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Why Financial Goals are Important

Even the most cautious person cannot predict every disaster, as the world discovered during the pandemic and as many families discover each month. Thinking ahead allows you to work through potential scenarios and plan for them as best you can. This should be a

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Why Financial Goals are Important

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  1. School of EquityWhy Financial Goals are Important https://www.schoolofequity.in/finanicialgoal/

  2. Even the most cautious person cannot predict every disaster, as the world discovered during the pandemic and as many families discover each month. Thinking ahead allows you to work through potential scenarios and plan for them as best you can. This should be a continuous process so that you can adjust your life and goals in response to the inevitable changes.If you don't have a clear financial goal, you're more likely to spend more than you should. You will be short on cash when you need money for unforeseen bills, not to mention when you want to retire. You may become trapped in a vicious cycle of credit card debt, making you more vulnerable than necessary to dealing with some of life's most difficult challenges. https://www.schoolofequity.in/finanicialgoal/

  3. Short-Term Financial Short Term Objectives-Plan a Budget- You can look for ways to save money when dining out, replace some restaurant/takeout meals with homemade alternatives, or do both.Save for an Emergency Fund – While you may have other savings goals, such as saving for retirement, establishing an emergency fund should be your top priority. The savings account is what provides the financial stability needed to achieve success https://www.schoolofequity.in/finanicialgoal/

  4. Mid-Term/Long-Term Financial Objectives- - Purchase Life Insurance for yourself and your family. - If you have a student loan, make it a priority to pay it off first. - Pay yourself first, then think about your dreams. - Always budget for and plan for your retirement. https://www.schoolofequity.in/finanicialgoal/

  5. In conclusion You're unlikely to make perfect, linear progress toward any of your objectives, but what matters is that you're consistent rather than perfect. Don't be too hard on yourself if you have an unexpected car repair or medical bill one month and are unable to contribute to your emergency fund but must withdraw money from it; that's why the fund exists. Simply return to your original course as soon as possible. That is the beauty of annual financial planning: you can review and update your goals as life's ups and downs come and go, as well as track your progress toward them. Throughout the process, you will realise that both the small things you do on a daily and monthly basis, as well as the big things you do every year and over decades, will help you achieve your financial goals. https://www.schoolofequity.in/finanicialgoal/

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