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    Financial Goals Worksheet (Basic) : Step 1 Step 2 Step 3

    Uploaded by

    Arun KC
    The document outlines an 8-step process for setting financial goals. Step 1 has the user list major life goals. Step 2 rationalizes the list. Step 3 tags each goal as a "need" or "desire." Steps 4-5 categorize and prioritize goals. Steps 6-7 determine today's cost and adjust as needed. Step 8 calculates monthly savings needed to afford goals after inflation. The worksheet guides the user through systematically defining, prioritizing, and planning for both essential and optional financial goals.

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    Financial Goals Worksheet (Basic) : Step 1 Step 2 Step 3

    Uploaded by

    Arun KC
    31 views6 pages
    The document outlines an 8-step process for setting financial goals. Step 1 has the user list major life goals. Step 2 rationalizes the list. Step 3 tags each goal as a "need" or "desire." Steps 4-5 categorize and prioritize goals. Steps 6-7 determine today's cost and adjust as needed. Step 8 calculates monthly savings needed to afford goals after inflation. The worksheet guides the user through systematically defining, prioritizing, and planning for both essential and optional financial goals.

    Original Description:

    Financial Planning

    Original Title

    Financial Planning

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    The document outlines an 8-step process for setting financial goals. Step 1 has the user list major life goals. Step 2 rationalizes the list. Step 3 tags each goal as a "need" or "desire." Steps 4-5 categorize and prioritize goals. Steps 6-7 determine today's cost and adjust as needed. Step 8 calculates monthly savings needed to afford goals after inflation. The worksheet guides the user through systematically defining, prioritizing, and planning for both essential and optional financial goals.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    31 views6 pages

    Financial Goals Worksheet (Basic) : Step 1 Step 2 Step 3

    Uploaded by

    Arun KC
    The document outlines an 8-step process for setting financial goals. Step 1 has the user list major life goals. Step 2 rationalizes the list. Step 3 tags each goal as a "need" or "desire." Steps 4-5 categorize and prioritize goals. Steps 6-7 determine today's cost and adjust as needed. Step 8 calculates monthly savings needed to afford goals after inflation. The worksheet guides the user through systematically defining, prioritizing, and planning for both essential and optional financial goals.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 6

    Financial Goals Worksheet (Basic)

    Step 1 Step 2
    List down all your Major Life
    Goals.
    Rationalize the list of your life goals. Step 3

    Tag goals as 'Need' or 'Desire'

    Life Goals Life Goals Rationalize


    Tag as Need
    Buy Bike Buy Bike Financial Goals
    or Desire
    Buy Car Buy Car Buy Bike Desire
    Buy Home Buy Home Buy Car Desire
    Sister's Marriage Sister's Marriage Added Buy Home Need
    Buy Car for Sister Buy Car for Sister Sister's Marriage Need
    My Marriage My Marriage Added Buy Car for Sister Desire
    Jewels for mom Jewels for mom My Marriage Need
    Jewels for wife Jewels for wife Jewels for mom Desire
    1st Child education 1st Child education Jewels for wife Desire
    2nd child education 2nd child education 1st Child education Need
    World tour with parents World tour with parents 2nd child education Need
    Retirement Retirement World tour with parents Desire
    Buy house for childrens Buy house for childrens Retirement Need
    Modifications for house Modifications for house Buy house for childrens Desire
    1st Child marriage 1st Child marriage Modifications for house Desire
    2nd child marriage 2nd child marriage 1st Child marriage Need
    Payoff dad's debts Added 2nd child marriage Need
    Payoff educational loans Added Payoff dad's debts Need
    Payoff educational loans Need
    Step 4 Step 5
    Categorize goals as Immediate, Short-term, Mid-term
    Give priority to each of the goals
    and Long Term goals

    Categorize Financial Need /


    Need/Desire Financial Goals Priority
    Goals Desire
    Immediate (less than 1 year) Immediate (less than 1 year)
    Payoff dad's debts Need Payoff dad's debts Need 2
    Payoff educational loans Need Payoff educational loans Need 1
    Short Term (1-5 years) Short Term (1-5 years)
    Buy Bike Desire Buy Bike Desire 3
    Buy Home Need Buy Home Need 1
    Sister's Marriage Need Sister's Marriage Need 2
    Medium Term (5-10 years) Medium Term (5-10 years)
    Buy Car Desire Buy Car Desire 6
    Buy Car for Sister Desire Buy Car for Sister Desire 7
    My Marriage Need My Marriage Need 4
    Jewels for mom Desire Jewels for mom Desire 5
    Jewels for wife Desire Jewels for wife Desire 8
    Long Term (10+ years) Long Term (10+ years)
    Retirement Need Retirement Need 1
    Buy house for childrens Desire Buy house for childrens Desire 6
    Modifications for house Desire Modifications for house Desire 7
    1st Child marriage Need 1st Child marriage Need 8
    2nd child marriage Need 2nd child marriage Need 9
    Step 6 Step 7

    Find cost of each goal Today Rationalize goals & costs if need be

    Need / Need / Cost


    Financial Goals Priority Cost Today Financial Goals Priority
    Desire Desire Today
    Immediate (less than 1 year) Immediate (less than 1 year)
    Payoff dad's debts Need 2 700000 Payoff dad's debts Need 2 700000
    Payoff educational loans Need 1 500000 Payoff educational loans Need 1 500000
    Short Term (1-5 years) Short Term (1-5 years)
    Buy Bike Desire 3 150000 Buy Bike Desire 3 150000
    Buy Home Need 1 5000000 Buy Home Need 1 5000000
    Sister's Marriage Need 2 2000000 Sister's Marriage Need 2 2000000
    Medium Term (5-10 years) Medium Term (5-10 years)
    Buy Car Desire 6 1000000 Buy Car Desire 6 1000000
    Buy Car for Sister Desire 7 600000 Buy Car for Sister Desire 7 600000
    My Marriage Need 4 1500000 My Marriage Need 4 1500000
    Jewels for mom Desire 5 400000 Jewels for mom Desire 5 400000
    Jewels for wife Desire 8 400000 Jewels for wife Desire 8 400000
    Long Term (10+ years) Long Term (10+ years)
    Retirement Need 1 30 crs Retirement Need 1 30 crs
    Buy house for childrens Desire 6 4000000 Buy house for childrens Desire 6 4000000
    Modifications for house Desire 7 500000 Modifications for house Desire 7 500000
    1st Child marriage Need 8 2000000 1st Child marriage Need 8 2000000
    2nd child marriage Need 9 1500000 2nd child marriage Need 9 1500000
    Step 8

    Find how much you need to save and invest, where to invest to achieve your inflation adjusted goal costs in future

    Goal in
    Need / Inflation adujsted Monthly Required
    Financial Goals Priority exact Cost Today
    Desire Cost in Future Investment
    years
    Immediate (less than 1 year)
    Payoff dad's debts Need 2 10 Months 700000 1000000 20000
    Payoff educational loans Need 1 5 Months 500000 600000 5000
    Short Term (1-5 years)
    Buy Home Need 1 3 5000000 6000000 10000
    Sister's Marriage Need 2 5 2000000 2000000 5000
    Jewels for mom Desire 5 5 400000 450000 2000
    Medium Term (5-10 years)
    Buy Car Desire 6 7 1000000 1000000 1000
    My Marriage Need 4 8 1500000 2000000 5000
    Jewels for wife Desire 8 8 400000 500000 2000
    Long Term (10-20 years)
    Retirement Need 1 20 30 crs 350000000 20000

    Long Term (20+ years)


    1st Child marriage Need 8 30 2000000 2500000 5000

    TOTAL 75000

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