GOAL BASED PLANNING
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Goal Based Planning: (Retirement Planning, Children Education and Marriage Planning)

Goal-based planning is a financial planning approach that focuses on identifying and achieving specific financial goals or objectives. Instead of merely looking at overall wealth accumulation or investment performance, goal-based planning centers around the individual's or family's aspirations and aims to create a tailored financial strategy to meet those specific goals.

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The process typically involves the following steps:

  1. Goal Identification: Clearly defining the financial objectives, such as buying a house, funding education, saving for retirement, starting a business, etc.

  2. Goal Quantification: Determining the amount of money needed to achieve each goal and the time horizon involved.

  3. Risk Assessment: Analyzing the risk tolerance of the individual or family, considering factors like age, income, financial responsibilities, and willingness to take risks.

  4. Investment Strategy: Developing a personalized investment plan that aligns with each goal, considering the desired returns, time frame, and risk profile.

  5. Monitoring and Adjustments: Regularly reviewing progress toward goals and making necessary adjustments to the plan based on changing circumstances or market conditions.

Goal-based planning helps individuals prioritize their financial decisions and provides a more meaningful and actionable roadmap to achieve their dreams and objectives.