What is financial Planning?
Financial Planning is a systematic and discipline tailored process which help individual to achieve their goals & Dreams, while at the same time negotiating the financial barriers that inevitably arise in every stage of person life, financial planning is a strategy with a timely execution and not a product.
Why i need a financial Planning as my life settle!!!!
Yes most of people feel that it’s for someone else, who is someone else?
The Wealthy or those who in Debt or People with a large Family or then where I stand?
[highlight] “A survey of Yale University graduates in 1953 showed that only 3% had written down their financial plans for the future. Twenty years later a follow up survey of the same graduates showed that the assets of the 3% who had written down their plan exceeded the combined assets of the 97% who had not.”
Source: Money Tree/Wealth Adviser [/highlight] [highlight] [/highlight]
Advantage of Financial Planning:
1. It will help you define your financial goals.
- It will help you see whether your goals are realistic, especially for your timeline
- It will help you see how you can bring your spending in line with your goals.
- It will show you what money mistakes you’re currently making.
- It will allow you to measure your progress on your goals.
- It will help you find new ways to maximize your money.
- It will help you identify risks you hadn’t thought of.
- It will make you more confident with your money.
- It will help you build wealth.
- It will help you live more comfortably.
Role of financial planner:
Financial planner is who prepare a process and strategy on basis of Concern goal Vs Income.
Many Financial planners doing financial planning on product base and not on goal base which is harmful in long run.
Process of sound Financial Plan
Analyze & Evaluate Your Financial Status
Develop a Plan
Implement the Plan
Monitor the Plan & Make Necessary Adjustments
Keep Going !!!!!