Goal Planning

Odoo CMS - a big picture

"Most people don’t plan to fail, they fail to plan."

John L. Beckley

Contact us »

Goal Planning involves setting up of a Goal, drafting means to achieve and time to time tracking the achievement of the same. Preparing a budget is equally essential while Goal Planning to keep your Goals SMARTSpecific, Measurable, Achievable, Relevant and Time-bound.

To make sure that your goal is motivating, write down why it's valuable and important to you. Ask yourself, "If I were to share my goal with others, what would I tell them to convince them it was a worthwhile goal?" You can use this motivating value statement to help you if you start to doubt yourself or lose confidence in your ability to actually make the goal happen .

Specific

A goal must be specific to a cause and not be vague i.e. one must ascertain the financial goal linked to one’s life cycle so as exact use for funds could be planned.

Measurable

The goal should have a quantifiable amount attached to it. For example for a goal of house planning one must quantify what amount does a house similar to one’s planning cost in today’s term.

Attainable

Challenging yourself to achieve something not easily attainable given your current budget is highly recommended as it enables you to manage your expenses better and plan for the future efficiently. However, a goal should not be such that it is beyond your reach. To achieve a goal we must adjust our budget. But after a certain limit we must learn to adjust our goals to meet our budgets.

Relevant

The goals you make should be relevant to your dreams and lifestyle. It should reflect what you want to achieve and not just be a goal influenced by others who are planning for it. For each goal you decide, if the question is put as “Do you need it?” the answer should be “Yes”.

Time-Bound

Each goal must have a timeline attached to it. It helps planning which goal needs how much attention or allocation based on the time we have in achieving the same. Further it also helps in understanding the risks we can take while trying to achieve it. E.g. A high risk instrument is not advisable in achieving a short term goal.

Odoo text and image block

Key Point

Goal setting is much more than simply saying you want something to happen. Unless you clearly define exactly what you want and understand why you want it the first place, your odds of success are considerably reduced. By following the Five Golden Rules of Goal Setting you can set goals with confidence and enjoy the satisfaction that comes along with knowing you achieved what you set out to do. So, what will you decide to accomplish today?

Our team will assist you in having “SMART” Goal Planning because we believe having unrealistic goals will make the entire Goal Planning process futile.

Setting Up of Goal

Goal setting is the process of identifying something that you want to accomplish and establishing measurable goals with timeframes. It is the first step of any financial plan, we help you understand and list out your goals, timeframe required to achieve them and understanding the requirements associated with it. These Goals must then be prioritized in order to understand where available resources need to be allocated.

Means to Achieve your Goals

For each Goal based on their timeline and priority, present and future funds/ assets shall be mapped that can help in achieving the goal. This would also mean adjusting certain goals in order to meet your budget and adjusting your budget to meet your goals.

Tracking

Tracking the goals timely is equally important. However, one must not judge their investments too quickly as most of the rewarding asset classes fluctuate and goals may look unachievable in the short run. If the goal is long term, we must look at them in long time gaps. Our team is dedicated to handhold you to tide over any fluctuations in the market so as you don’t deviate from the path of achieving the goals. We help you to navigate by helping to monitor it and suggest ways in which you could achieve your goals on time in factoring in the changes in your life cycle.

Types of Goals

When you set goals, the time you set to achieve the goals makes a big difference in the type of goal. There are three different types of goals

  1. Short-Term Goals – Goals with the duration within 2 years that require immediate attention and protection of your corpus. Examples would include, debt payoff, purchasing a car, buying of Expensive Electronic Item, going on a vacation.

  2. Medium-Term Goals – Medium-term goals usually need accomplishment in 3-5 years. Examples could include purchasing of Expensive Electronic Items, Renovations of houses, purchase of cars, etc.

  3. Long Term Goals – Long term goals usually give us a long duration to meet them like child’s education or marriage, retirement planning, etc. These goals are usually huge and require early planning and timely monitoring.

No matter what type of goals your list has, we will help you plan and achieve them timely. We assess your current assets and suggest future actions in accordance with your goals. We will sit down with you and understand your income and expenditure patterns, help you set up and meet your financial goals by looking at savings objectives, investment needs, necessary insurances, tax planning, and retirement benefits. Goal Planning is an integral part of Financial Planning where the identifying goal is important and the savings required to achieve them is attached to it. The right selection and its mix of the products are the keys to the achievement of the goals and that’s where we play our role.

Goal Tracker

No matter what type of goals your list has, we will help you plan and achieve them timely. We assess your current assets and suggest future actions in accordance with your goals. Goal Planning is an integral part of Financial Planning where identifying a goal is important and the savings required to achieve them is attached to it. A goal-planning could be for Education of Children, Retirement planning, Marriage planning and many more which could be planned in isolation too. However, the right selection and its mix of the products are the keys to the achievement of the goals and that’s where we play our role. Our experience of over 5 decades will not only bring the right products but also help you to ride the journey smoothly to achieve the goal. Come to us and get the goals of life set for you with a plan to achieve the same.