The Benchmark Index BSE Sensex is expected to reach 15000 levels this year. Seeing the current levels of 13500, I feel this is an indicator of strong economic growth for this year. Based on this assumption I have set my financial goal for the current year.
Before setting a plan I need to define what Financial Planning is for me:
The process of establishing financial goals of an entity (individual or her family), and achieving them through management of personal finance.
The goals may involve; planning for education, medical treatment, buying a home and retirement. The general perception for financial planning is that of tax planning, insurance planning or investments. But it also includes asset allocation, debt management employee benefits, etc.
My Plan:
I am concentrating on three sectors for my equity investments; Pharma, Real estate and energy. I still have to research on specific companies under these sectors, which I will do in the course of time.
I don’t have many choices except my debt repayment and restructuring, as you can see from my Financial Status. Still I have set my goal.
My Financial Goal:
By the end of year 2007 I want to have a networth of Rs 1, 30,000/- with 80% of it into equities.
Holdings
26000/- in cash
78000/- in Stocks
26000/- in Mutual Funds
I want to keep my expenses at rock bottom. I have to plan to increase my income through other channels.
Debt payment:
- Payment of high interest debt on priority
- Restructuring of debt; either through balance transfers or converting the debt into a personal loan.
Charity: I still not have planned for an amount till now but will do so in near future.
Tracking and revising financial goal:
I shall be publishing monthly of my income expenses and investments including my debt restructuring.
Comments 3
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Posted 10 Jan 2007 at 5:35 am ¶LoL All that high lighted text wasn’t suppose to be… And after I’m using should say “ ” .
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Posted 10 Jan 2007 at 5:37 am ¶good luck, and way to go. cheer up, the 2007 is up to you…
my webiste is amzingly welcomed by many Chinese, not your language of couse. but cheering you is my duty..
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Posted 10 Feb 2007 at 2:50 am ¶Trackbacks & Pingbacks 2
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