At some point in our lives, we all set a smart financial goal that we want to live by for our better financial future, however, as we proceed in our lives, it becomes difficult with our constantly changing expenditures and incomes. One needs to have dedication and knowledge about the types of investments they would want to opt for such as equity schemes, liquid growth funds, shares, etc. since the expected profit that you will get in future keeps you motivated in a way. Here are a few tips that will help you achieve your investment goals:
- Use compartmentalisation technique- Divide your investments and label each one of them. For instance, investment number one for a dream house, investment number two for post-retirement savings, investment number three for your kid’s wedding, etc. Set a date on which you have to deposit or invest the amount according to your investment type.
- Don’t shy away from taking professional assistance- Some people just cannot function without being accountable to someone, and that’s okay. The thought that you’re accountable to your professional advisor or manager will help you stick to your plans and you will meet the targets you set. You can plan your whole investment strategy with the advisor. If not, you can also use websites that can act as your investment goal planner to get you a perspective on your financial objectives.
- Purpose of investment- People tend to invest in funds and think we will figure out in future what we want to spend on. This should not be the case. Always be clear of the purpose of your investment. It will help you stay motivated throughout the time span. The reason behind your objective will act as a driving force and will yield great results at the end or at the time of maturity of your investment.
- Act SMART- Follow the SMART framework, i.e., set expectations that are specific, measurable, attainable, relevant, and time-bound. Objectives that are unreal and unattainable will only distract you from the right path and can demotivate you. Setting goals that are very time taking and not so specific will only deviate you and you will end up compromising by doing something that could affect your investment.
- Use visualization technique- Another way to keep yourself motivated throughout your investment journey is to visualise the end goal. Visualize what you want to achieve out of this investment such as a dream house or car, etc. Understand that this is just a process and will come to end eventually. Consider the end result as your reward and work towards the same.
- Don’t be an emotional fool- If you are someone who keeps checking your investment every now and then, you should stop immediately. Checking your investments might lead your emotion to play a role. The best way to deal with a long term investment is to understand that this investment will give you positive results for long term success.
Conclusion It is better to figure out your investment goals a little early in life. The sooner you start, the easier it gets. As we grow older, the challenges in our life get tougher and it gets more complicated over time. A combination of dedication and discipline is all it requires to stick to and achieve the investment goals of your life.
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