A simple mathematical calculation like 15 plus 15 or even 1000 plus 35 can be done mentally. But what about a more advanced calculation like finding the pie root of a number? Will that also be a breeze? Unlikely. There are very few people who would not start sweating at the thought of doing complicated mathematical calculations and the only thing that helps them keep their cool is a calculator. Now imagine, just as a simple calculator can help you conquer challenging mathematical problems, a financial goal calculator can help you both plan your financial journey and face any challenges that come along the way.
Do financial planning the right way
Before we get ahead of ourselves and do a quick victory dance, let’s take a step back and understand what exactly financial goals are. You could have many dreams. For example, you might want to buy a car three years from today or give your child excellent higher education 15 years from today. On the other hand, you might want to buy your dream home in the distant future and also save for a world tour in your retirement years. Dreams are limitless. They have no boundaries. However, the money you need to fulfil your dreams is not limitless. You need to plan your finances in such a way that you can meet each of your goals and dreams. This is what financial goals are, i.e., they tell you how you can finance your dreams.
Financing your goals can be really easy or really difficult. It simply depends on the path you take. If you don’t do financial planning and goal setting, then achieving your goals can be like a distant dream that you may never achieve. Financial planning is a must because, otherwise, you may end up spending most of your productive years and your hard-earned money on frivolous purchases. You may also end up taking large amounts of credit to fund your purchases which might eventually embroil you in a debt trap. Clearly,financial planningis one of the most important things that you will do in your life. But how can you make this journey simple and effective.
The answer lies in our trusted old calculator. But not just any calculator. A financial goal calculator.
The workings of a financial goal calculator
Just like in a regular calculator you need to input some numbers and details to arrive at an answer, in a financial goal calculator as well you need to input relevant details. Typically, a financial goal calculator would ask you the following questions:
Based on the inputs provided above, a financial goal calculator would determine the future value of your goal and suggest the amount that needs to be invested today (at the expected rate of return) to accumulate the required corpus.
To stay on top of the financial game, assess your goals annually and choosemutual fund investmentswhich help you achieve these easily and systematically.
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MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
