After doing your need analysis, the 2nd step is to identify your Financial Goals. Just like you have fixed various Goals related to other streams of life, it's equally important to fix Financial Goals in writing.
A large number of people don’t
invest in keeping their financial goals insight. One can have single or multiple financial goals. Most of us have more or less common goals in life for example retirement
planning, children’s education & marriage, buying a home, vehicle purchase,
medical emergency, vacation, or any other family obligations. Buy fixing goals,
you come to know the future target amount to be required and that should be
inflation-linked always. Its means value of 1 crore after 20 years would be
equal to appx. 25 lacs of today.
Identifying financial goals provide your investment purpose & target amount.
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