Dreaming with Closed Eyes & Bringing to Reality with Open Eyes

Financial Planning Tips

Buying a duplex house; an SUV car; surplus for your kids’ education abroad; Annual international holiday; and last but not the least luxurious post-retirement life; etc. some people dream about it and some even don’t discuss it as they are sure, they will not be able to achieve it with their set income. Do you too feel that it’s impossible to achieve such goals? If yes, follow us to achieve all your goals by following the plan well. 

We at MyFinopedia believe that investing in mutual funds can make such dreams come true. Not trying to draw a fancy canvas. First and foremost, set realistic financial goals that are basically a list of all your heart’s desires, one might be disappointed if things don’t seem achievable. Although one must forge ahead to get that extra edge and realize their true potential, it is also important to know one’s capabilities and not discourage oneself. 

Once your goals are set what you need is a strong plan to enable you to achieve these goals. The term financial planning, unfortunately, has been thrown around very loosely in the wealth management industry. Very few recognize it as a personalized service, where enormous personal financial data needs to be obtained to draw up an unbiased plan to achieve the client’s financial goals. 

To put it simply, financial planning is a tool through which one can chalk out a definite plan in order to achieve the set financial goals. Thus, ensuring peace of mind at various stages of the life cycle. All of us have financial goals. And unless, we do not assess where we stand in terms of our income, expenses, assets, liabilities, age, and risk appetite, all the financial goals would just remain “dreams” and never become a reality. 

Today, there are several investment avenues; but for you to optimally undertake financial planning (to achieve financial freedom), a combination of various financial products is needed in the respective asset classes —equity, debt, or gold. However, your asset allocation also needs to be optimally structured to work for you (in the financial plan); or else it will not accelerate attaining financial freedom. 

Among the various investment avenues available today, mutual funds amongst other investment avenues are a wealth-creating avenue to achieve your financial goals. Moreover,  empowering the portfolio with diversification benefits. And mind you, diversification immensely helps during the turbulence of the capital markets as the upsets of turbulence are absorbed better. The other benefits when investing in mutual funds are innovative plans/services for investors such as Systematic Investment Plans or Systematic Transfer Plans.  

Hence having assessed the inherent advantages of mutual funds, one can strategies your portfolio with the help of equity funds, debt funds, hybrid funds, and gold funds. This way these financial objectives can be catered to Growth; Income; Inflation protection; Peace of mind; Preservation of capital and Tax saving.

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