Financial Planning

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.

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.

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.

Do you need financial plan?

Yes - if you have an income, a family or planning to have one in the future, retirement dreams, and for many other financial reasons / goals that are unique to you. No one can predict the future but one can certainly be better prepared for it. An effective financial plan will make sure that you are financially prepared to deal with the unexpected events and stormy times. If you dont have one, youre more likely to end up in a financial mess. On the contrary, if you have one and the recommendations thereon have been executed, most of your financial goals will be satisfactorily met. A good financial plan can alert you to changes that must be made to make sure a smooth transition through lifes financial phases, such as decreasing spending or changing asset allocation.

By developing a financial plan you and your family:

    Will have a better understanding of your current financial position.
    Determine attainable retirement, education, insurance, and other financial goals.
    Review goals, funding strategies, and alternatives to balance all goals.
    Have the necessary financial resources set aside to fund your goals as they occur.
    Reduce the effects of unexpected events such as disability, premature death etc.

You need not be very rich to have a financial plan. No matter how much you earn and at what age, a plan is important to make your life easier. As your financial situation influences almost every aspect of your life, a regular financial plan can help give you peace of mind and protect you from unforeseen, unfavorable situations. Once you have a working personal financial plan, you can use it to make informed financial choices. Having a good financial plan will allow you an over view of what you can afford. It will allow you to analyze your wants versus your needs. It also provides you a way to see how to avoid major financial mistakes in the future.

Risks of not having a financial plan:

        You may be able to achieve what you want today but might not be able to achieve what you need few years down the line. Say, if you buy a new car now, you might not have enough funds later to buy your dream home.

 

        You may not see the big picture. Say, you may grow your wealth by making good investment choices but end up being tax inefficient and pay more taxes than you need to.

 

        You may take a short-term view of an opportunity and make rushed financial decisions, or fall into some scam trap. Worst of all, you may end up doing nothing (and just thinking of doing something) and never achieve your financial goals.

 

        You might become a victim of mis-selling and build a corpus of investment products that neither suits your financial needs nor your risk profile.

 

    You are very much likely to worry more about money and financial security. You may not know where you are today and where are you heading for.

Tips for Effective Financial Plan

    Be realistic with your investment returns; dont plan to outperform the markets.
    Account for market risk and dont assume the same return to repeat every year.
    Dont forget to plan for inflation, taxes and your financial planners fees.
    Review your financial plan regularly to see if you are on track or need any changes in the plan.

The need for financial plan is all the more very important in the turbulent economic times of today. If you dont have one till now, dont delay any more and Get it Now. Dont be self-satisfied that you will be okay whatever happens. Face the reality. Unless you develop a financial plan early, it will be too late.

yabancı film izle film izle güzel sözler

  • MF NEWS
  • IPO NEWS

Joydeep Sen When the instrument matures after a month or two, or when the fund gets fresh subscriptions, that quantum is invested at the then prevailing yield levels.
Wed, 11 Jul 2018 07:49:40 +0530


How MF ratings are changing after SEBI#39;s fund reclassification With the reclassification of mutual funds, there will be a change not only in basis of arriving at performance ratings by rating agencies, but also in the method of analysis to be adopted by the investors while reviewing the performance of the schemes for making investment decisions.
Tue, 10 Jul 2018 11:05:21 +0530


Juzer Gabajiwala The main distinction between capital gains tax and DDT is that DDT is paid by the fund house and not by investors, whereas capital gains tax is paid by the investor
Thu, 28 Jun 2018 08:51:32 +0530


Joydeep Sen If there is an open-ended bond fund that is passively managed with maturity roll-down, investors may opt for it to gradually reduce interest rate risk
Fri, 22 Jun 2018 09:54:53 +0530


How you can help your parents sort their investments systematically Your parents have done their best to secure your future and well-being at every step of the way. It is time you take responsibility for their future wellbeing too.
Thu, 21 Jun 2018 09:51:57 +0530


