WHAT IS FINANCIAL PLANNING?
Financial Planning is a solution which converts your goals into action plans and provides the direction and discipline to achieve these goals.
RULE NO.1- NEVER LOSE MONEY,
RULE NO.2 - NEVER FORGET RULE NO. 1
WHY IS FINANCIAL PLANNING NECESSARY?
If you have LIFE GOALS, such as a WORRY-FREE RETIREMENT, EDUCATION for your children at the best schools and colleges, buying a HOUSE or a CAR — then building a financial plan can help you achieve these goals.
Your financial plan will work towards achieving goals such as planning for your retirement, child’s education, marriage, buying a house, debt management and insurance.
Financial planning could help you:
— categorise your risk appetite
— put a number to your goals (what is achievable and what looks difficult)
— map your current and future cash flows to your financial goals
— map your existing assets to your financial goals
— make a statement of your net worth
— look at the adequacy of your insurance
— help you build a corpus for your retirement
— make recommendations for your portfolio.
The importance of financial planning cannot be overstated. Among others, two factors matter a lot — inflation and changing lifestyles.
Moreover, there are contingencies like medical emergencies or unplanned expenditures. Sound financial planning can enable you to mitigate such circumstances, without straining your finances. Financial planning has a role to play in helping individuals both upgrade and maintain their lifestyle.
NIVESHHELPLINE will help you to achieve these goals in your life with active approach in your planning.