Financial Planning – Its increasing relevance in the present scenario

Each of us has financial goals in life. But not many of us take disciplined and systematic approach to achieve them. These financial goals can be classified broadly into two categories. Firstly comes the commitments that are usually family oriented and include providing decent accommodation for family, children’s upbringing and education, taking care of parents and other family members if any, etc. These goals are common for every person and always act as the prime concern for everyone. Dreams and aspirations are the secondary goals. These goals are different for everybody and are personalized in nature. For instance someone wants to go on a world tour, have a bungalow in Nariman Point, wear designer brands, own a Ferrari, the list can go on and on. They give a new meaning to life and reason to work harder.

The skill lies in prioritizing our aspirations. Most of the times, our primary financial goals sooner or later turn into financial worries, if not planned timely. Also some other factors like uncertain economic conditions, changing legislation, the proliferation of new financial products and lack of time make it difficult for consumers to use their resources effectively.

In this regard, financial planning helps an investor to develop well-defined goals and chalk out appropriate strategies to turn dreams into reality. There is a need for a financial planner to plan the money you earn for whole life in well planned manner which will help to fulfil your goals in an efficient manner. A well-designed financial plan can help you in optimal utilisation of your resources and, along the way, give you a greater sense of financial security.

Financial Planning – Concept — Click Here
Financial Planning Process — Click Here