How to invest SMART
08 Jun 2023
Setting financial goals is crucial for anyone seeking to achieve long-term financial success. However, merely having a goal is not enough. To truly maximize your chances of success and make steady progress towards your financial outcomes, it's important to set SMART financial goals.
What are the SMART Investment goals
Specific:
Instead of a vague goal like ‘save more money,’ you could set a specific goal like "save ‘Rs 5 lakhs for a down payment on a house within the next 18 months.’
Measurable:
A goal must be quantifiable so you can track your achievements. In the previous example, saving Rs 5 lakhs can be measured by tracking how much you have saved every month.
Acheivable:
Goals should be realistic and attainable after considering your financial resources, capabilities, and constraints . Setting an unattainable goal could lead to frustration and demotivation.
Relevant:
Goals should be relevant to your overall financial objectives and align with your broader financial plan.
Time – bound:
Goals should have a specific timeframe or deadline to create a sense of urgency and focus.
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