5 Smart Financial Goals to Consider

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    The advent of the new government, has seen Indian stock markets rallying and emerge one of the favorite destinations for global investors. The Indian economy is turning positive with lower inflation and the likelihood of good GDP numbers attracting many investors.

    According to investors and experts, Indian stock market is expected to continue to rally. If you have not set goals for this year, here are few simple financial goals and ways to get smarter with your finances in 2015.

    Financial plan

    Before starting to plan your finances one needs to have defined set of plans for the year. Review you previous plan if necessary to know where you went wrong or which point worked for you.

    Simplify your finances, narrow your approach to debt, streamlining your finances all of which will help you manage your portfolio better and avoid confusion.

    Don't mix your emotions and financial objectives

    Set realistic goals, have a far sight on what financial expenses you are going to incur for the current year such as school, college fees, yearly premium or planned hospitalization. Create separate account for such expenses and fill the amount when possible.

    Having many goals and following just a few is not a good idea. Just because you have huge commitments do not set goals on assumptions. Set goals which are realistic and will be achievable despite other commitments.

    Invest in what you understand

    If you hardly understand what you are investing in it is unlikely to make profit out of it. When you do not know about the product there are high chances of you landing in trouble in-spite of good product.

    Smart way is to select the product based on you income and risk capability. Just do not go by suggestion provided by unprofessional people. Before selecting any financial product it is advised to go through the document and understand all the clause and make investment accordingly.

    Stick to the plan

    Try to avoid changing investment in between, by doing so you will not be able to make profit in either of the product.

    Tax Planning

    Tax Planning plays a vital role in setting financial goals. If you have planned your investments well and neglected the taxation part surely you will lose money.

    So, ensure you are considering the taxation part and your tax slab, before investing.  By doing this you will not end up planning at the last moment.

    Keep it Simple

    Simple things like paying your bills on time, avoiding getting into debt, avoiding unnecessary expenses will definitely help in being smart investor and help you in achieving your financial goals.

    Read more about: investment economy inflation
    Story first published: Friday, January 23, 2015, 9:56 [IST]
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