Step 1: Set yourself an investment objective
If you can take some time out from the daily grind to set yourself some key investment objectives, then you will have taken an important step towards achieving financial nirvana. When you actually get down to it you will notice that the investment objectives that you have set for yourself are actually quite simple.
For example, your child wants to pursue MBA/engineering/medicine? That's a good thing, but education is very expensive nowadays. Where is the money going to come from? You don't know; so add it to your financial plan.
Your child needs to get married some day and that marriage will cost you. So where is the money going to come from? You don't know that either; another objective for your financial plan. Slowly but surely, your investment objectives keep building up.
Image: A bank staffer counts US dollars at a foreign exchange centre in Mumbai. | Photograph: Sebastian D'Souza/AFP/Getty Images
Also read: 7 star strategies for your child's future
Advertisement
