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In personal finance, investing must involve perseverance and an adequate understanding of how money can be put to work and grow. However, when it comes to putting your money in any type of investment, “know thyself” is equally important.
Your success in investing will largely depend on how well you know yourself as an investor. If you think you can’t be successful with investing, you’re probably right. Only when you know, with conviction, your financial goals Will you be able to determine how you will perform in the challenging world of investing?
your financial goals
Perhaps the best way is to determine what and how you plan to achieve financially in the short or long term. Intelligent reach where S stands for Specific,M For average class, A For Received, R For Real And Tea For time bound,
Let’s say you want to set aside Rs 500,000 two years from now to buy a new car.
Measure this goal:
- amount is SpecificYes.
- is P500,000 average class In this you know in yourself, in your circumstances that you can do P500,000 in two short years.
- Because of this, you’re really determined that this goal is really receivable,
- it is Real, Under the previous conditions, yes it is.
- it is time bound, Of course, as you plan to achieve it in five years.
Now there you have it, a smart and practical personal finance and investment solution for you. It should be as smart and as simple as that.
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