Financial Planning

Financial Planning

We've all got responsibilities! And some serious 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. These major goals definitely need a Plan to become a reality! Even more basic goals, like renovating your house, taking a holiday, and having money ready for emergencies are easier to reach if they're backed by a strong FINANCIAL plan.

A financial plan is nothing but a step-by-step approach to meet one's life goals. Why go for a Financial Plan? Multiple reasons. For one, parental needs are rising, and kids' dreams are going to cost money. Lots of it! Because don't forget inflation It will only make these goals more expensive as time goes by!!!!!

Another reason - the professional environment is now highly competitive, and even with a high income, jobs cannot be taken for granted. This means money must always be available in times of emergencies. And with newer and bigger medical advances, people live longer retired lives!

But how will all this this get funded? With a financial plan that ensures an income post retirement. Finally, with the number of investment products always on the rise, a strong plan cuts through the clutter and ensures that the right investment products are chosen to achieve these objectives.

Imagine if your daughter's wedding is in 1 year and you're trying to decide how much money to put aside for it. But because you did not start planning for this sooner, you can only afford a certain amount. You may still want to give her the best, so you cut back on expenditure and begin furiously saving for the wedding. But as you get closer to the date, you realize things aren't going as well as you hoped. You've booked the space, bought clothes & jewelry, but what about the food? The florist? The wedding invitations? And imagine if these coincides with your son's college semester fees are due at the same time that you have to make big wedding purchases.

A financial plan, drawn early and wisely, may have been able to save you all that stress! With a strong financial plan, your savings can be directed into suitable investment vehicles, building a corpus for the important things coming up (for e.g. children's education & wedding, building a house, retirement funds) and preparing you for the challenges that life will continue to throw at you (illnesses, accidents, unaccounted expenses).

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