If you already have a budget and a list of financial goals, you might be thinking of achieving each financial goal. It is a necessity to plan because a plan will help you achieve what you want. Many people plan a lot; they plan during New Year and during festivals. However, when it comes to actually implementing those plans, we lag behind. I am as guilty as you are in this regard, and so are most of us. Do you want the same to happen with your financial plans? India’s First Free Online Financial Advisory Moneymindz.
We ought to break the cycle of constantly planning and failing to implement those plans. Let’s ensure our financial goals are well taken care of. Let us see why we find it so hard to reach our goals and what can be done about it.
- Your goal doesn’t align with practicality
It is nice to imagine that X will be out of a debt worth 1 Lakh by a year with an income of solely 50,000 Rupees. In reality, you aren’t likely to accomplish that goal unless certain sacrifices are made such as getting additional income or extending the time limit from 1 year to the time limit you are comfortable with. India’s First Free On call Financial Advisory Moneymindz
Here is what you must do– Set your goals with sync to reality. See the practical side of achieving the goal and the ways to achieve it. Evaluate the situation and find ways to improve the situation.
- Your goal places too much emphasis on the process, not result
In a popular book, it is mentioned that you have to do your work without worrying about eh consequences of your actions. This may seem to contradict the title, but it makes complete sense. You are essentially making a mistake by bothering only on a particular process “I will put 500 Rupees in my Public Provident Fund each month”, “I will invest money in stocks blindly and rashly” etc. This is one recipe for disaster. Certified Financial Planner Kuber Mindz Moneymindz
Here is what you must do– Rather than telling yourself you will put 500 Rupees in your PPF each month, tell yourself that you will be in a position to put 6000 Rupees in your PPF this year and continue to receive interest. Instead of taking too many risks in your stocks, take moderate risk and invest only in good stocks. Remember the quote from the popular book, do your activity with no worries regarding the fruit of your actions.
- No clarity is present in your goals
Often, we make goals that are too vague. If your goal is to save money, how much money do you want to save exactly and when exactly do you want to save that amount? If there is no clarity in your goals, you cannot achieve them. Smart Financial Advisor Kuber Mindz
Here is what you must do– Be specific about what you want to accomplish with your goals. Without it, you won’t know how much progress you have made.
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