Here are some simple points to know about financial planning:
- Financial planning is here to take care of your life more than anything else.
- It brings the true role of money in your life, which is facilitating things that you value the most.
- It’s not for quick gains or satisfaction of greed.
- It’s about bringing your dreams to reality. But you need to convert these to measurable and realistic financial goals.
- It is more than insurance planning, investment planning, tax planning or retirement planning which are its components.
- Financial planning may be relatively new to us, but it is very much our need for a peaceful and happy life.
- Time plays a great role in financial planning. A financial plan prepared now gives greater value to your life than the one prepared after a year.
- Financial planning is not a one-stop solution. It’s an ongoing process; needs reviews periodically or on major changes in life or economic environment.
- A financial plan prepared needs earnest implementation and monitoring progress; otherwise it’s of no value. You are in charge of the whole process.
- Financial planning is based on trust and commitment on the part of both the planner and the client. For best results, you need to build and have faith on both financial planning and your financial planner.
- You can construct your own financial plan if you have the time and the expertise for it. Otherwise approach a professional financial planner for this purpose or any related help.
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