4 important tips to make the most of close-ended mutual funds Close-ended mutual funds do not have any track record and aren’t open to investors post their initial offer period
Tue, 12 Jun 2018 08:21:17 +0530


Subscribe to HDFC Asset Management Company: GEPL Capital GEPL Capital has come out with its report on HDFC Asset Management Company. The research firm has recommended to "Subscribe" the IPO in its research report as on July 19, 2018.
Fri, 20 Jul 2018 12:48:13 +0530


TCNS Clothing IPO subscribed over 3 times on final day so far The IPO, to raise Rs 1,125-crore, received bids for 3.51 crore shares against the total issue size of 1.09 crore shares, data available with the NSE as of 3 pm showed.
Fri, 20 Jul 2018 12:06:18 +0530


Subscribe to TCNS Clothing Co: ICICI Direct ICICI Direct has come out with its report on TCNS Clothing Co. The research firm has recommended to "Subscribe" the IPO in its research report as on July 17, 2018.
Wed, 18 Jul 2018 15:31:57 +0530


TCNS Clothing IPO opens; here#39;s what analysts recommend Given the decent financials, mature valuations and growth prospects, majority of brokerage houses are of the view that investors can subscribe the issue with a long term perspective, but not for listing gains.
Wed, 18 Jul 2018 09:18:55 +0530


HDFC AMC IPO to open on July 25, fixes price band at Rs 1,095-1,100 Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares thereafter.
Tue, 17 Jul 2018 16:52:43 +0530


TCNS Clothing IPO to open on July 18; 10 key things you should know before investing TCNS Clothing intends to raise Rs 1,121.98 crore at lower end of price band and Rs 1,125.13 crore at higher end of price band.
Tue, 17 Jul 2018 15:02:20 +0530


Subscribe to TCNS Clothing Co: Hem Securities Hem Securities has come out with its report on TCNS Clothing Co. The research firm has recommended to "Subscribe" the IPO in its research report as on July 17, 2018.
Tue, 17 Jul 2018 12:02:49 +0530


Subscribe to TCNS Clothing Co: Prabhudas Lilladher Prabhudas Lilladher has come out with its report on TCNS Clothing Co. The research firm has recommended to "Subscribe" the IPO in its research report as on July 13, 2018.
Mon, 16 Jul 2018 17:06:49 +0530


Affle Holdings files for India unit IPO The IPO comprises fresh issue of shares worth Rs 90 crore, besides an offer for sale of up to 55 lakh equity shares by Affle Holdings, according to draft papers filed with Securities and Exchange Board of India (Sebi).
Mon, 16 Jul 2018 15:55:15 +0530


Varroc Engineering shares list with 5% premium at Rs 1015 The Rs 1,955-crore initial public offering was oversubscribed 3.59 times during June 26-28, driven by strong interest from institutional investors.
Fri, 06 Jul 2018 10:04:36 +0530


Will a probable Reliance Retail IPO unlock value for RIL’s shareholders? The markets are factoring in the value from the retail division of Reliance Industries in the latter’s price.
Thu, 05 Jul 2018 09:18:20 +0530


Varroc Engineering to make stock market debut on July 06 The final issue price of Varroc Engineering is fixed at higher end of price band.
Thu, 05 Jul 2018 09:12:28 +0530


Fine Organic Industries stock ends 5% higher at Rs 822.80 on BSE The stock touched an intraday high of Rs 834 and low of Rs 787 after opening at Rs 815.
Mon, 02 Jul 2018 16:19:40 +0530


Strong Debut: RITES closes with 15% premium at Rs 212.70 on Day 1 The stock price hit an intraday low of Rs 190 which was also the opening price.
Mon, 02 Jul 2018 16:13:56 +0530


New Listing: Fine Organics lists with 4% premium at Rs 815 on NSE The stock listed at Rs 815 apiece, a premium of Rs 32 to the issue price of Rs 783, on the exchange.
Mon, 02 Jul 2018 10:15:05 +0530

Client Login
Contact Us
Name
E-mail
Mobile
Message