Stepping stones to financial planning: Goal planning and ass

Stepping stones to financial planning: Goal planning and asset allocation


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Most of the above random investments start with the intention of tax saving, capital protection, avoiding risks, etc. But, they don’t have any end objective in place like a specific financial goal attached to them.
 
 
 
1) Tax saving: People are keen on saving tax. Hence, they end up making investments at the last minute without applying much thought to it. However, tax saving should be one of the objectives of investment planning and not the only one.
 
2) Capital protection: Fixed deposits attract the largest share of people’s investible surplus because people are concerned about the safety of their money. But, people don’t realise that fixed deposit interest is taxable which reduces their overall return. In a high inflation scenario, this lower return may result in negative returns after considering the impact of inflation. 

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