I was all excited that I successfully built an emergency fund containing my 6-month income. I knew that this money that I build with a lot of patience and discipline would help me stay worry-free for next 6 months in emergencies. I need not worry about any unexpected situation that demands financial attention, as I also have basic insurances in place. Now, chances for me to borrow money, in any sudden money demanding situations, have become less. This makes me feel relaxed! What next?
Now that my emergency fund is ready, I decided to list out my dreams and future goals. I segregated my bucket list based on the time I have in hand to reach each one. For example, buying a car is a goal that I wanted to achieve within 2 years. A trip to Europe is my dream that I wish to achieve at least in next five years. Accumulating corpus for my child’s higher education is my goal with an 18-year time limit. And yes, I also desire to start preparations for my retirement, so that I could lead a dignified retired life!
Listing them out looked simple and easy. Some of them are my desires and some of them are my responsibilities, which can’t be avoided. But, after finalizing the list I understood my big money goals and began to panic about reaching them comfortably.
I was clueless of where to start, how to plan or save to reach each one of them. I couldn’t even calculate the future costs to meet those goals separately, given the effect of inflation and hike in prices.
When I was truly clueless about what to do, I got to talk to a certified financial planner at ArthaYantra. He was close to one of my acquaintances. The finance advice and the financial planning strategy that I received from the planner was meticulous. To my relief, I could get answers to all my questions. The planner assisted me in prioritizing my goals and creating a portfolio with the proper financial plan, after thoroughly evaluating my income, expenses, risk profile, my goals and future needs. A personalized well-diversified mutual fund portfolio is now in place. I am now investing in a diversified mutual fund portfolio to fulfill all my financial goals.