5 Smart Moves To Make Your Financial Plan Foolproof

1. Set Realistic Financial Goals I want to accumulate a corpus of Rs 10 crore in 10 years. What is the best way to do it? I earn Rs 40,000 per month. I want Rs 1 crore in five years. Where should I invest? We often receive questions like these at Outlook Money. The trouble in answering these questions is that such goals are unrealistic in many cases because of the circumstances or income levels of the individuals. The goal-setting exercise is the foundation of any financial plan, but if they are not realistic and achievable, the structure can never be stable. “We can use a financial calculator or an excel sheet to answer how much to invest per month to reach a certain financial goal. But the question is whether these figures are based on any realistic goals, or their investment surplus,” says Melvin Joseph, a Sebi RIA and managing partner of Finvin Financial...