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.
Popular Infographics
Tag Clouds
Related Infographics
Nomination in Financial Planning: Ensure Seamless Asset Transfer with Expert Nomination Strategies
Public Provident Fund (PPF): A Secure Tax-Saving Investment for Long-Term Growth
-
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Leave a Comment
Thanks for submitting your details.