BENEFITS YOU DO NOT KNOW ABOUT FINANCIAL PLANNING
Imagine a position, where you have lot of money; however you do not know to utilise money in a logical manner. People have got the perception, that without huge salary, or being a part of rich family, you cannot achieve the higher financial goals.
However, the above mentioned idea is totally wrong. The vital process involving the procedure of estimating the money required and to be utilised is known as the financial planning.
Moneymindz is the organisation consisting of certified financial planners (CFP) to offer advice on financial planning in India.
Area of Coverage of Financial Plans
One should not feel excited, when the term financial plan is being used. It is a sweet combination of various activities ranging from planning large purchases, doing the budgeting, allotments, and organised funds, for expected and unexpected circumstances in a logical fashion.
This also involves the process of drawing up the route for obtaining the financial targets, in a logical fashion. They take into account the liabilities, assets, positive aspects, chances/ability, available to the person.
Must For Drawing Up Financial Plans In India:
The motivating components of the financial planning in India are given below as follows:
Be specific about your goals: You must decide on various financial goals in a methodical and organised manner. Furthermore, you must be very realistic and very specific in meeting your objectives in a logical manner.
Budgeting: Concept of budgeting is the heart of financial planning in India. It helps us to draw exact picture of your spending area and the expenses. If you are struggling with spending the money, then please keep a track on the spending on a regular basis.
Disciplined Approach: Without suitable financial planning, nothing can be achieved. This is also applied to the investment segment. Streamlining of money in an organised manner will enhance investment.
Investment Planning: This is the great time for creating wealth for your personal expense, child’s education, dream holidays, marriage, vacation, entertainment, retirement and others.
Spend Less Than You Earn: People like to have things that are bigger and better in life. Financial planning is gaining more importance than the concept of the consumerism. Your financial planning will fall in place, once spending reduced and earning starts.
Hence, the Financial planning is the core of Indian economy and do require the attention of the experts.
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