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Financial planning

Financial planning includes evaluation of investment and financing options, in order to make optimal decisions, after analysing the consequences of the decision. Financial planning is a process through which an individual can chart a roadmap to meet expected and unforeseen needs in life. It is a target to measure the progress you are making and update your plan as your goals and time frame change.

A financial plan is a tool to compare future performance against that plan. Financial planners play an important role in financial planning. They help you in identifying, advising and monitoring appropriate plans for your financial portfolio. You do need to pay a one-time fee to have a plan created, or it may be included as part of a fee-based account with a stockbroker or investment adviser.

Need for financial planning:
The basic intention of financial planning is to take necessary steps to ensure that the individual is well equipped to achieve what he has desired to achieve and is prepared to deal with unforeseen events as well. The two factors that are primarily responsible for financial planning, in the present scenario, are inflation and changing lifestyles. Hence, the importance of financial planning cannot be overstated.

Inflation: This is a situation where there is a rise in the general price level. For example, a product that costs Rs.10 at present would cost Rs.15 a year from today and Rs.50 over a period of 10 years assuming a price rise at 5% p.a. Financial planning ensures that one is capable of dealing with the impact of inflation, especially after retirement, when expenses continue but income dries up.

Changing lifestyles: It is imperative for individuals to upgrade their standard of living. Some luxurious objects like cars have become necessities today. Financial planning has a key role to play in helping individuals both upgrade and maintain their lifestyle as well.

Also, there are unexpected events like medical emergencies or unplanned expenditures that an individual might have to cope with. Proper financial planning can enable him to easily diminish such situations, without damaging his finances.
Ideology of financial planning:

Financial planning is not a very difficult task. You need to be disciplined in order to have a co-ordinated and comprehensive approach to achieve your personal and reasonable financial goals. Discipline plays an important role at every stage, from setting objectives to actually executing the plans that are meant to achieve those objectives. Some of the ideologies of financial planning are setting objectives, investing in line with minimum risk and asset allotment.

Benefits of financial planning:

Financial planning helps you to determine different ways to get through your financial destination. Financial planning is beneficial and essential at each and every phase of your life like- a simple trip to a particular destination, your retirement, or maybe you have accumulated substantial wealth and want to protect your assets from lawsuits and many other potential threats not only to yourself but also to your heirs. Financial planning enables you to have a secured future..

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