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Goal-based financial planning requires you to sit down and assess your priorities. That isn’t always an easy thing to accomplish. But it can be worth the time and effort of establishing your goals, calculating your needs, and mapping out how to achieve them.
You should get your investing started as soon as possible. Time is money when it comes to investments. The sooner you get started and the longer you stay involved, the higher your returns will be, because of compounding.
Do your research. Your goals are your own, therefore you’re in charge of handling how you’re going to achieve them. Know your risk tolerance and evaluate your options, even consider talking to a professional before you step out.
3 Key Takeaways 1. Goal-based investing places your financial goals at the centre of your investment plan. 2. It helps you achieve your goals through planned investing and manage your wealth. 3. You can start investing based on your risk tolerance, needs and time period of your goals. You get a clear view of your finances by mapping out all of your requirements. Goal-based financial planning can help to determine how much to invest, where to invest, and when to begin investing. Furthermore, it provides you a reason to stay invested. And it helps you in fighting your worst adversary: recklessness.
The Channel 46