What are Financial Goals and its types?

Financial Goals

Financial means “Monetory” “Related to money” and Goals means “Targets” “Objectives”

Thus Financial Goals means Objectives or Targets which require money to fulfil.

Types of Financial Goals:

In general, financial goals are of 4 types, which are subject to change from person to person and situation to situation.

  • Near Term Goals
  • Short Term Goals
  • Medium Term Goals
  • Long Term Goals

 

Explanation:

  • Near Term Goals: Goals which have a duration of a month to three months to fulfil

Examples : Buying an Air Conditioner, buying a two wheeler, etc.

  • Short Term Goals: Goals which have a duration of three months to a year to fulfil

Example : Buying a Four Wheeler with Latest Technology

  • Medium Term Goals: Goals which have a duration of 1 year to 3 years to fulfil

Examples : Funding Children’s Education, Self Wedding, etc.

  • Long Term Goals: Goals which take more than 5 to 10 years to fulfil

Examples : Planning for the Zero Salary Age,  Mediclaim, Term Insurance etc.

It is important to start saving as well as investing at an early age to achieve all your financial goals in a disciplined manner.

While investing, equal importance should be given to Risk – Profiling – the risk bearing capacity alongwith financial goals.

Discipline is the bridge between goals and their fulfilment.

Stock Book application helps you plan and invest in a disciplined way to according to your risk bearing capacity and financial goals through the Systematic Investment Strategy Feature.

What are you waiting for? Download the Stock Book App now and #Investwise.

 

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