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How much money should I save towards retirement?
It is advisable to save at least 15-25% of your income towards retirement but those who have waited long to start saving will have to contribute more.
What are goals? How can you classify your goals?
Financial goals are targets which would help to fulfill specific future financial needs.
Short term (1-3 years)
- Buying a car
- Making down payment on a home loan
- Taking vacation
- Getting married
Medium-term ( 3-7 years)
- Paying for children's education
- Home modifications
- International Travel
- Starting a new business
Long term ( more than 7 years)
- Living comfortably during retirement
- Child marriage
- Support parent's old age expenses
