My Financial Goals

Here are my Immediate & Long Term Financial Goals

Start on my Own by 2012-13
Needs lot of preparation. I need to spend time, estimate capital requirements & firmly outline my ideas. I also need to develop the skills that will be needed. Its not just financial readiness, after all.

Second Home by 2015
Preferably near to where we stay currently and of course near to a Jain Temple. We have a decent house and would have stayed completely out of any plan to buy a house in Mumbai's expensive real estate. However, the challenge is that we stay a bit far from the Jain Temple. Its easy for us at our age but for my parents its difficult. Let's see how fast I can make this happen.

Retire the Housing Loan by 2020
The loan retires around 2027. Well - I don't think I will prepay this actually. The longer the loan, better it is from a tax saving perspective. Also, my loan came with Home Credit facility which means the surplus amount I have in the Home Loan account, the outstanding loan gets reduced to that extent. An excellent cash flow tool. My goal is to accumulate cash surplus to the extent of outstanding loan.

Net worth of Rs.100 Crores by 2035
Sounds filmy like '100 Days' :) With where I am & What I am today, I will end up in the region of Rs. 5 Crore to Rs. 25 Crores Networth depending upon how well I do in my professional career. So this is a tough one. I have no plan, no calculations of how to do this. But its a dream. This is one factor driving me strongly to move on my own. Why only Rs. 100 Crores? Well - In addition to my retirement corpus there is also a noble cause. Before I retire, my goal is to setup a School & also a Foundation in the Education area. And that's much beyond a financial goal.

Regards, Rohit