{"id":459,"date":"2018-08-13T04:22:07","date_gmt":"2018-08-13T04:22:07","guid":{"rendered":"http:\/\/blog.kuvera.in\/?p=459"},"modified":"2018-08-14T03:15:05","modified_gmt":"2018-08-14T03:15:05","slug":"financial-success-using-goal-based-investment","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/financial-success-using-goal-based-investment\/","title":{"rendered":"3 Steps To Financial Success Using Goal-Based Investing"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69de875859677\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69de875859677\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/financial-success-using-goal-based-investment\/#Goal-based_investing_makes_it_more_likely_for_you_to_reach_your_financial_goals_Heres_how\" title=\"Goal-based investing makes it more likely for you to reach your financial goals. Here&#8217;s how &#8211;\">Goal-based investing makes it more likely for you to reach your financial goals. Here&#8217;s how &#8211;<\/a><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/financial-success-using-goal-based-investment\/#Visualize\" title=\"Visualize\">Visualize<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/financial-success-using-goal-based-investment\/#Try_our_goal_based_investing_tool_and_reach_your_financial_goals\" title=\"Try our goal based investing tool and reach your financial goals.\">Try our goal based investing tool and reach your financial goals.<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Goal-based_investing_makes_it_more_likely_for_you_to_reach_your_financial_goals_Heres_how\"><\/span>Goal-based investing makes it more likely for you to reach your financial goals. Here&#8217;s how &#8211;<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Money is fungible, which is a fancy way of saying that once it is earned it can be spent on anything. This can cause problems like money in a checking account intended for a car down-payment or for a child&#8217;s wedding could easily be spent impulsively on a vacation or a flat screen TV.<\/p>\n<p>So, how does one keep track of what we are saving or investing for?<\/p>\n<p>Behavioral economists suggest using goal-based investing. Goal-based investing is the same as \u201casset-liability management\u201d technique used by institutional investors. Simply put, goal-based investing ensures that you have enough money when you plan to spend it in the future.<\/p>\n<p>Remember the three-jar saving technique mom used? One jar for emergencies, one for essentials and one for entertainment. Goal-based investing is a sophisticated version of the same and it makes our financial lives a whole lot better.<\/p>\n<p>For starters, a financial goal has three important aspects &#8211;<\/p>\n<ol>\n<li>Purpose or why are you saving? For eg, a child&#8217;s education.<\/li>\n<li>Amount or how much would you need? If you intend to send your child abroad to study the amount could be in crores or for India based education could be in lakhs.<\/li>\n<li>Time or when will you need the money? If your child is 4 you have ~14 years to create your college corpus.<\/li>\n<\/ol>\n<p>Once you have listed all your financial goals, a few things happen that help you in focusing and achieving your goals &#8211;<\/p>\n<ol>\n<li>\n<h5><span class=\"ez-toc-section\" id=\"Visualize\"><\/span><strong><u>Visualize<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<\/li>\n<\/ol>\n<p><img loading=\"lazy\" class=\"wp-image-463 size-full alignleft\" src=\"https:\/\/blog.kuvera.in\/wp-content\/uploads\/2017\/04\/dikhtabikta.jpeg\" alt=\"\" width=\"120\" height=\"120\" \/><\/p>\n<p>Honestly, money in a way is boring! It\u2019s the experiences (vacation, weddings) and things (house, car) it buys that\u2019s exciting!<\/p>\n<p>Goal-based investing helps in visualizing what money will buy.<\/p>\n<p>Imagine sitting in the living room of a new apartment, or the new car smell. Visualization is powerful as it is known to make one happy even prior to purchase. Visualization and the happiness it brings today increases the odds of success in achieving one\u2019s goals. Learn more about goal visualization <a href=\"http:\/\/blog.kuvera.in\/021-goal-visualization-and-planning-1-of-4\/\" rel=\"noopener noreferrer\">here.