the importance of financial
goals in several articles now.
And now, it’s
time we throw light on the common mistakes that people do when they’re framing
their financial goals.
forget that Finance Goals aren’t college assignments. They simply cut, copy and
paste goals from a very lousy stereotype. The first step to having intelligent
financial goals is to know that you must frame your own financial goal, and not
be a copycat because of what the society expects from you.
Two Dimensional Thinking
Indian is judged from two main dimensions. His professional/academic background
and his family. Over the years we have internalized a mass mentality that does
not go beyond these two dimensions. And this is perhaps the greatest pitfalls
of setting your financial goals.
goals have to be customized. You are setting them for your life – for yourself.
And no one must have any say in it than yourself.
success isn’t two dimensional. You need to define what your goals are and think
beyond the orthodox two dimensions.
Not Being Realistic and Flexible
over-estimate your potential. Evaluate your income and expenditure carefully
before you set your goals. It is easy to get all excited and carried away when
you think about the future, but you need to be smart.
Weigh the threats
and the potential emergencies that might arise. Having a rigid goal, might
break your wealth, but making it slender and adjustable will make your wealth
adjust with changing times and grow healthily.
Do not forget
that the future isn’t set in stone.
Read Also: HOW TO SET FINANCIAL GOALS
WRITTEN BY: BALAKARTHIGA.M