Your starting point is the one where you are standing today. You know your destination but you do not know the route. You have to look for someone who can guide you so that you reach your ultimate goal. The guide is your financial advisor, who will help you define a road which you shall follow in order to achieve your target. The end of the pathway is your ultimate target, which in most cases is a happy retirement life. Your financial advisor will devise the road for you according to your goals, your demographics, your income, assets and liabilities. He will give you solutions for various hindrances that you might face while steering on the path, and he will also guide you on crossing the periodical laps i.e the points where you will achieve your short term and long term goals.
One the road to success, you'll confront a number of challenges and opportunities, your journey cas be characterised as:
- The road is long: The road of your life in very long. Keep calm and carry on. Your ultimate destination i.e your biggest life goal is yet too far, so you have to be energetic and follow the path because there is a lot lying ahead. At any point, you must not give up and stop following the investment path because it is the only way you can achieve your mission.
- The road will have pits: The investment path is simple, but not easy. There will be bad times and your investments might not fare well, at this point you must not panic, you must have the courage and confidence on the road that you have chosen. The strength of your portfolio will take you out of the pit to help you move on.
- There will be laps: The laps are the points of actualization of your short and long term goals. Your investment plan will comprise specific investments for each of these laps. These laps are predefined, you know the first lap of buying a car will come after three years, the next lap of buying a house will come after another three years. So, whenever you are near a lap, let's say buying a car, so your SIP for 5 years would be there to fund the car purchase.
- The road will have bumps: While there are certain goals to be achieved, there are uncertain emergencies as well. A solid investment plan will provide for theses bumps also. A sudden job loss can cause a lot of financial disturbance, yet a preplanned provision for contingency will help you from falling, though there will be a little mental instability, but your investments will take care of your expenses till your next job. Though the bumps might disturb the stability of your investments, yet you'll cross it because of the strength of your portfolio and your willpower.
- You'll see shortcuts: On the path of investments, you'll come across various diversions and shortcuts, which might promise to help you achieve your target quickly, but you must not pay heed to such shortcuts and keep moving on the set path. You might come across a flyer which says invest Rs 1 Lac and double your money in six months. Don't fall prey to such claims, because the shortcut might have a dead end ahead.
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A bend in the road is not the end of the road: The investment path that you chose, might require you to now take a turn. This may happen if it is best to modify your portfolio in order to meet your present needs, or if the present market offers some new and better investment opportunity than what you already have. So, you shall move as the road suggests to.
- The finish line: This is your ultimate goal, a happy retirement.
The bottomline is there will be steep turns and tolls where you have to stop by to achieve your short and long term goals. There will be diversions as well, but you do not have to deviate from your set plan, since these diversions are the temptations to take a short cut which will ultimately mislead and prevent you from achieving your life goals. You have to overcome and exploit them wisely.
Your investment plan is the road that you will travel on, your determination is the fuel which will keep you going, your hard work is your engine, and when you are on the hot seat, feel the thrill and be ready for the best.
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