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Thursday, April 25, 2024

Setting goals is the first step towards financial independence


<p>You are the only one who can inspire yourself to do certain actions. Still, you will need to take action in order to accomplish some of the goals listed here. You must be driven enough to handle financial tasks on your own, such as creating and following a budget, monitoring your progress, and establishing financial objectives.</p>
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<p>Success materializes when you act. Not in your dreams. Successful individuals have developed the habit of doing things every day rather than just once a year. Thus, carry it out. Right now. The most crucial job of managing money is one that no school, at least not in India, can prepare you for.</p>
<p>Let’s figure out how to get our money to work harder. People who practice saving may be divided into two main groups. First come those who earn, save (and invest), and finally spend. Saving is both a habit and a joy for this group. Freedom to them is the ability to do as they like. Their careers are not necessary for them.</p>
<p>The second kind of savings works toward a specific objective. They feel that accepting an EMI or SIP check requires a significant amount of “sacrifice.” It is a survival attitude as a result. Commence investing and saving now. Use the very potent compounding tool. Take action.</p>
<p>Setting financial objectives:</p>
<p>“Please advise me on the best course of action from here.”</p>
<p>The Cat said, “That depends pretty much on where you want to get to.”</p>
<p>“I don’t really care where…,” Alice said.</p>
<p>The Cat said, “Then it doesn’t matter which way you go.”</p>
<p>Lewis Carroll’s Alice in Wonderland.</p>
<p>Based on my expertise with financial planning, this is the most crucial and challenging task you need to do in order to reach your financial objectives.</p>
<p>Dreams are experienced by most people. The dream turns into a goal when you give it a start and end time. A goal is put down on paper, and a dream may be in the air.</p>
<p>Start putting your objectives in writing. Objectives are things you want to have, locations you want to go, books you want to read, and so on.</p>
<p>List your objectives and let your thoughts to come to you naturally; do not attempt to stop them.</p>
<p>My goal is to shed five kg.</p>
<p>I want to be a multimillionaire.</p>
<p>I want to purchase a larger home.</p>
<p>What have you noticed?</p>
<p>Nearly all of them have an impact on finances.</p>
<p>Are all “statements” of warm wishes.</p>
<p>On the other hand, goals call for more clarity, precision, and a start and finish date. Let’s examine a few objective statements:</p>
<p>I want to utilize my own money to purchase a three-bedroom home in Chembur by Jan xxxx.</p>
<p>By December, I would want to purchase a blue Trident Star automobile for R27,00,000.</p>
<p>xxxx, which will be entirely paid for by the sale of the equities mutual funds I already own.</p>
<p>Setting financial goals is the process by which you choose your life’s course.</p>
<p>PV Subramanyam</p>
<p>She writes at www.subramoney.com and is the author of the #1 book, “Retire”</p>
<p>Wealthy? Put in C40 a day.</p>


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