2 Dec 2022
Imagine if a football player is running without having a goalpost. Does that make sense? No, right! Similarly, defining a goal or purpose in life is very important because what are you living for without it?
Napoleon Hill once said, "A goal is a dream with a deadline". So, it would be best if you channel your efforts into fulfilling your dreams.
Is going to watch the World Cup Live something you wish for these days? But flight tickets and match tickets are skyrocketing now, which can make you think twice.
Had you planned to go for the World Cup as a financial goal and smartly started saving and investing for it, today you could have sat in the stadium for the matches instead of watching the same from your couch, staying awake at midnight.
Thereby, setting aspirational goals for the future is essential, but planning to generate enough funds to achieve those goals is even more important. How can you do that?
Defining certain key parameters like the cost of a goal today, the time period in which you want to achieve the same, how much funds you can set aside today and how much more you can save and invest every month till your goals are fulfilled. Once you have defined these parameters, you can identify the suitable product which may help you achieve the same.
This is where SIPs can be a great way to direct your savings to investments. You can use the SIP calculator to help you estimate the amount of SIP required to achieve your goal.
Based on the time horizon and your risk appetite, you can select the right investment option for starting your SIP. Your short-term goals (0-3 years) can be buying a car or home appliances; your mid-term goals (3-5 years) can be foreign trips for family, marriage, etc. And your long-term goals (5 or more years) can be child education, retirement or things like that.
Well, if a VIP ticket to the next world cup is your goal, start an SIP today!
Explore the SIP calculator to estimate how much you may need to save monthly to reach your goals.
An investor education and awareness initiative by Kotak Mahindra Mutual Fund.
Visit: https://www.kotakmf.com/factsheet/investor-info to know more about the process to complete a one-time Know Your Customer (KYC) requirement to invest in Mutual Funds, procedure w.r.t. change of address, phone number, bank account details, etc. Investors should only deal with registered Mutual Funds, details of which can be verified on the SEBI website (www.sebi.gov.in/intermediaries.html). For any queries, complaints and grievance redressal, investors may reach out to the AMCs and / or Investor Relations Officer. Additionally, investors may also lodge complaints on https://scores.gov.in if they are unsatisfied with the resolution given by AMCs. SCORES portal facilitates you to lodge your complaint online with SEBI and subsequently view its status.