How Important is Long Term Financial Planning?

If you know a little about me, you’d know I’m a goal freak!

I’m attracted to people who have goals and dreams too! When you have a roadmap of where you want to go and how you’re going to get there, the destination is easier to envision. So are the little steps to getting there.

The only time I don’t know where I plan to be is when an interviewer asks “where do you see yourself 5 years from now?” and when it comes to finances.

I know – money is SO important. Everyone wants it. I want it.

But ‘long-term financial goals?’ I never had time for that and still put it off.

I’m slowly starting to realize that short-term goals aren’t as effective in personal finance as they are in day to day life. Long Term Goals are where it’s at. These overarching goals help set the direction for your whole life. They help organize our decisions on spending, saving and investing. Identifying these goals is what takes us ahead in our personal finance journey.

money-investments

The good news is Bajaj Allianz, one of the leading private life insurance companies in India is going to launch an investment product on 22nd June 2017 which can help people like you and I realize our long term financial goals. This product provides dual benefits of protection and growth and help chart our financial planning in a worry free manner.

Here’s why it’s important to do so:

  1. You can plan for an early retirement – Planning for an early retirement isn’t on everybody’s list, especially if you love what you do for a living. However, it is one of the top rated financial goals, and who knows? Maybe in 25-30 years, you may change your mind!
  2. To have a sufficiently large emergency fund – Most of us have saved enough to tide us over a minor medical emergency. But having a large fund can take away a lot of worries and can cushion the blow in the event of a sudden loss of job or large expenditure.
  3. Another source of income – This one doesn’t need much explaining! It is a form of income insurance that could help fund your retirement savings or even a holiday!
  4. To improve your standard of living – The amount you save through a good financial plan can prove beneficial during difficult times.
  5. Family Security – Providing for your family’s financial security so your family and you have peace of mind.
  6. … The reasons are innumerable!

Perhaps it is the fear of the unknown, the feeling that we have enough time or simply not knowing where to start that holds us back.

Have you planned your long-term finances and goals yet? Whether you want to pay off the loan on your home, save up to 6 months of salary, travel more or quit your job at 60 and volunteer, you’ll need to have a goal mapped out, regardless. Stay tuned until I tell you more about the new product launch by Bajaj Allianz that will let you #JiyoBefikar and #InvestBefikar

Stay tuned to the Bajaj Allianz Twitter handle @BajajAllianzLIC and follow them on Facebook for more updates about the product.

Facebook for more updates about the event.

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