x
M
O
N
E
T
I
Z
E
C
A
P
I
T
A
L
Goal Planning
What is the Meaning of Goal Planning
Goal planning is the process of setting and working towards specific, measurable, and time-bound targets or objectives. It is a way to set a clear direction for your actions and make progress toward what you want to achieve. Goal planning can be applied to personal, professional, or financial aspects of life.
Goal Planning: - can be of different types, like: -
Retirement Planning:
Focuses on saving and investing in such a way that an individual or household can maintain their desired lifestyle once they retire. It involves determining how much money will be needed after retirement and creating a strategy to accumulate and preserve those funds.Children’s Education and Marriage Planning:
Education and marriage planning for children involves saving and investing to cover the costs. This includes choosing savings accounts, understanding education-related expenses, and ensuring funds are available when needed.Vacation planning - Domestic or International:
Vacation plays an important role in our life, it may be religious, recreational, exploring the country where we live in or International. All needs money. A sudden vacation may disrupt your financial planning.Tax Planning:
Tax planning involves strategies to minimize tax liability through proper management of income, investments, and deductions. It helps ensure compliance with tax laws while maximizing after-tax income.Buying a vehicle:
It may be your first car or upgrading to a new car, in both cases, we have shell out a big chunk of money.Insurance Planning:
Insurance planning is about determining the types and amounts of insurance needed to protect against financial risks, such as accidents, health issues, or property loss. It involves evaluating risks and ensuring appropriate coverage to avoid financial hardship.It's important to focus on your biggest goals first, so you don’t try to do too many things at the same time.
