How to Achieve Your Financial Goals with the SIP Plans?
This article explains the various mutual fund programmes which provide the opportunity to the investors to fulfil their financial goals. Furthermore, it has elaborated the role of SIP as well to let one know how it functions.
Whatever be the stage of life you are in at present, you are likely to have some financial goals to be achieved. They may either be long-term goals or be the short-term objectives. Setting the realistic goals and following them while tracking their progress is the way you can achieve all your desires. The SIP investment plans are designed with the same objective to help you in planning your financial desires in an apt manner. Before we understand the essence of the SIPs, let’s elaborate the term ‘Goal Planning’.
What is Goal Planning?
Goal planning is a process in which you decide your priorities regarding various financial objectives, think about their possibilities and then make a set plan to achieve them within time. Investments are often considered the best way to achieve all desires. But, the question is which investment is best suited to your goals. With the help of goal planning we can figure out the same.
The mutual fund SIP investments provide several strategies which aim at delivering the goal-based solutions to the investors. There are several schemes which are classified in the following categories to help the investors in attaining different investment goals.
Equity Funds - For Capital Appreciation
Debt Funds - For Income Stability
Hybrid Funds - For Balanced Growth
Accordingly, the investors can make huge benefits on their investments by opting for the right fund for their portfolio and start a systematic investment plan in the same.
How SIP Functions?
Once you opt for a fund for your portfolio, you can initiate the SIP investments with just Rs.500. The amount is auto-debited from your associated bank account on a regular basis and invested in the scheme by the fund manager. This way, you don’t feel the burden of making a lumpsum investment of a huge amount and can avail the benefits of the mutual fund plans in an efficient manner.
So now, you must have understood why you need the SIP plans to initiate investing in the best mutual funds. Instead of considering investment as a challenge, you must start with it systematically through the SIPs.
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ABOUT THE AUTHOR
The author is an investment and financial planner working with MySIPonline. She is providing her services to various investors across India to help them achieve their investment goals.