Goal settingsThis is the part 3 of the series “Masterize in Financial Planning through Football”Goal setting is a major part in personal financial planning. There is no action in our world without having a pre-determined goal. A personal financial planning should have achievable short, mid and long term goals depends on the nature of person. This can be varying person to person. Read the full story below ……
The major stone of a personal financial planning is the achievable goal. All the future steps targeting to achieve this goal. The success of a personal financial adviser is the ability to analyze and identify the possible achievable goal of each of his customer and advising them possible ways to get it done. We will come back to our football match. Prior starting each match, team would plan the actions in each minutes to get a superb finishing, in the presence of there coach. According to the opposite team, there tactics will vary. Some time, they will attack from the beginning to get a goal within next 15 minutes of the start of the game. Some time they will come to defend first and start attacking after the first half. This is all depends of the opponent. But the ultimate aim is to get the goal and win over the opposite team.
The plan to get a goal can vary depends the situation. The coach will analyze the opposite team and inform there team members to get a goal very fast upon starting the same. Or he will inform them to play defense and start to get a goal at the starting of second half. Or he can instruct them to play and get maximum goals at the end of the game.
Goal settings in financial planning are similar. Each person who getting start with his/her personal financial planning should identify the goals first. It can be long term, mid term and short term goals. Once identified, he can plan according to the goals to achieve the same using possible actions. Here, his/her financial adviser has roles to advise and lead him through proper investments and other products. If you are confident to do the same yourself and identified your risk profile, you can also move with planning your investments yourself.Remember, success of financial planning measure with the achievement of the pre-determined goals. You cannot say your financial planning is a total success till achieving the final long term goal it may happen after years of the day you are staring the plan.
The major point here to remember is, setting a goal should be achievable with your present limit. If you consider a goal that required more money to invest than what you have present, then the future possibility of getting enough money through a good increment, or better jobs, should come under consideration. In a plain word, you have to fix a goal that is affordable to you at all time in an average.
If you feel that I have missed any important point on this article, please feel free to give a note in the comments section. I will certainly modify this post with the information you are providing to me.
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