Nobody wants to look back on their years with regrets. A little financial planning can help you enjoy a stress-free life with nothing but joy. On this, Akhilesh Gupta, Chief Investment Officer, Aviva India, has shared some tried and tested tips on how goal-based investments can help individuals to organize their finances and control their financial future to attain the luxuries they aspire to.
“The first and foremost thing that you should do with your money is deciding your goal, for which you need to save money. Always start with your goals, and this is what is known as goal-based investments.,” Akhilesh Gupta said.
Adding to that Akhilesh Gupta further explained the reasons to start goal-based investing. He added, “Goal-based investing provides you with a clear image of your financial objectives. The focus and determination required to achieve your financial goal teach you financial discipline and improve your money management skills, allowing you to invest wisely. The basic purpose of investing is to compound the capital over a longer period of time. Depending on your risk appetite, you may invest in SIPs, ULIPs, a life insurance policy, etc.”
Lastly, he concluded by emphasizing how goal-based investment helps you to attain peace of mind and financial independence. “Before anything, in order to make goal-based investments, you have to take baby steps by identifying the goals. Goals should be SMART – specific, measurable, attainable, relevant, and time-bound.”, he suggested.