THOUGHT OF THE WEEK
FINANCIAL GOALS (PART 1)
These are the spending targets, savings and investments that you hope to achieve in a given period. The financial goals are usually determined by your stage of life. For example a person with a family would have a long term goal of moving from a rented house to owning their own house unlike a fresh university graduate who will
have a short term goal of buying a new shoe or saving for a car.
HOW TO SET FINANCIAL GOALS
1. Identify what matters to you most. Inspect and weigh all your options ranging from what is pressing to what is distant.
2. Sort out the goals to include the short term (what is within your reach), medium term (what will take a little time) and long term (what will take a long time to achieve).
3. Use the SMART metric to assess your strategy (Specific, Measurable, Achievable, Relevant, and Timely)
4. Create a realistic and achievable budget. Determine your income and expenses and fine-tune it to achieve your goals.
5. Monitor your progress and make sure you are achieving the benchmarks you have set. Review and make changes when you go wrong
This weekly report is the copyright of NIMED Capital Ltd. (NIMED), an investment banking company licensed and regulated by the Securities and Exchange Commission (S.E.C.) of Ghana as Investment Advisers as well as the National Pensions Regulatory Authority (N.P.R.A.) as an approved Pension Fund Manager. Information and opinions herein have been compiled or arrived at based on information obtained from sources considered reliable; we therefore do not hold ourselves responsible for its completeness or accuracy. All statements of opinion, projections, forecasts, or those relating to expectations regarding future events or performance of investments represent NIMED’s own assessment and interpretation of information currently available to NIMED, which are subject to change.