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5 financial planning tips to achieve your goals

5 financial planning tips that makes achieving your financial goals easy

by Holistic Leave a Comment | Filed Under: Financial Planning

Listen to this article


Introduction:

Mr. Kumar, aged 47, a marketing professional, is an ambitious investor. He wanted to save funds for the rainy day and lead a comfortable living. He had read and seen people invest in stocks , mutual funds, and many other investment vehicles.

Most of them made big money, though an even larger number had eroded their capital too. While he knew that investments would help in making returns, what he also wanted to know was the nuances of investing in them and how he could earn and invest smarter.

How to plan your investment portfolio?

There are no shortcuts to success, and for your investment to earn cents and make sense, some of the guidelines that can be followed. Read ahead.

1. Link investment to financial goals for optimal returns

  • Identify your financial goals : Based on the individual, financial goals have to be tailor made. Financial goals give you direction and helps transform financial desires to reality. Financial goals need to be specific, measurable and achievable.
  • Classify these financial goals based in timelines: Set a time frame against each of the financial goal. Financial goals can be broadly classified into the three:
    • * Immediate or short term goals : Achievable in under 12 months
      * Medium term goals : Achievable in 1yr to 5 years
      * Long term goals: Takes more than 5years to accomplish.
  • Earmark the corpus each financial goal would require: Quantify each financial goal, based on the time frame. For instance- if you are investing on a car or your child’s’ education, earmark the corpus that you are likely to expend.
  • Check the timeframe of the financial goals during annual review: When you are doing your annual review check if any financial goal is nearing the target time. As it nears the target time, the long term financial goal may become a medium term financial goal and a medium term financial goal may become a short term financial goal. Accordingly you may need to adjust your investment portfolio.
  • 2. Allocate assets based on risk profile:

  • Assess the risk tolerance: Age and risk appetite, are the major tenets in designing a portfolio.
  • Allocate between debt and equity: As debt carries lesser risk than equity, a portfolio that has a combination of both these elements would be ideal.
  • Equity investments: Investments in equities can be spread across mid cap and large cap funds. Spreading equity funds based on the market capitalization helps in mitigating losses.
  • Debt investments: Similar to equity, debt can also be bifurcated into short term, income bond, and dynamic bonds. Each of these debt funds have different risk class, and hence can be individually tailored to suit specific needs.
  • Mutual funds: Mutual funds are considered a safer option than investing in direct equity. Various plans like SIP, STP have made mutual funds a popular investment vehicle in India.
  • 3. Review the investment portfolio regularly:

    The financial market changes constantly, and therefore it is important to keep abreast with the market.

  • It is necessary to set aside time to review the portfolio on a routine basis. This ensures that the investments are in line with the financial goals. It’s essential to assess your strategy,individual holdings and asset allocation, in light of your financial plans for the future.
  • The intervals of review could be every quarter or half yearly, based on individual or portfolio requirements.
  • Giving room to lethargy during review can be disastrous since you lose track of the investments and makes comparative study for decision making difficult.
  • Too constant review of the performance of the assets might not be very wise as it might induce you to rebalance more often than needed.
  • Post review, in case any inconsistencies are noticed, flex your plans and asset allocation accordingly.
  • 4. Seek professional financial advice:

    The financial market is vast and huge, and to gain expertise, considerable amount of research and experience is required.

  • Since market professionals carry the tag of expertise, they help in setting realistic goals, manage debt and also budget efficiently.
  • Resorting to professional advice in times of need helps explore full financial potential.
  • Sound financial advice can help understand the nitty-gritty of the different investment products and select the right one based on requirement specifics.
  • 5. Investments are not collectibles:

    An investor is a person who allocates money with the expectation of financial returns from them in order to achieve the financial goal. I have seen investor’s portfolio with 46 different mutual fund schemes.

    You need to be an investor (selecting few good schemes to invest) and should not be an investment collector. Just like a stamp collector the investment collector collects different investment schemes in his portfolio. This habit will dilute the returns and make the tracking and monitoring the portfolio difficult.

    With changing times, the investment market has a lot to offer to the informed investors. Over the decades, the choice and variety in financial instruments have increased by leap and bounds.

    Investment planning requires discipline, planning and awareness. With the right strategies in place you’d soon realize that investments can make money work for you.

    If you have any comments or questions, write them in the comment box below.

    Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

    Skip the queue by registering for your 30 Minute FREE Financial Plan Consultation. Click the ‘‘BOOK YOUR SLOT NOW!’’ button below. 

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    Lingesh MMG
    Lingesh MMG
    20. September, 2023.
    Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
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    Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
    Dr. Padmakar Wagh
    Dr. Padmakar Wagh
    27. June, 2023.
    Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
    Binamra Dash
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    13. June, 2023.
    Very knowledgeable team. Guided me properly with my concerns.
    Murugan Bala
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    16. May, 2023.
    I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
    Neeraja R K
    Neeraja R K
    15. May, 2023.
    Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
    deepika kulkarni
    deepika kulkarni
    21. April, 2023.
    We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
    Ashook Panneerselvam
    Ashook Panneerselvam
    21. March, 2023.
    For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
    Mahesh S
    Mahesh S
    19. February, 2023.
    I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
    Google rating score: 4.5 of 5,
    based on 104 reviews

    Google Reviews

    Lingesh MMG
    Lingesh MMG
    20. September, 2023.
    Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
    Ravi L
    Ravi L
    15. August, 2023.
    Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
    Hardik Dave
    Hardik Dave
    5. July, 2023.
    Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
    Dr. Padmakar Wagh
    Dr. Padmakar Wagh
    27. June, 2023.
    Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
    Binamra Dash
    Binamra Dash
    13. June, 2023.
    Very knowledgeable team. Guided me properly with my concerns.
    Murugan Bala
    Murugan Bala
    16. May, 2023.
    I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
    Neeraja R K
    Neeraja R K
    15. May, 2023.
    Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
    deepika kulkarni
    deepika kulkarni
    21. April, 2023.
    We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
    Ashook Panneerselvam
    Ashook Panneerselvam
    21. March, 2023.
    For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
    Mahesh S
    Mahesh S
    19. February, 2023.
    I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
    Google rating score: 4.5 of 5,
    based on 104 reviews

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