What would be a millennial’s most common financial goals in today’s day and age? Perhaps owning a home, buying a car, or studying abroad? To achieve these goals, a millennial such as you must plan, evaluate, and monitor them so that they are met.
But what if you’re not able to achieve your financial goals? The volatility of the stock market could a) lead to you losing money and b) derail your finances. To ensure that you do not lose sight of your financial goals when investing in the stock market, you can take corrective measures and protect your money.
- Set dynamic financial goals: Based on your affordability, adjust your financial goals, aka keep them dynamic. This will help you in the long run, and you will be able to manage your finances efficiently. For instance, if you are planning to buy a house but are falling short of funds, it is perhaps better to look for another property.
- Invest more: To ensure that your financial goals do not go off track, continually monitor and review your investments. Additionally, investing more will help you minimise risk, beat inflation, and generate a second income, which will help boost your finances.
- Be on the lookout for financial tools to help: Say, you want to buy a car. You plan to start a SIP of Rs 10,000 to save money for the car. However, you can only afford to put Rs 7,500 in the Systematic Investment Plan (SIP). To bridge the gap of Rs 2,500, you could take a loan and stay on track to buy the car of your dreams!
- Save more and invest in Step-up SIPs: It might be a cliche, but saving more does help you stay on track to achieve your financial goals. If you save more, you can invest more, negate future losses and even complete your financial goals faster. Step-up SIPs are one such option. They allow you to increase the amount being invested depending on your affordability.
If you’re worried about achieving your financial goals, you can take expert advice from SEBI registered financial experts. These financial experts have the know-how and skill to understand your unique financial situation and suggest smart solutions.
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