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It's a regular Monday morning. You wake up in a hurry, get dressed, and step outside. Only to realise that today isn't your daily day of struggle to get to work. Today is different; you're not glued to your desk, for one thing. You're facing the endless turquoise seas and admiring the gorgeous sky as you soak in the refreshing sea breeze...

"Sahil? Sahil? Sahil??? Could you please take the team through last quarters' numbers?"

There you go! It's not the first time your boss has interrupted your beautiful daydream during an office meeting.

If you too have spent more hours dreaming about sailing in the Bahamas than living in the present, here's how you can make your dream come true.

1All you need to get started

For many, travelling is a retirement plan. But why wait that long when you can live your dreams in the prime of your life? If you think planning your travel before retirement can only happen if you win the lottery, you're mistaken.

You can easily go sailing in the Bahamas very soon if you plan right. By saving and investing smartly, you can build the corpus required to make your dream come true.

2The magic number

Realistically speaking, it's always wiser to know how much money you'll need for a certain goal before you start planning for it. By being oblivious to the required sum, it's almost impossible to even draft a practical financial plan for oneself. Once you know how much you'll need, you can start by selecting the most suitable investment avenue and calculating the amount you need to spare each month.

3Tips to start saving and investing

They say the early bird gets the worm, and with good reason. The key is to start as soon as possible so you can dream big and achieve early. Start saving (and, later, investing) a part of your salary from the day you start earning. This not only gives your money more time to grow, but also helps you leverage the power of compounding.

To understand how compounding works, consider this:

Akash and Ayush were best buds in college. Akash began investing Rs. 2000 every month from the age of 25 while Ayush began investing Rs. 5000 a month when he hit 35. Today they are both 45. Going with a 12% interest rate, Akash's savings now amount to Rs. 20 lakh while Ayush's savings amount to Rs. 9.03 lakh. Even though Ayush's monthly investment was more than Akash's, his corpus today is substantially lower.

Be like Akash. Starting early can truly do wonders for your financial planning.

4Goal-based investment planning

While there are other factors you must consider (such as your risk appetite) your goals should ideally determine where you choose to invest your hard-earned money. Therefore, if you wish to holiday in the Bahamas before you retire, you need to put your money where it can grow quickly.

Consider this,
If you have Rs. 1 lakh in your account today and you choose to keep it idle, going by a standard rate of interest of around 4% that most banks offer on savings account, your corpus after 5 years would be around Rs. 1,22,099.

While if you invest this Rs. 1 lakh in a fixed deposit; assuming an average rate of interest of around 7% offered by most banks for a 5-year FD, your corpus would grow to around Rs. 1,41,762 in five years.

However, ULIPs' historical performance has proven that it can give you an average interest rate of 14.92% . So, your corpus at the end of 5 years after having invested in a ULIP could be at around Rs. 2,09,887.

What's more, ULIPs give you tax-free returns as opposed to FDs where the returns are taxable.

Invest 4G from Canara HSBC Oriental Bank of Commerce is one such product that can take you a step closer to your dreams by growing your money systematically. This one-of-its-kind online ULIP is tailormade to suit your needs and help you meet your financial goals. Based on your risk appetite, you can choose to invest your money in any of the seven available fund options.

Not just that, four fund management options give you complete flexibility to balance your money between funds and to stay ahead of market uncertainties. Along with growing your money to fulfil your dreams and aspirations, Invest 4G also provides you with a life cover that assures you of your family's wellbeing in case of any unfortunate events.

So your dream of holidaying in the Caribbean is not as far-fetched as it may seem right now. With Invest 4G as your financial partner, you can set sail towards any horizon you desire to.

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