A successful investor's Habit No. 1- Goal based investment एक सफल निवेशक की आदत नंबर 1 - लक्ष्य के साथ निवेश

All successful people have a goal no one can get anywhere unless he knows where he wants to go and what he wants to be or do.

-Norman Vincet Peale

I think goals should never be easy, they should force you to work, even if they are uncomfortable at the time.

-Michael Phelps

Namste, earlier i have discussed about habits of a successful investor. Today i am discussing his first habit, Investment with a goal. 

How can we set a goal ? Life goals as well as investment goals can be set by considering a famous acronym SMART. Our goals must be SMART. 

S- Specific विशिष्ट

Goals should be very clear and unambiguous.

Ex. If i say ' I will save money this month' , it is not clear in this sentence how much i am going to save. If I say ' I will Save 15% of my salary this month' . Now this is very much clear . 

M-Measurableजिसे मापा जा सकता है

Goals should be like which can be measured or which can help to track our progress. 

Ex. If I say 'I will save enough money' (cannot be measured word 'enough' ), rather , If I say 'I will save 25% of my salary every month' (now this can be measured).

A-Achievableप्राप्त

Goals should be possibly achievable and reasonable.

Ex. I I say 'I will lose 10 kg of weight this month'. It is not possible to lose 10 kg in a month in a normal condition. So this is not reasonable. 

If I say ' I will lose 3 kg of weight this month', now it can be achieved.

R-Realisticवास्तविक

Goal should be real rather imaginary.  Self-evaluation for our competence. Honest evaluation of ours is important.

T-Timelyसमय सीमित

Goal should be time bounded. Their must be a beginning date/month and a ending date/month. 

Goals can be broadly classified into three categories based on their time horizon, This time horizon may be vary from person to person.

Short-term: 1-2 years time horizon Ex. Buying a bike, buying a furniture etc

Medium-term: 3-5 years Ex. Buying a Car, home loan down payment etc

Long-term: more than 10 years Ex, child education, child marriage,Retirement etc. 

In conclusion i can say that if we invest with a goal then managing and controlling our finances will be easier.We can avoid impulsive buying and we can start right utilization of our resources.

Thank You