Once upon a time there lived a very down to earth, God-fearing, honest family man. He had very few life goals for himself, but he had a burning desire to fulfil all of his loving family’s requirements and goals.
Out of his few goals his very important goal was to embark on a month-long pilgrimage tour. He had dreamt about this a million times…
Out of his total income he used to set aside around 25% as savings and was proud that he had a much better savings rate when compared to most of his relatives and friends. He always had it in his mind that someday this would help him achieve his family’s commitments, goals, and also his pilgrimage. He toiled hard day after day and month after month.
That’s the end of the story!!!
Sorry for being a little abrupt…..Now I leave it to your imagination – did the true gentleman reach his family’s goals? Did he achieve what he set out to do in all those hardships and sacrifices, did he actually go on that long-cherished pilgrimage…
Our heart would say “YES” he deserved to, but we know in our mind – the answer is “MAYBE”
Now, let’s jump to what matters most – Our life goals and dreams..
We all have dreams and goals, we all invest some part of our current income to reach there…but are we any different from the “Gentleman” ??
Let’s make our stories Happy with this wisdom right now. We need to have all our goals jotted down, get the target amount and timeframe to reach that goal, and most importantly link our investments to reach that goal. Just to illustrate –
Mr. Mapped has a goal of making sure that he has funds set, when his daughter is 18, which is 10 years from now. With the help of his financial planner, he arrives at an inflation-adjusted future value of Rs.10 lakhs. He would require 10 years from now to achieve this. His planner has allocated some of his current running investments to this goal – which were his child’s PPF account savings which he was regularly investing in, also 2 of his portfolio of SIPs in mutual funds and one RD he was running in his wife’s account. Once the future value of all these was ascertained taking into account a fair returns estimate, Voila! He could see that he will get there. Fair and Square…
We need to do this Goal by Goal and attain complete Financial Nirvana!!!
Author: Nirmal Jain | Nirmal Jain is the Co-Founder at HappyWise Financial Services. He has helped over 100 Families over the last 15 years of his services in the Financial Planning Sector. He has been a mentor to several people to help them better understand investments, stocks, mutual funds, financial planning, personal finance and above all his favorite term “The Power Of Compounding!”.