Having a financial plan is like having a travel plan - it identifies where youre going, how and when youll get there, how much will it cost, and things to do along the way. A personal financial plan looks at where you are today and where you want to go. Then it sets out all the steps you need to take to get there. Everyone who is earning should draw up a financial plan. The plan will help you get the most from your money and help you in achieving your financial goals in life. A financial plan is the road map for your financial life. It covers major financial areas of your life addressing aspects such as cash flow, savings, debt management, risk management, childrens education planning, taxes, retirement, estate planning, and of course, investments and a strategy for managing them. It is more than a guide. It is a written strategy that gives you a clear, pragmatic path to follow towards the accomplishment of your most important financial goals.
Some people naturally resist the process of creating a Financial Plan. Initially, it seems overwhelming and/or just too much of trouble. However, the potentially devastating consequences of not having it are far greater than the initial discomfort that you experience of the process. For most people we have worked with, the hardest part is just making the decision to get started. Once the process has begun, most clients find it engaging and interesting.
Having a financial plan is like having a travel plan - it identifies where youre going, how and Everyone wishes to have a comfortable retired life but without adequate planning will it be possible for your wish to come true? Probably not. Working span and post retirement span of a person is almost equal these days. When a person is nearing his retirement age he starts to look at about his achievements of various goals.Make retirement also one of your goals then why not start thinking about your retirement at the earliest and be proud of your decision of savings at an early age for a corpus to accumulate. These are some important reasons to plan for retirement. Every person has a need to plan for his own retirement. Priorities may vary from person to person.