Financial Planning- A Planning To Achieve Ones Financial Goals-kaya scodelario

Personal-Finance While one cannot predict the future,one should certainly be better prepared for it as all of us have our goals to be fulfilled at every stage of life and these goals will only be achieved if one has done the financial planning. So, its better to start planning now as prevention is always better than cure. Financial planning is a systematic approach whereby the financial planner maximizes customer’s existing financial resources by using the appropriate financial tools and investment vehicles to best achieve his financial goals and objectives. In other words, financial planning is the process of meeting once life goals through proper management of one’s finances. Life goals can include buying a home, saving for children’s education,buying a car, protecting family against financial risks or planning for retirement. The need for financial planning arises from the need of meeting the financial goals of one’s life & it is financial planning that helps us to take a .prehensive look towards one’s futures financial needs and goals including cash flow, debt management, education funding, retirement planning, estate conservation and portfolio management . Financial planning gives you the direction to make informed decisions about your investments so that you won’t make any mistakes and you can reap the benefits of your financial planning for the rest of your life. Financial planning is simple mathematics. There are 3 major .ponents : 1.Financial Resources (FR) 3.Financial Goals (FG) When you want to maximize your existing financial resources by using various financial tools to achieve your financial goals, that is financial planning. Financial Planning : FR + FT = FG Benefits of Financial Planning: Financial Planning ensures that the right amount of money is available in the right hands at the right point of time in future to achieve specific Financial Goals. Virtually anyone with moderate wealth or a decent in.e can avail the benefits of financial planning like: Financial Planning is based on individual risk profiling, and it provides a road map to achieve financial goals. Financial Planning Process: The Financial Planning Process consists of six steps, using which, you can work out where you are now, what you may need in the future and what you must do to reach your goals. Step 1: Determine Your Current Financial Situation Step 2: Develop Financial Goals Step 3: Develop financial planning alternatives Step 4: Evaluate Alternatives Step 5: Create and Implement a Financial Action Plan Step 6: Re-evaluate and Revise One’s Plan Financial planning, especially at an early age can help to give your life focus and help you to achieve your goals in life. So, start your financial planning today and fulfill all your dreams & goals of life without any hassles. About the Author: By: akansha tyagi – Recently there has been a frenzy of activities in Thane real estate market with properties in Thane on the rise. With the soaring property rates in Mumbai city and the increasing population woes, more and more people are now movi … By: Arwind Sharma – A small article on how to ensure smart buying. Read the article for more information. 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