Set smart investment goals for yourself

For financial success, it is necessary that we choose our financial goals very carefully. Simply put, set SMART goals for yourself. SMART goals are defined as goals that are specific, trackable, achievable, specific to your needs, and within a specified time frame.

Along with setting financial goals that are specific and measurable over time, it is also important that these goals are not impossible for you to achieve. It should be according to your needs and capacity, so that the financial goals set for your future can be fulfilled. Also, you have to set a deadline for yourself, so that the enthusiasm to meet your goals remains.

However, with all this it is also necessary that you have to make a plan and work accordingly. Along with this, it is also necessary to be determined to fulfill your goals and to keep taking steps in that direction. Apart from this, you should review your goals from time to time and also see to what extent they have been accomplished. With this, we will be able to make changes in them according to the circumstances and needs.

Here’s how to set your SMART financial goals for this year:

Set clear goals: Always be clear while setting your financial goals. You should have a fixed deadline and a clear outline. For example, instead of saying “I want to save more money”, you should decide “I want to save Rs 50,000 by the end of the year”.

Trackable goals: While setting your financial goals, keep in mind that you can track them from time to time. Measuring progress toward goals is an important step toward achieving them. For this, you can fix some small points or milestones. For example, for a long-term target of 10 years, a review can be done every 2 years.

Achievable: While setting your financial goals, you must keep in mind that it should be in accordance with your income, expenses and risk-taking ability. Goals should always be practical and achievable.

Tailored to your needs and ability: Like any other goal in life, you should decide your financial goals according to your needs and ability. You should assess how much the goals you have set for your financial situation can improve your life and situation.

Set deadline: The first step towards fulfilling any goal is that you must set a deadline. This will also encourage you to meet your goals and will also be able to make some changes according to the need or circumstances.

Small example of setting a SMART financial goal: “I have to pay off a credit card debt of Rs 50,000 by the end of this year by paying Rs 5,000 more every month. With this, I will not have to pay the interest amount on the loan and my credit score will also improve.

Always remember one thing that setting smart financial goals is the first step in this direction. In order to successfully achieve our goals, it is necessary to move forward in this direction with full sincerity and determination.

Mutual funds are a great vehicle to meet investment goals. In this, you will get many options more than one, they can be changed according to the need. You always have access to your money and you can start with a small amount. Mutual Funds are the best option for investors to meet their investment goals, moderate the risk factor and meet them in a timely manner.

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It is important to understand about mutual fund investment that it is not a substitute for deposits. Also, mutual funds or AMCs are neither binding on investors, nor guaranteeing returns, nor are they insured. The nature of mutual fund investments is such that they do not guarantee returns or fixed returns. Past performance, when presented, is for reference only. Let us tell that this should not be taken as a guarantee of similar returns in future. Investors should consult their financial advisors regarding whether this investment plan is beneficial for the investor or not.

Mutual Fund investments are subject to risk, please read all documents carefully.

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