Having a clear plan is the first step to securing your future. It is absolutely important to know where you are planning to invest of course, but it is equally important to know how much you should invest and what your approximate returns would be over a period of time. It is key to understand the growth that would come your way, and this is definitely the case with mutual funds too. So, if you have been investing in these funds with a reason or a goal, calculating the different goals from it is extremely important. Let’s look at the important goals and the calculators that come with them –
- Planning for your child’s career: This has to be the first few if not the first goal you should plan for. Expenses on education are going to be on the rise the best way you can protect yourself from this is by investing in mutual funds. Use a calculator to plan finances for your children’s future would give you clarity and an exact figure you have to invest and reserve for this.
- Retirement planning: Being able to plan your retirement early is so important. It is definitely one of the toughest things to do and if you are to plan it out, you have to start early with investments in mutual funds. Using a mutual fund calculator will help you estimate the cost of living during your period of retirement and the returns you would require. With this you would be able to expect the financial wealth you need to build on.
- Financial health: Keeping in mind that you would require greater medical assistance in the future, you need to ensure that you are saving up for your health. Use the calculator to know your current liabilities and how much you should be saving towards your medical ailments.
- SIP calculator: We all have different goals to achieve in life; it could to own your dream car, buying your first home and so on. For all of those goals, it is very important to plan early. With systematic investment plans, you are able to achieve just that. It would give you a clear idea on the amount you have to invest, save and expect in returns too.
Planning is the first step towards having a secure future. Once you have clarity on this, you would be able to understand your financial stability and help you plan your future better.