We’ve all got responsibilities! You may need to buy a family house, get your children educated well, married grandly… the list goes on and on and on! And maybe after you’ve managed to achieve these basic goals, you can even begin to think about that beach house you always dreamed of! Sadly though, you can’t afford that with just your retirement fund. So… you’ve toiled hard all your life so you can live your dreams, but despite that, they may remain incomplete.
Want to know why? Heard of the saying, “By failing to plan, you’re planning to fail”? It’s true! Everything big in life requires planning and execution. Like financial goals.
Mostly when people think of Financial Planning, they think about investments. Some of them also feel it has to do with mutual funds and insurance. Honestly neither of it is true.
“Financial planning is all about channelizing your financial resources (income and wealth) towards your financial goals”.
Financial planning is the disciplined process through which an individual can make road map to meet expected and unforeseen needs in his life.