Goal Planning
All of us have different type of Goals in our life, like a luxurious Europe tour for one month with family or send the son/daughter for a higher education at world class university or enjoy the retirement life till death.
But without date and without monetary figure these are only wish but not GOAL.
The simplest way to convert these GOALS into 4 quadrants.
The 1st step should be to done a EMERGENCY PLANNING. Here an individual should save atleast 3 months to 6 months family expenses into a liquid form. So that in case of any necessity he/she can utilize it.
Now the 2nd step will be select those GOALS which are to be completed within coming 3 yrs. These are termed as Short term Goals.
3rd step will be select those GOALS which are to be met within 3 to 7 yrs, they are said Midterm Goals.
After 7 yrs the GOALS which are to be meet, they are termed as Long term Goals.
Now the investment process to meet these goals will be different. Just like we are using different types of vehicle to reach the destination. Suppose a person is going to travel 0.5 km, then he/she should use cycle, bike or simply by walking reach this destination. But when he/she will go to destination for 10 kms, he/she may use a car or normal train. But when he/she will go to destination for 1000 km, he/she must take a airline route.
In the same way different type of GOALS will be meet up by the different type of financial products.
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