When we are young and single, our goals may revolve around buying a fast car and motorcycle or going on an exotic vacation. But, with changing times, additional responsibilities and increasing maturity, old goals can be replaced with new goals that will help your family to own a home, save their health, medical and education expenses, secure their future. Let’s focus more on owning a family car. , go on family holidays and give them a good life.

Why should your mutual fund when your financial goals can change over time? sip remain the same?

So, keep your mutual fund SIPs with your changing times, to keep up with your changing goals, harness the power of compounding to make your money more money for you and achieve your desired goals at the time you want. It is very important to reconsider. money target.

If your dreams are big then your SIP should also be big
Instead of having a normal house, normal car and leading a normal life, if you own an expensive house, high-end car and like to live the high life, then the amount you invest in SIP should also be higher.

For example, if you want to buy a house approx. 1.5 crore in 10 years without taking a home loan, considering the growth rate of 12 per cent per annum, your monthly SIP amount should be approx. 65,000 for 10 years.

And if you want to buy a car worth Rs 25 lakh in 5 years, considering the growth rate of 10 per cent, your monthly SIP amount should be approx. 32,000 for 5 years.

Also, starting your SIP in equities is more beneficial, especially during a market correction or downturn, as market growth and inflation-adjusted returns can also help you build a significant amount of wealth over the long term by taking calculated risks. Huh. However, investing in Share Market Marketing is subject to volatility and thus investing through SIP would be more beneficial. Therefore, it is important to consult your money manager before taking any such decision.

How important is it to be a Wealth Manager?
Investing is not as easy as it seems. There are many more aspects to this than investing in the top-rated and most recommended investment options.

Investment planning is a detailed and complex process involving your current financial position, current income, income growth potential, risk profiling, financial goals, analysis of future requirements, finding investment options that match your risk profile and financial goals. is included. Reliability of investment options and much more.

Thus, you must have a certified, experienced and expert wealth manager who guides you every step of your financial journey towards growth, security, stability and independence.

Never mind… savings come first!
While everything can change, some rules never change. And here is one rule of investment that never changes and remains the backbone of the savings and investment plan.

Most of the people tend to save the money which is left after managing their essential and luxury expenses. Most of the time, whatever you earn gets spent and there is no money left to save. This methodology will never let you achieve your savings goals and use your savings to make the dreams that you want to come true.

If your dreams are your priority, your savings should be too. So, instead of saving the remaining amount, you should use the following formula;

Total Income – Total Savings = Expenditure
After saving at least 30% of your income, manage your expenses with what is left. This strategy will definitely help you achieve your savings goals and make your dreams come true.

So, the next time you start your SIP, don’t forget to consult your wealth manager, save first and change your investment allocation every time your goals change.

(Author, Manish Hingari The founder is Fintu. Opinions are his own)