Unconventional financial goals which we came across from investors:
When we talk about Unconventional financial planning, we generally think of them as boring goals such as retirement, education for children, marriage for children, home buying and home remodeling, and so on. We all have very special and unconventional dreams that we want to achieve. I just collected some unconventional lenses from some of our clients.
Unconventional financial goals of some of our clients that my team can remember.
1. Take a two-year break from work
One of the clients wants to take a 2-3 year break from his job. Do you want to explore what he’s good at or not?
He is very good at his current job and enjoys doing it. But somewhere deep inside he wants to know if there are other areas of life that he can rely on, and that can only be done if he takes a very long break.
He has been working for the past 11 years and for the next 4-5 years he wanted to take a two-year break so that he could pursue his interests such as travel, writing, research, volunteering or other activities and even some free time. . I know it sounds a little risky, but it’s his life and we shouldn’t be judging other people’s decisions.
2. Send parents on a trip around the world
One of the clients wants to offer parents a trip around the world (trips to different destinations over a period of 5 years) and wants to create a large corpus for it. His childhood was fraught with conflict, and his parents hardly ever went on vacation. But he now makes good money and he wants to compensate his parents in any way he can.
Now he wants to create a large corpus within a few years that can be used for regular international tours. I think this is a great idea. Somewhere deep down we all want to do this for our parents (and many do), but she chooses to set a When we talk about Unconventional financial planning, financial goal and work towards it.
Attain financial freedom at the age of 45
In general, every investor has “retirement planning” as a financial goal, but few want to achieve financial freedom long before retirement.
Some people want to be financially free by age 50, but people with IT experience always think the term is 45 years.
Financial freedom is a situation where you are not retired yet, but have enough investments that can provide enough monthly income to increase your financial life for the next 20-30 years.
4. Bodies dedicated to updating skills
We had an excellent client from Bangalore who was very confident that if you want to achieve good results in your career you have to invest a lot to continuously improve your skills.
Therefore, he wants to create a diving corpus every 1-2 years and take courses/workshops to improve his skills. This could mean getting an online certification and taking specialized courses at IIM over the past weekend (you can pay a fee of 80,000 to 1 liter and take these courses).
5. Medical expenses for you / parents
It is not very rare, but also not very common.
Too late we see that many investors want to create a dedicated corpus for the healthcare costs of their older parents and for themselves as well. In many cases, people cannot get health insurance for their parents due to their medical history, and these people want to be prepared for the higher costs and build a corpus for it.
Even if you have health insurance, it can often happen that you have to pay the costs out of your own pocket because of the disaster and then have to seek compensation. Therefore, this medical corpus could be useful at that time!
6. A road trip from India to London
See these two cyclists from Bangalore who made it all the way to London and covered 23,500km. For them, it was a dream come true. I saw their story and also felt that I would like to do it someday.
But one of our customers started drawing, but not on the bike !!. He will take a travel package and take a bus.
There is a special travel agency that has started traveling from India to London and it costs up to 16 lac (one side). However, this is a 70-day trip and it goes through 18 countries and I’m sure it will be the trip of your life!
7. Start growing
Some investors are convinced that they want to start farming after 50 years, and some have already bought the land and want to create a corpus to seriously realize their agricultural dream.
They want to do the installation and also give you the job. For most of these investors, it is clear that they have only been in business for 60 years and want to switch to agriculture much sooner. I’m not sure this will happen to most. But there’s nothing wrong with trying!
8. Heritage for future generations
Some customers also mention their strong desire to create a legacy that can be passed on to the next generation. They don’t usually talk about the property your family gets. Here they wanted to create an amount within a certain period of time that would be transferred from the property to their children or grandchildren.
9. Operational configuration
Many investors who have jobs also want to make a career change at some point in their career and enter the corporate world in the mid-’40s or ’50s and have already started raising money to start a business.
Many of these investors are experienced in IT and tell us that more than 50 of them think the software industry will struggle and want to plan for the future. Entrepreneurship is not a walk in the park either, but at least they are thinking about their plan B.
10. Charity / social service
Far fewer investors really think about it, but some investors also show a strong desire to create a corpus that will be used for charity. Many of our clients have shown great interest in charities.