Plan Investment With A, Goal In Mind

*Good Morning Money!* *Q.* I don't have any goals as such. My children are all married and settled. I earn enough rent income (inflation adjusted, you can say so) to take care of my expenses. I have enough financial assets to take care of any emergency. Will you still insist that I should have financial goals? *A.* Yes, I will still insist you to have goals. I know I am sounding little impractical and crazy. But I do have my reasons behind saying so. Let me explain. Goals need not be popular ones, like child's higher education, world tour or retirement planning. It could be as weiredly named like - "Earning post tax 10% CAGR from Portfolio ABC in next 7 years' time". Ok, how will this help? This will help you to track and review the performances of your investments with much more precision. Now you know what to expect from what. This will also help you to know when you're supposed to redeem an investment. This gives purpose behind making investments. This approach finally brings some orderliness in otherwise chaotic portfolios. A goal is not a goal without a target and timeline. So go ahead, name your goal and put a tag on your investment.