What will you do as soon as your financial goals are achieved
Change is the only permanent thing in life. Priorities and goals will change with different circumstances and depending on what stage of life cycle one is at. The key is to understand the cycle of how goals are set and what one needs to do to achieve it. Most importantly what needs to be done once your financial goal is achieved?
If you are a first home buyer, be realistic with your financial situation. Assess your situation by completing statement of position form. This form will show true reflection of your assets, liabilities and your net assets ( Assets - Liabilities = Net assets)
Life cycle of Financial Goal for First Home Buyer
- Set up a time frame or a goal by when you wish to buy your first home.
- Understand the process and procedure of buying a home.
- See your financial adviser / mortgage adviser to seek a pre-approval to purchase your first home Have clarity on your loan structure, as loan structure is based on not only the interest rates but also on what are your future plans.
- Don’t think that you have bought your home so you have achieved your goals.
- Start planning about future, discuss your future plans with your adviser and take guidance on how to achieve the goal for your future plan.
- In 15 years from the time you have bought your home, the expectation is to buy one owner occupied property and couple of rentals to have a secured financial future and financially safe retirement.
Life cycle of financial goals for someone who wish to take retirement
- Before you decide to take voluntary retirement sit down with your financial adviser/ mortgage adviser to assess your situation to see if you can afford to retire.
- Ask your self are you financially secured?
- Do you need to sell one of the investment properties to pay off the mortgage on your properties?
- If answer is yes to above, than set up a goal and the time frame by when you need to sell one of the properties.
- Once achieved the goal of selling the property, set up another goal to invest the cash money in such a way that it gives you maximum return to take care of your retirement.
It is proven that people who have had a habit of setting up the financial goal and worked towards achieving the financial goal are proven to be very successful in securing a stable financial future/ retirement.
To discuss your plan how I can add value to your future, feel free to contact me on 0800RACHNA