number of Income sources

1) Apart from your job, try to generate more sources of income like part time sales, an online business, a weekend business, working like a voice over artist, real estate agent etc. There are numerous options out there

2) This will help you to create a source for extra cash flow which will ultimately help you in your financial goals like retirement planning, child’s education etc

3) If you have home loans or any debt, you can also repay your debt with this additional income.

4) This will help you to open more door of opportunities in your life

Top Financial Goals 6: Plan for Retirement

1) If you are serious about retirement, start investing in your retirement plan as early as possible

2) The sooner you plan for your retirement the better is the utilization of power of compounding

3) Invest in equity mutual funds to get higher returns for your retirement planning

Top Financial Goals 7: Maintain your Credit Score

1) Pay your loan EMI’s and credit card bills on time to maintain your credit score. Avoid partial payments and pay in full.

2) Credit score decides your worth and it measures your financial health

3) Keep your accounts active and maintain required balance

4) Don’t carry too many credit cards or apply for newer attractive loan offers to avoid debt burden

Top Financial Goals 8: Invest for your Child’s Education

1) Plan for your child’s education early so that you can avoid the burden of education or student loan

2) Education is becoming expensive day by day; you need to pay in lakhs right from primary schooling, so investing in education plan is very crucial.

3) If you are planning for overseas studies, you might need to consider early investments as overseas education is way costlier than Indian universities

4) Planning for kid’s education is equally important as planning for retirement.

Top Financial Goals 9: Avoid Debt

1) If possible, stay away from attractive loan or credit card offers, so that you can avoid unnecessary burden of debt repayment

2) Most important thing about being debt free is you can achieve it regardless of your earnings or income level

3) You can avoid debt by getting full control on your unwanted expenses.

4) It doesn’t make any sense to earn money from job or any income source and give away majority of the income to bank’s for the repayment

5) Debt free life will leave more money in your hand for future investments

Top Financial Goals 10: Leave something for your family

1) Always make sure to leave some fortune for your loved ones

2) Discuss with the implications of your death with financial advisor as well as legal advisor

3) Most importantly, do not forget to add nominees for all your investments

4) Do not leave any debts for your family, always ensure that you have adequate insurance or asset backup to pay for your loans after your death

5) Pass on some financial legacy to your children and grand children

These are the top financial goals that everyone should try to achieve in lifetime. Investopedia has explained how you can clearly set your financial goals. Do not forget to consult your mutual fund distributor while planning for your investment targets so that you can properly plan and prioritize your goals. Always remember that a financial advisor can help you to convert your financial targets into reality.

Why Chitale CFS Pvt Ltd?

Chitale CFS Pvt Ltd offers wide variety of investment avenues for short as well as long term investment needs. With more than 30+ years of experience, we are one stop solution for a number of financial products like Mutual Funds, Insurance, Bonds, Fixed Deposits etc. We serve our clients with highest standard of transparency and integrity by putting investor’s interest first.

You can contact us by calling on +91 8999116127 or email us at [email protected] or [email protected]

Mutual fund investments are subject to market risks. Please read the offer document carefully before investing

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Mutual fund investment is subject to market risk, read scheme related document carefully before investing.