T20 World Cup, 16 Countries 1 GOAL
It is October and the bugle of one of the most anticipated cricketing tournaments has been blown. The 8th ICC Men’s Cricket T20 World Cup is all set to take place in Australia from 16th October to 13th November 2022. The competition will begin with an eight-team qualification round for the Super 12 stage. Eight teams, split into two groups, have already qualified for the Super 12 stage. The second round will begin on October 22 with two teams from each qualification group (a total of four teams). On November 9 and 10, respectively, at the Sydney Cricket Grounds and Adelaide Cricket Grounds, the two semi-finals are set to take place. On November 13, the historic Melbourne Cricket Ground will host the summit match. On home soil, Australia will attempt to defend its zenith.
The tournament was originally scheduled to take place in 2020, however, the COVID-19 epidemic forced the international cricket council (ICC) to postpone it. Originally scheduled to take place in India in 2021, the T20 World Cup will instead take place in the UAE and Oman. Australia will host the rescheduled tournament in 2022, the International Cricket Council also confirmed in August 2020. The ICC officially announced all of the tournament's schedules on January 21, 2022. The current champion is Australia, which is the host nation.
Cricketing Teams Goals and Our Financial Goal
With 16 teams competing for the same title, hard work and perseverance are two qualities that each player must persist with. Just like these teams competing for 1 goal, our savings from various fronts of our earnings work towards a common goal too. We extract savings from wherever we can and keep them stored to fulfil our life goals.
Goal-based investing is one way to reach your financial goal. Let us understand what goal based investing is first. Each of us has a long list of goals for our future. This can be purchasing a car, or a house, taking a trip, making plans for a comfortable retirement, etc. Therefore, it is simple to feel overburdened and occasionally worry about how you will accomplish all your ambitions.
Goal-based investing is beneficial in this situation. Goal-based investing is all about figuring out what your financial objectives are, giving each one a deadline, and making frequent investments to help you get there. In essence, you thereby give all of your aspirations and financial objectives a framework.
Effective strategies when put in together, give your goal based investing a stronger foundation, hence making you make the best of your investments. We put down for you some of the key strategies that you can follow to have an effective strategy in place.
3 Key Strategies to Make your Goal-Based Investing Stronger
Setting goals for oneself is natural as you advance in life. For instance, let's say you recently started your first full-time work and plan to purchase a car within the next four years. Within the first few years of your marriage, perhaps you want to put down the money for a home in a big city.
You must create a corpus now that you have a deadline for achieving your objectives. Goal-based investments are fundamentally based on this.
Instead of putting your resources into investments with low returns, map your investing goals with the instruments that are available, your risk tolerance, and a plan of action to achieve your needs. So how can you create a fully foolproof plan to satisfy your needs?
Make your Investment Plan
Start your goal-based investing journey with the following elements to build your success road map.
Set Numbers: Make a list of your goals (short-term, medium-term, and long-term) with their budgets and timelines.
Analyse Inflation: Future realisation of your objectives is assured. As a result, while estimating future costs, take inflation into account. This means that if a car costs a certain amount today, inflation will drive up its price by the time you decide to buy it in a few years. As a result, you must account for this in your present investing plan.
Check Movements: The cost of the goods will fluctuate either upwards or decreases depending on your objectives. The cost of the most recent laptop will change from one day to the next, but prices for jewellery, vehicles, and homes will remain constant. Be careful when dividing up your investment fund to achieve various objectives.
Start with the Best Instruments
You might consider a variety of asset classes while investing for various objectives. One of the tools that can help you get a little bit closer to your financial goals is a mutual fund. You have two options for investing: a lump sum or a SIP (Systematic Investment Plan), which allocates a certain amount of your funds at predetermined intervals.
Here are a few mutual fund categories that can help you with short- to long-term plans.
Liquid Mutual Funds
Liquid mutual funds, a subclass of debt mutual funds, place money in fixed-income securities with 91-day maturities. This relatively low-risk investing choice is regarded as a well-liked substitute for traditional savings accounts. The profits generated are perfect for short-term objectives.
Equity Mutual Funds
The fund management divides up the investment sum into various pieces and distributes it among a variety of shares. Compared to their debt equivalents, equity mutual funds produce larger returns, but they often carry a higher risk profile. An equity mutual fund is an option for those looking to achieve their long-term objectives.
Equity-linked saving schemes (ELSS)
Consider investing in ELSS mutual funds to qualify for tax breaks. This diversified equity investment plan qualifies for a deduction under Section 80C* of the Income Tax Act, enabling you to fulfil your objectives by deducting up to Rs 1.5 lakh from your taxable income each year.
Debt Mutual Funds
A mutual fund for debt purchases fixed-income securities with medium- to long-term maturities. The interest rate a buyer will receive up until the maturity date is disclosed in advance by the instruments. People can efficiently achieve their short- and medium-term goals with the help of this low-risk investing choice.
A strong strategy put in place, blended with hard and determination is what is needed to reach your goals. While your favourite cricket team, leaves no stone unturned to win the title, you also play your investing moves to make the most of your investments.
At Glide Invest, we aim to simplify investing for you. Glide Invest will help you invest in your goals with Goal-Based Investing, and get higher returns than standard mutual funds. Download the Glide Invest App now to get started!