loader2
NRI

Open Free Trading Account Online with ICICIDIRECT

Incur '0' Brokerage upto ₹500

Achieve your Goals with LIFEY

9 Mins 25 Oct 2022 0 COMMENT

Everybody wants to accomplish all their dream goals, isn't it? We all strive to do so! Despite the fact that many try, not all succeed. A major reason people fail to achieve their goals is that they fail to plan and make the necessary investments. 

Many times, people don't know what they are doing with their money. Maintaining our attention on the things that are significant to us in today's fast-paced environment can be very challenging; the goals we've always had and the things that help us develop as a human. We often discover ourselves being forced onto a path that someone else chose.

However, we must understand the importance of planning our goals in a way which suits our needs.

Say you wish to create your own business, but planning for it, saving an emergency fund, and the timeline for so many other things need to prepare. You can't afford to wake up one day, quit your job and start a business; life doesn't work that way.

Or maybe you cannot get “Destination Wedding” out of your mind. But that requires precise planning and consistent saving. Besides, you can never be laid back regarding wedding goals, especially in India.

What is the most common goal among today's millennials? That’s right. An adventurous solo backpacking trip. If this is you, what is holding you back? Finances are tight? You can't let that keep you from achieving your dreams. There is a way to fulfil these goals as per your timeline; you can always start budgeting and planning.

Making a budget aids in planning for expenses and can reveal information about your spending patterns, enabling you to cut back on unnecessary spending.

  • Budget: Due to the high inflation rate, many people may find it difficult to pay their monthly bills while also trying to save money to fulfil their dreams. Establishing a budget will help you get by and reduce some of the stress associated with paying for impending bills, even while it won't wholly beat inflation.
  • Invest: Start smart investing with LIFEY, a systematic plan to help you achieve your goals in the most planned manner. It enables you to plan SMART (Smart, Measurable, Achievable, Realistic, Time Bounded) goals.

So what’s LIFEY?

LIFEY stands for Lifestage Investments for You. With LIFEY, you may set essential financial milestones and invest in them to reach other significant life milestones. It also ensures you keep track of every milestone you've chosen and, if necessary, offers recommendations for the best course of action to achieve your objectives on schedule.

The best part about LIFEY is that it allows you to plan your goals section-wise. There are seven pre-defined milestones (retirement, car, marriage, education, travel, home, wealth accumulation) and one unique milestone you can define. You must give each milestone a different name, and you can keep track of them all using the milestone names you've given them.

Here's how LIFEY helps you invest for your dream goal:

Target

Start business

(Wealth Creation)

Destination wedding

(Marriage)

Europe solo backpacking trip (Travel)

Estimated Cost

Rs 20,00,000

Rs 15,00,000

Rs 1,20,000

Time horizon

5 years

4 years

2 years

Inflation

6%

4%

6%

Lumpsum available

Rs 2.2 lakh

Rs 2 lakh

0

SIP amount

Rs 30,000

Rs 25,000

Rs 6,500

Investment years

5

4

1.8

Type of Investor

Balanced

Balanced

Balanced

Future value of investment

Rs 26,80,550

Rs 17,65,381

Rs 1,36,238

Surplus

Rs 4,099

Rs 10,593

Rs 1,406

*The above calculation is for representation purpose only.

Want to try it too? You can now use the LIFEY calculator to customise an investment plan for all your dreams.

But how to stay committed and focused on the goal?

Big dreams and goals are essential, and often they seem so close you can almost taste them. When this happens, sticking with your goals looks simple. Conversely, there may be a situation when your objectives appear dauntingly distant and unattainable in this life. It's far more challenging to stay committed at these times.

LIFEY helps you stay disciplined and still giving flexibility to achieve your goals. It helps you do comprehensive tracking, stay on course, and, most importantly, coordinate with your risk profile.

Sign up with LIFEY and fulfil dreams!

DisclaimerICICI Securities Ltd.( I-Sec). – AMFI registered Mutual fund distributor. Registered office - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, India, Tel No : 022 - 2288 2460, 022 - 2288 2470.  AMFI Regn. No.: ARN-0845. SEBI research analyst Registration no.-INH000000990. We are distributors for Mutual funds and all disputes with respect to the distribution activity / research would not have access to Exchange investor redressal or Arbitration mechanism.

Please note that Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. I-Sec does not assure that the fund's objectivewill be achieved. Please note. NAV of the schemes may go up or down depending upon the factors and forces affecting the securities markets.Information mentioned herein is not necessarily indicative of future results and may not necessarily provide a basis for comparison with other investments. Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

The contents herein above shall not be considered as an invitation or persuasion to trade or invest. Investors should make independent judgment with regard suitability, profitability, and fitness of any product or service offered herein above. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon.

The client agrees and acknowledges that the LIFEY tool / facility provided by ICICI Securities are not intended to supply investment, financial, tax or legal advice. It is not investment advisory service and any observations concerning any security or investment advisory is not a recommendation to buy, sell or hold such investment or security or to make any other investment decisions. Client acknowledges and agree that any use of the services, any decisions made in reliance on the aforesaid services, including any trading or investment decisions or strategies, are made at your own risk. It is entirely client’s responsibility to assess the appropriateness, suitability, and practicality of the investment. The said services is just incidental to the distribution of mutual fund.