While one cannot predict the Future should be prepared for it these aims will be achieved if a person has done the preparation and as we all have our goals. Its best to begin planning prevention is always better than cure. It is a systematic approach by using the instruments and investment vehicles to achieve his goals and objectives, whereby the planner maximizes client’s existing resources. In Words, it is the practice of fulfilling life goals through proper management of the finances of one. Life goals can include buying a home, saving for children’s education, buying a car, protecting family against risks or planning for retirement.
The demand for financial planning arises from the requirement of meeting the financial goals of someone’s life & it helps to have a comprehensive look towards one’s futures financial needs and goals such as cash flow, debt management, education funding, retirement planning, estate conservation and portfolio management. Additionally, it provides you the way to make informed decisions you can reap the benefits of your preparation and so you will not make any errors. Financial Planning ensures that the perfect amount of money can be found in the appropriate hands at the perfect time period in future to attain specific financial objectives by Small Business Advisors. Virtually anyone with moderate wealth or a decent income can avail the benefits of financial planning.
It is based on individual risk profiling, and it provides a road map to achieve financial goals. It can help you choose a ‘big picture’ look at your financial position and it guides you to analyze your current financial status and determine goals. It assists in devising plan or a plan for how you can meet your goals given your current situation and future aims. It recommends improvements and identifies weaknesses. It puts the risk management system to fulfil doubts of life through efficient Insurance Planning, Tax Planning and Estate planning. It is the practice of handling your money to attain satisfaction that is personal. It offers a sense of safety and stress and permits you to control your situation. It is a disciplined approach to managing your finances to reach Life objectives. It involves disciplined investment mechanism & systematic, in creating wealth over a period of 10, which aids. It helps you to become Accountable towards investing.