<\/a><\/p>\n<ol start=\"2\">\n<li><strong><u>Prioritize<\/u><\/strong><\/li>\n<\/ol>\n<p><img loading=\"lazy\" class=\"alignleft wp-image-468\" src=\"https:\/\/blog.kuvera.in\/wp-content\/uploads\/2017\/04\/Picture1.png\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/04\/Picture1.png 289w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/04\/Picture1-150x150.png 150w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/p>\n<p>Writing down all your financial needs and wants helps you prioritize. Does that 2020 World cup trip sound more exciting or the idea of owning a bigger car? Maybe both are attainable. Create a goal for each and evaluate the investment needed for both. If the funds are insufficient, then prioritize.<\/p>\n<p>This exercise protects from heartbreak later. It also helps you differentiate between needs (retirement, education, marriage etc) and wants early on.<\/p>\n<p>&nbsp;<\/p>\n<ol start=\"3\">\n<li><strong><u>Commit<\/u><\/strong><\/li>\n<\/ol>\n<p>Yeah.. A Salman Khan level of commitment!<\/p>\n<p><img loading=\"lazy\" class=\"wp-image-406 alignleft\" src=\"https:\/\/blog.kuvera.in\/wp-content\/uploads\/2017\/02\/Slide6-300x300.jpg\" alt=\"\" width=\"150\" height=\"150\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/02\/Slide6-300x300.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/02\/Slide6-150x150.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/02\/Slide6-768x768.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/02\/Slide6-1024x1024.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/02\/Slide6.jpg 1500w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/p>\n<p>The first step is to automate the investment process as much as possible. Consider <a href=\"http:\/\/blog.kuvera.in\/001-start-investing-today-a-ka-the-power-of-compounding\/\" rel=\"noopener noreferrer\">investing every month<\/a>, by starting a SIP. It will provide discipline and help you put your goal planning on auto-pilot.<\/p>\n<p>Second, track your progress. Are you investing enough? Are you on track to reach your goals? Tracking the progress of goals increases the commitment to achieve it. Every time you track progress, you recommit yourself to achieve the goal. The closer one gets to the goal, higher the resolve to cross the line.<\/p>\n<p>Set and track! Don\u2019t set and forget (like that gym membership&#8230;)!<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Try_our_goal_based_investing_tool_and_reach_your_financial_goals\"><\/span><a href=\"https:\/\/kuvera.in\/onboarding\" rel=\"noopener noreferrer\">Try our goal based investing tool and reach your financial goals.<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Did we mention goal based investing increases the likelihood of achieving financial goals? Yeah, we did! But don\u2019t take our word for it. Use our goal based investment tool to:<\/p>\n<ul>\n<li><u>visualize<\/u><\/li>\n<li><u>prioritize<\/u><\/li>\n<li><u>track<\/u><\/li>\n<\/ul>\n<p>and achieve all your financial goals.<\/p>\n<p>Funny how the brain works, right? Writing and tracking financial goals actually fuels the commitment required to achieve them!<\/p>\n<p>Quite like this \ud83d\ude00<\/p>\n<p><img loading=\"lazy\" class=\"wp-image-464 aligncenter\" src=\"https:\/\/blog.kuvera.in\/wp-content\/uploads\/2017\/04\/kainat-300x300.jpg\" alt=\"\" width=\"337\" height=\"337\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/04\/kainat-300x300.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/04\/kainat-150x150.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2017\/04\/kainat.jpg 600w\" sizes=\"(max-width: 337px) 100vw, 337px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><em>This article was initially published by <\/em><em>CNBCTV18 <\/em><em> in the <strong>Personal Finance <\/strong>section. <\/em><\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.kuvera.in\"><strong>kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai, #KuveraSabseSahiHai!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goal-based investing makes it more likely for you to reach your financial goals. Here&#8217;s how &#8211; Money is fungible, which is a fancy way of saying that once it is earned it can be spent on anything. This can cause problems like money in a checking account intended for a car down-payment or for a [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/financial-success-using-goal-based-investment\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":1786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[88],"tags":[89,47,90],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Steps To Financial Success Using Goal-Based Investing - Kuvera<\/title>\n<meta name=\"description\" content=\"Use the power of goal-based investing to achieve your financial goals in 3 easy steps. 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