Now is this some rocket science, what a heavy weight boxing champion has said. May be NOT, but for all those who are driven by this statement in their key decisions of life, do make difference for themselves and set standards.
We all set some or the other goals in our life, and they are important because they keep us on driving mode,to achieve that target. But majority of the people give up in between giving excuse that something more important has confronted them or maybe they realize that to achieve a particular goal is not that easy and it requires lot of hardships and patience.
My motive of writing this small article is not to give a lecture on philosophy, but just to make people realize that how important it is to be driven by goals and ensuring to achieve them in style, so that they can make statement for themselves and set standards.
This principle becomes very important when it comes to managing personal finances. Saving money for children’s education, or for their marriage or for self-retirement is a goal. People should realize at their young age and must spend considerable time to ascertain the same, what is the right amount which will be essential for achieving these goals, So that they are well prepared when they will encounter with the actual situations.
What all will it take, just take a paper pencil and start writing, and I did this exercise myself, being an adventure sports lover, I do them often which doesn’t put holes in my pocket. Sky diving is something which brings adrenaline rush to my mind n soul but costs 40-50k at a go, now to shell out this amount at one go could always been difficult,Now I am left with only two option either I should forget about Sky diving or start saving. so I thought let me plan it in meticulous way, I went on and started searching for best possible small deposit saving schemes. I came across a deposit scheme which was giving 12 % compounding interest to me, I did some calculations and came to conclusion that I just need to save Rs. 2500/- a month,which sounded a quite simple task for next 18 months. But what is more essential than only planning is persistency and patience for next one and half year so that I reach near 50 K to fulfill my goals.
We all live to fulfill some or other goals in our life, but financing them is a great challenge, it requires little awareness and planning at right time so that one can fulfill all theirdreams ASAP.
Written By: Anvesh Pandey SEBI Regeistered Investment Advisor