Every one of us has some specific goals or some desires which we want to fulfill. When we talk about financial goals we imagine some common goals such as retirement plans, housing, and income plans, or children’s education. Each person’s situation is different and so are their financial goals.
Everyone and their situation are different from their financial goals. Some people want to buy a house, plan their retirement, and build emergency funds. On the contrary, some people wish to achieve something different. So here are some unconventional goals of some of our clients. If you haven’t set your financial goals yet, you must consider adding these to your list.
Taking a short break from work
While in conversation with one of our clients we came to know he wanted to take a short break from work. He wants to explore other professions and what he is good at or not? This is often something that we all want at a particular point in life. An extended break from work may sound risky to a lot of people. The client is great at his current job and loves doing it. But somewhere deep down he wants to know if there exist other areas of life he can make his profession and that is not possible unless he takes a very long break.
He was already working for the last several years and within the next 4-5 yrs he wanted to take a big break for 2 yrs, so that he can pursue his interests, like traveling, writing, research, volunteering, or other activities, and also take some quality rest. However, it’s not something unachievable if you’ve got the talents and determination to try to do that. we might suggest keeping taking small breaks in between to take care of a healthy balance.
Visit every country in the world
There are many people who want to travel and explore the world. Some of our clients, too, wish to travel and explore different cultures around the world. So to achieve this they take a break from their work lives. Travel is fun. And the right tools can make travel even more fun. Yes, a Travelcard. Have you considered opting for a travel credit card? Travel credit cards come with a variety of travel benefits. From offering welcome gifts to providing complimentary airport lounge access and fee waivers, travel credit cards offer a wide variety of features and benefits catering to the needs of frequent travelers.
Send Parents on a World Tour
Our parents sacrificed a lot for their children and so the children wanted to make them happy. One of the clients wants to give her parents a world tour. Her childhood was full of struggle and her parents almost never took vacations. But now she is earning well and she wants to pay back her parents in whatever way she can.
She wants to now create a big corpus in a few years, which can be used for regular international tours. I think it’s a wonderful thought. Somewhere deep down we all want to do this for our parents (and many do), but she chose to make a financial goal and work towards it
Reach financial freedom by 45 yrs
Usually, investors already have retirement planning as their goal. But some want to achieve financial freedom much earlier than retirement. Some people want to get financially free at the age of 50, but folks from IT backgrounds always mention the timeline as 45 yrs. Financial Freedom is a situation where you have not yet retired from work, but you have enough investments which can generate “enough monthly income” to support you financially for the next 20-30 yrs.
Do something adventurous and of their interest
Skydiving, snorkeling, safari riding, diving in a submarine are some of the adventurous things that some of our clients had on their lists. We are sure that many of us have similar goals and wish to do something adventurous once in our lives.
Medical Expenses for self and parents
Usually, investors buy dedicated medical insurance for themselves and their parents. But there are some cases where due to some illness history parents do not get health insurance. So in such cases, people want to be prepared for large expenses.
Even if you have health insurance, many times it may happen that due to an emergency you will first have to incur the costs from your own pocket and then you will apply for reimbursement. So this kind of emergency medical corpus can come in handy at that time!
Legacy for future generations
Some clients wanted to create a legacy that they want to pass on to the next generation. This is something not about the property which will be by default passed on to their next generation. Here they wanted to create a sum of money within a specified time which will be passed on to their children or grandchildren apart from the properties
We came across a lot of investors from IT background that beyond 50 yrs they feel it’s going to get tough in the software industry and hence they want to plan out things for their future
A lot of investors who are in jobs also want to shift their careers at some point and want to move to business by the time they are in their mid 40’s or 50’s and they have already started accumulating money for the business setup.
Business is not a cakewalk either, but at least they are thinking of their plan B.
Charity and Social Work
Very much few investors truly take this into consideration, however, some investors want to do something for society. Some of the examples are:
Instance #1 – Create some fund to do ongoing charity
Certainly one of our investors told us that since his college days, an in-depth group of 5-6 mates had determined that in the future they wish to maintain doing varied social work like for poor youngsters, senior residents, and many others. Now, this investor desires to arrange a 25 lacs which might be used solely for this trigger.
Instance #2 – Create a Hospital in my village
Certainly, one of our investors comes from a really small village and is now doing very nicely in life. His dream is to make a hospital in his village to serve his group and provide again to society.
These are some of the unconventional financial goals that we have heard. What are your financial goals, and how are you planning to achieve them? Whether it’s conventional or unconventional, you have to be focused. Stay determined towards your goals and have a proper plan in your mind. It is always easy to set goals and think of your desires. However, fulfilling them requires effort and hard work.
If you don’t invest, you are missing out on opportunities to increase your financial worth. Of course, you have the potential to lose your money in investments, but if you invest wisely, the potential to gain money is higher than if you never invest.
When you start investing in stocks at a very young age and for a long time, the return will also be high. In order to avoid mistakes, one needs to know about the stock market. Share market investing will help to grow your money in the long term. People used to invest in the share market to build their wealth in the long run. If you are scared of investing in the share market, then you are not alone. Individuals with very limited experience in the stock market are very scared of losing.
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