Clients often start investing without planning. Planning your investments is imperative to the kind of returns you can expect and when to expect them and working with a qualified advisor, helps to plan and implement effectively. Remember: everyone’s needs are unique, i.e. different goals will have different strategies..
Here are a few simple steps we can help with :
Write down your financial goals (child’s wedding, retirement, child’s higher education).
Calculate the amount you feel you will need for each of them taking into account inflation
Put down timelines for each of your goals, how many yeas later will you require that amount.
Project how much of your earnings you can safely invest each year and account for any foreseeable growth in earnings
Assess Study the returns of different investment instruments (remember to account for inflation).
Selection of the instruments that best suit your needs and allocate different amounts for investment in each of them.
Goal-based financial planning assesses a client’s current situation and proposes a strategy for them to obtain a particular financial goal.