Not going technical in the definition, financial planning is a word which one can easily understand by the term only i.e. managing your funds in a planned way to achieve your financial goals.
Good financial planning ensures that your money invested worths you and satisfies your financial set targets required at different stages of your life.
Let’s understand it better with some examples,
If you need a home after 5 years, so to purchase the house you need 50 lakhs, which is a huge amount in itself.
At this point in time, the role of financial planning comes into action. It manages the available resources one have in the right avenues in the marketplace, so that the set goal of purchasing your dream house can come true and that too, within the desired time period.
If someone wants to start his own business after a desired period let’s say in the coming ten years but he is an employee with a moderate salary.
Even then by allocating your available resources in the right areas, you can start your venture and that too within the targeted time frame.
Why you need it?
Every individual has to do three works in their life as a family responsibility.
Firstly, when you are married and have children too. You have to manage the expenses of their education, marriage and arrange funds for their carrier settlement. These are some of the primary responsibilities of being a parent.
And the other one is when one feels to get retired and enjoy their rest of life in the way they want for themselves, a life with no responsibilities. To have a happy retirement, a healthy body and a wealth fund is a must condition by which you can travel to your desired places and can do your planned activities.
There are many known cases seen in this aspect of retirement planning where people earned a lot in their respective carriers and lived a life of pleasure and luxury. But during that tenure, they missed the step of having a retirement plan. Like the case of veteran former actor Late Sir A. K. Hangal. In such cases unwantedly, people have to spend their life by being dependent on others shoulders or in old age homes.
These are the basic financial stages of life where the role of financial planning comes into action which can serve them with a proper roadmap to a happy and prosperous life.
Who can provide you with such planning?
As we have noticed above the necessity of having financial planning.
But the next question arises, How to have such planning and by whom?
People generally take charge of making financial plans in their own hands. Some of them even achieve success in doing that. But in a high majority, people fail in doing so. If someone is new to investing, chances are that narrowing down a financial product according to your financial goals and needs would not come easy to you. This happens because people don’t have the right and required knowledge of doing this. They don’t belong to this profession which not only demands high expertise and knowledge but also a regular practice of doing the same.
For instance, just like an engineer who studies engineering and attains the degree of being so in his respective field, a doctor masters his profession and gets the degree of MBBS, a lawyer studies various laws in-depth and masters over the subject.
The same applies to the profession of Financial Planning. Financial advisors are certified professionals who access the financial situation and recommend suitable financial products based on your financial goals. An expert financial planner ensures that your set budgetary goals can be achieved at different required stages in life. And that too within the available resources and regimes one can start with.
Different financial goals have different demands required to accomplish them. For this one have to look at that…
What are the available avenues of doing so?
How much to put in them?
In what time frame will they yield the required results or it will not?
The single answer to all the above questions can’t be achieved in satisfaction from any individual or a professional belonging to another field.
An expert, knowledgeable, up to date knowledge and well-experienced personnel only can make you satisfied with his services.
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