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How to Set and Achieve Money Goals in Your Family?

Financial Goals which relate to one or the other milestones in life are usually future needs

#Investments
2:20 min read

Financial Goals which relate to one or the other milestones in life are usually future needs; that is, you need not provide for them now. However, wealth goal is something of pure aspiration. Here your only goal is to accumulate a certain amount of money. Your goal could be abnormally huge for your current resources, but it can be equally fun to achieve, especially when you involve your spouse in it. Here's step by step process and how defining such a goal with your spouse can help you achieve this goal:

1. What’s Your Goal: First, you need to know the goal that you want to achieve. Your monetary goal should be in crores. Anything less than that will not let you live your future in a way you want to. With the increasing inflation and the cost of living, you should think to get back in return, nothing less than a crore.

2. Discuss with Spouse: Whether it is a double income family or a single income family, you need to sit with your spouse and discuss how to achieve your goals. If it is a single income family, you will take some time to fulfill the goal for a specific amount by paying a premium for a fixed term; however, if it is a double income family, you can pay the double premium and achieve the same amount in half the premium term. You can invest the surplus amount after saving in insurance that is also an investment plan. You get dual benefits out of one plan.

3. Plan Your Goal Scientifically: Only discussion and dreams will not suffice. You need to be specific about how many years you plan to invest for, how much you want to invest and how much you would like to accumulate in the long run. Let us cite an example. Mr. Bharti is a 35 years old man. He wants to pay Rs. 200000 annually for a term of 20 years. At the end of 20 years, the sum assured will be Rs 2000000. The total maturity benefit that he will get at 4% interest rate is Rs. 55, 04, 191; however, at 8% interest, he will get Rs. 86,21,557.

4. Select Your Investment: Depending on the need and your goal settings, you should decide on the investment tool. How about investing in one of the ULIPs plans with Max Life? Investing in ULIP, you get the benefit of getting a life cover and investing in various funds, such as equity and debt. In ULIP, you can find many wealth plans that help you double your sum assured. In fact, there is a plan called Max Life Platinum Wealth Plan (UIN: 104L090V04) that ensures that you get ten times of the sum assured in the policy term. ULIP also provides death benefits and maturity benefits.

5. Let your spouse manage and contribute to the goal: While you follow the steps to achieve money goals in your life, you can share your views with your wife on how her contribution that multiplies the value of the sum assured. A husband and a wife are the pillars of any family. They are the root that makes the tree strong and independent of any financial burden. Sharing the financial burden as spouses can lead to a better investment plan because higher is your premium, will drive the
a higher sum assured.

Investors may find saving only for life's needs boring and tiresome exercise. Such investors should aim for something aspirational, even when the aspirations are unclear a massive wealth accumulation goal can help bring the energy back. Although the journey of an investor will start saving for the future, aggressive investors will not show any interest in the savings later. For investors who have the foresight and want to get basic life cover, death benefits for the dependents and get a considerable sum after maturity, ULIP plans are a great option. Be a passionate investor with a brand that has made many people wealthy at maturity. Delaying will delay the process of being wealthy. Money is the need that keeps a family going and multiplication of money along with a life cover to protect your loved ones is Max Life Insurance’s endeavor.

ARN:- 01122019/Blog12

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