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5 Steps to Financial Success

5 tips to Hit the Right Track to your Financial Goals: Coasting to Cruising

by Holistic Leave a Comment | Filed Under: Financial Plan

“A dream is just a dream. A goal is a dream with a plan and a deadline”, says Harvey Mackay. This quote is inspiring and is very appropriate for all of us who have financial goals to achieve in our lifetimes.

Mere sailing along or coasting does not help us to reach our destination. Purpose, and will to achieve, is the driving force, which will take us to our dream house or steer us through to a comfortable life after retirement.

“The majority of the working population will spend over 75000 hours , will earn £ 1million in wages. However, when it comes to retiring ther is a high probability that very liitle of this money will be left.” -Mark shipman.

More specifically, moving along in the right direction does not necessarily imply that the track is right. Not having specific goals can be compared to driving at night without headlights. It is an uncertain journey, and one is never really sure that they will reach the destination.

The following are the tips to be followed in order to cruise to the financial goals at the right pace.

1.Destination Targeting

It is often that people let the investments move along in autopilot mode. They put off setting a final destination simply because it requires more involvement and commitment. This sort of procrastination is detrimental because it delays the process of taking the next logical step. Holding back would mean that the cherished goal would remain distant and could move further away.

When you have enough money left over paying the cost of living, you may be able to make that extra money go to work for you by investing it to earn a financial return.Your current financial condition and future expectations are the basis for all your investment decisions. So you should know your current financial status before doing investment. It will determine which investment strategy or strategies you should follow.

Fianacial goals may vary person to person. Most of the time they are related to our dependents and unprecedented events. For example you are able to save certain percentage from your earnings for your child’s marriage, education or your retirement. Or perhaps, you want to buy a car with in a two years while you may invest in a lump sum for a short period.

2.Use a Compass

A compass assesses your position. In the same way there is a need to assesses the financial goals and plan accordingly. Working individually, it may not always be feasible to get the perfect financial plan that best suits all your needs. Taking the help of a qualified financial planner is a wise choice in such circumstances.

To be a successful investor you have to understand

    a) psychological needs
    b) Strategies
    c) end result of your investment.

It means successful invesment needs to possess is a certain mental attitude and require to follow the long term trends whenever that will happen

A smart investor needs to fully comprehend how risk is measured and its potential ramifiaction. You also need to determine your own risk tolerance.

3.Map your current location

While on an outing it is necessary to chart our position on the map so that we do not get lost in the wilderness. In the same manner while embarking on the financial journey it is imperative that we know our co-ordinates on life’s map.

  • Prioritize your goal,
  • List them most important to least important.
  • Calculate the financial costs of each goal that requires financing.
  • Set a completion of time frame for each goal and evaluate the total amount needed to attain the goal.
  • On the other side differentiate how much you have at present and how much will be required in future.
  • The result is your financial need.

Where we stand and where we want to reach on the financial front are important points of our financial life. Which financial peak to scale first and which one to be left for the end are decisions, which need careful thought, intense planning and neat execution.

It may not be possible for an individual to do this alone and the helping hand from a guide, a qualified financial planner will make scaling the peaks a lot easier.

4.Know your destination

“A journey without destination is meaningless.” Before we start our journey we should determine our destination and should consider who are accompanied with us.

While driving a vehicle it is imperative for the driver to know the destination, else the journey is purposeless. The same holds true for our financial journey as well.

The ideal outcome that is desired should be clearly defined and etched in the mind. This planning of destination needs to be done meticulously and might require inputs from other family members of the individual.

5.Set the pace

The financial journey, unlike many other journeys, requires a head start. The sooner it is on track the better. An early start will also ensure that one reaches their cherished destination faster. There’s no time like the present to start designing the financial future and making steady progress towards the goal.

Financial losses occur in all asset classes. But it will bounce back at the right span of time. The financial journey is same like claiming the mountain. We will meet some up and downs until we reach the peak.

Bottomline

From coasting and meandering on the financial path of life to cruising along at the right pace to reach the final destination, it takes a lot of maneuvering skill and dogged resilience.

It is not always possible for individuals to embark on this journey unassisted. A professionally certified financial planner can be an ideal guide who will hold hands to tide over rough edges and help people to reach their financial destination comfortably.

What do you think about these tips? Will they help you to focus and achieve your goals? Please share your valuable thoughts in the comment section.

Let us start the journey.
 
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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
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based on 61 reviews

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