Discovery financial adviser Reshma Ansary gives us her thoughts on financial goal setting.
Do most people you meet have financial goals in mind?
Not really. Most people actually spend more time planning their holidays than they spend on planning their financial future. In fact, most people are not aware of the reasons why they should plan, and instead expect life to fill in the blanks.
How do you think financial goals can help investors?
If you do not know where you intend to go, then you will remain stagnant. In order to create motivation and direction, you need to set goals. Once you have set a goal, the next step is to create a plan to achieve that goal. Investors should set themselves targets within time frames and then consult a financial adviser to devise a plan to help them achieve these goals.
What are the most common financial goals people have?
Everyone wants to get rich quickly. What many people do not realise is that this is unrealistic. The focus should rather be on hard work, careful planning and a long-term commitment to reaching financial goals (which means taking the short-term steps required to get those goals).
How do you advise clients to juggle different financial goals – for example, saving for retirement versus paying off a bond?
Saving for retirement and paying off a bond are different goals with different time frames and thus require two different financial plans. Your financial adviser can help you work out how to allocate resources so that you are able to achieve both of these goals.
*Names have been changed.
For more information on investing, speak to your financial adviser.
This article is part of an investment series by Discovery Invest.
Regards,
Tersia van Nieuwenhuizen
Independent Contractor to Discovery Life
Direct: +27 21 975 3199
Fax: +27 21 975 3995
Email: tersiav@ic.discovery.co.za
URL: www.discovery.co.za
An authorised financial services provider - FSP No. 18147
Not really. Most people actually spend more time planning their holidays than they spend on planning their financial future. In fact, most people are not aware of the reasons why they should plan, and instead expect life to fill in the blanks.
How do you think financial goals can help investors?
If you do not know where you intend to go, then you will remain stagnant. In order to create motivation and direction, you need to set goals. Once you have set a goal, the next step is to create a plan to achieve that goal. Investors should set themselves targets within time frames and then consult a financial adviser to devise a plan to help them achieve these goals.
What are the most common financial goals people have?
Everyone wants to get rich quickly. What many people do not realise is that this is unrealistic. The focus should rather be on hard work, careful planning and a long-term commitment to reaching financial goals (which means taking the short-term steps required to get those goals).
How do you advise clients to juggle different financial goals – for example, saving for retirement versus paying off a bond?
Saving for retirement and paying off a bond are different goals with different time frames and thus require two different financial plans. Your financial adviser can help you work out how to allocate resources so that you are able to achieve both of these goals.
*Names have been changed.
For more information on investing, speak to your financial adviser.
This article is part of an investment series by Discovery Invest.
Regards,
Tersia van Nieuwenhuizen
Independent Contractor to Discovery Life
Direct: +27 21 975 3199
Fax: +27 21 975 3995
Email: tersiav@ic.discovery.co.za
URL: www.discovery.co.za
An authorised financial services provider - FSP No. 18147
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