Financial Goals of Investors

Financial Goals of Investors: Today I want to share something interesting with you. I recently asked my team to share with me some very unconventional and “hatke” financial goals of our clients.

Generally, when we all talk of financial planning, we feel its just about the boring-sounding goals like Retirement, Children education, Children marriage, Buying House & Home Renovation etc. But its not true. We all have very special and unconventional dreams which we want to achieve. So I just compiled some unconventional goals of some of our clients.

Here are 10 unconventional finance goals of some of our clients which my team was able to recall.

1. Taking a 2 yr break from work

One of the clients has a goal of taking a 2-3 yrs long break from his work. He wants to explore what he is good at or not?

He is great at his current job and love doing it. But somewhere deep down he wants to know if there exist other areas of life he can make his profession and that is not possible unless he takes a very long break.

He was already working from last 11 yrs and within next 4-5 yrs he wanted to take a big break for 2 yrs, so that he can pursue his interests, like travelling, writing, research, volunteering or other activities and also take some quality rest. I know this sounds a bit risky, but its his life and we better not judge others decisions.

2. Send Parents on a World Tour

One of the clients wants to gift her parents a world tour (travelling to different destinations in 5 yr period) and wants to create a big corpus specifically earmarked for this goal. Her childhood was full of struggle and her parents almost never took vacations. But now she is earning well and she wants to pay back to her parents in whatever way she can.

She wants to now create a big corpus in a few years, which can be used for regular international tours. I think its a wonderful thought. Somewhere deep down we all want to do this for our parents (and many do), but she chose to make a financial goal and work towards it

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3. Reach financial freedom by 45 yrs

Generally, every investor has “retirement planning” as a financial goal, but few of the investors also want to achieve financial freedom much earlier than retirement.

Some people want to get financially free at age of 50, but folks from IT background always mention the timeline as 45 yrs.

Financial Freedom is a situation where you have not yet retired from work, but you have enough investments which can generate “enough monthly income” to support from financial life for the next 20-30 yrs.

4. Dedicated Corpus for Skill Upgrade

We had this amazing client from Bangalore, who was very sure that if you want to excel and do amazing in your career, you have to deeply invest in the constant upgrade of your skills.

So he wants to create a dedicated corpus which he can dip in every 1-2 yrs and do some courses/workshops for skill upgrade. It can mean taking up online certifications, go for specialized weekend courses in IIM’s (you can pay a fee like 80k to 1 lac and take these courses).

I think this is a sign of high-quality people who think like this for their career enhancement.

5. Medical Expenses Corpus for self/parents

This is not very rare, but not very common too.

Off late we are seeing many investors who want to create a dedicated corpus for the health-related expenses of their ageing parents and even for themselves. In many cases, people do not get  health insurance insurance for their parents because of some illness history and these people want to be prepared for large expenses and creating a corpus solely for that.

Even if you have  health insurance insurance, many times it may happen that due to emergency you will first have to incur the costs from your own pocket and then you will apply for reimbursement. So this kind of emergency medical corpus can come handy at that time!

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