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Sep 2014
Financial Planning
Before deciding 'where' to invest, it is important to ask 'for what' am I investing. Your stage of life, financial responsibilities, key goals in life and your risk profile are very important aspects to understand before you invest.
Life Stage
Your life stage will be key in determining the priority of financial goals/events that you need to plan for. For a young and single individual the most important need may be to buy his or her own house and save for higher education. Whereas for a married couple with children, saving an adequate amount for their children's education marriage etc. may be of higher priority. And for a person who has already retired, the primary need would be to live a comfortable life even after the regular income from profession/business has stopped.
Here are a few examples of important goals:
Single House, Higher Education etc.
Newly Married Couple, Car, Child's Birth etc.
Kid's education, Bigger House, etc.
Pre Retirement Starting a Business, Family Vacation etc.
Regular Income after retirement , Philanthropy etc.
Define Key Goals
So after you have provided for emergencies, it is now important that you define your key goals. At the cost of being repetitive, we'd like to stress the importance of creating S.M.A.R.T. Goals:
Specific
Measurable
Attainable
Realistic
Time-bound
S.M.A.R.T. is a commonly used acronym for goal setting, the original source of this term is not unknown. In simple terms, the goal should state how much money do I want for what purpose and I should have it ready by what time.
Product Details
Company Details
Product Description
Life Stage
Your life stage will be key in determining the priority of financial goals/events that you need to plan for. For a young and single individual the most important need may be to buy his or her own house and save for higher education. Whereas for a married couple with children, saving an adequate amount for their children's education marriage etc. may be of higher priority. And for a person who has already retired, the primary need would be to live a comfortable life even after the regular income from profession/business has stopped.
Here are a few examples of important goals:
Single House, Higher Education etc.
Newly Married Couple,Car, Child's Birth etc.
Kid's education, Bigger House, etc.
Pre Retirement Starting a Business, Family Vacation etc.
Regular Income after retirement , Philanthropy etc.
Define Key Goals
So after you have provided for emergencies, it is now important that you define your key goals. At the cost of being repetitive, we'd like to stress the importance of creating S.M.A.R.T. Goals:
Specific
Measurable
Attainable
Realistic
Time-bound
S.M.A.R.T. is a commonly used acronym for goal setting, the original source of this term is not unknown. In simple terms, the goal should state how much money do I want for what purpose and I should have it ready by what time.
About the Company
This website is fully devoted to helping you to learn more about the Financial Planning. We are simply here to protect you & your Investment related decisions.
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4/4, Venkat Swami Complex, Coimbatore - 641030, Tamil Nadu, India
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