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The secret to save for any financial goal

25 Oct 2022 0 COMMENT

Managing finances is a very personal matter, and everyone's situation is different. Everyone has different dreams, family structures, expenses, rent, obligations, and ways of life. When you take charge of your financial situation, you maintain a stress-free mindset. A strategy tailored to your specific needs, not those of someone you know, can be enormously helpful.

With LIFEY, our knowledgeable finance experts and a great system are prepared to help you assess your circumstances and assist you in creating a route to financial independence. The first step in solving these issues is to establish your financial goals.

So, what are your goals?

A beautiful home

A popular long-term financial objective is to buy a house. Homeownership is one of the biggest financial goals, whether you're saving for a down payment or striving to pay off a mortgage. The easiest way to get an affordable home loan is to keep a sizable down payment. You can save good money by avoiding the cost of private mortgage insurance if you save enough.

Target

Dream House

Estimated Cost

Rs 50,00,000

Time horizon

5 years

Inflation

6%

Lumpsum available

Rs 2.2 lakh

SIP amount

Rs 82,000

Investment years

5

Type of Investor

Balanced

Future value of investment

Rs 67,08,497

Surplus

Rs 17,369

* The above calculation is for representation purpose only.

Try the LIFEY calculator that will help you compute this amount and reach your goals comfortably.

A financially secure retirement

You may spend your entire life attempting to save for retirement. It serves as the ideal example of a long-term investment. It's essential to think carefully about your retirement needs. Keep in mind that starting sooner will benefit you in the long run.

With LIFEY’s calculator, you can compute your retirement goals by inputting simple details such as your monthly expenses, age, retirement age, assumed inflation, lumpsum investment amount, SIP amount and tenure of SIP. The calculations are similar to the one explained in the home-buying goal.

Higher education

Saving for a child’s higher education, or even your own, is often a vital goal that many people work towards. LIFEY can help you plan your higher education financial requirements. For instance, if you want to save Rs. 20 lakhs for an MBA degree after two years, with no inflation, you will need to take out an SIP of Rs. 80,000 to reach your goal.

Target

Child's Education

Estimated Cost

Rs 20,00,000

Time horizon

5 years

Inflation

6%

Lumpsum available

Rs 2 lakh

SIP amount

Rs 55,000

Investment years

5

Type of Investor

Balanced

Assumed rate of return

10.2% p.a

Future value of investment

Rs 27,10,634

Surplus

Rs 34,183

   * The above calculation is for representation purpose only.

A glamorous wedding

It's everyone's dream to ensure your child has a big fat wedding. Indian weddings may be fun and lavish, but the painful truth is they are financially draining. A wedding can deplete all your life savings and still drown you in debt.

Target

Child's Wedding

Estimated Cost

Rs 30,00,000

Time horizon

8 years

Inflation

6%

Lumpsum available

Rs 1 lakh

SIP amount

Rs 32,000

Investment years

6.6

Type of Investor

Aggressive

Assumed rate of return

 12.4% p.a.

Future value of investment

Rs 48,13,497

Surplus

Rs 31,952

   * The above calculation is for representation purpose only.

Wealth creation

Whether or not you have a specific goal in mind, you may simply wish to accumulate enough wealth to reach your dream bank account. Some people aim to hit Rs. 1 crore mark. Ab Kaun nahi banana chahega crorepati?

Target

Crorepati Dream

Estimated Cost

Rs 1,00,00,000

Time horizon

10 years

SIP amount

Rs 45,000

Investment years

9.5

Type of Investor

Aggressive

Assumed rate of return

 12.4% p.a.

Final Corpus

Rs 1,00,00,000

Surplus

Rs 35,931

  * The above calculation is for representation purpose only.

Plan your dreams

Planning well is the key to achieving any goal. A life stage step-by-step financial planning system is tailored to fulfill people's bio-individual needs. No matter what financial goals you have, from buying a dream home to attending higher education to hosting a big wedding, you can achieve them all.

LIFEY gives you the freedom to take calculated risks and make flexible investments. You make small investments in different buckets for all your financial goals, giving you the privilege of modifying or adding goals. 

Disclaimer: ICICI 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.