Any times, you may have read the word Financial Planning and you may have many complicated definitions as well. Hope you have watched “3 IDIOTS” . When Aamir was asked the definition of machine, he said in simple language “Machine is anything that reduces human effort”. Similarly in simple language “Financial Planning is the process of meeting your life dreams/goals through the proper management of your finance.”
Dream of buying a new car, a dream house, getting your children married in style, or simply retiring early to Live Life King Size.
There are two ways you can deal with finance in your life:
1 Without Planning wherein at some point of time in future, you will have money and then you will decide how to use that for your goals.
2 With planning, you decide well in advance what are your goals and how you will achieve them.
Financial Planning Gives you more clarity in life, it provides direction and meaning to your financial decision. It helps you to provide the right balance between your present and future lifestyle.
Financial Planning will answer three important questions:
What are your financial goals?
Where you are today in relation to your goals?
How will you get from where you are today to your goals?
Why is it required?
No one plans to fail but people who don’t plan are surely making plans to fail.
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Today, time is with you. But will you be able to continue at the same through out your life? Will your income be the same forever? Will you be able to live on your own terms even after you retire? Answer these questions and then think for Financial Planning.
Building Block of Financial Planning
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