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.

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Inflows into equity MFs in March more than double month-on-month NULL
Mon, 08 Apr 2019 15:46:30 +0530


Which equity index makes an appealing investment strategy? NULL
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ADAG group’s plan to exit the Reliance Nippon AMC gathers steam Reliance ADAG group’s decision to reduce its stake in the business will help assuage investor concerns
Mon, 11 Mar 2019 14:55:21 +0530


Nifty may trade in 11,600-12,000 range for next 3-4 weeks: Axis Securities Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy, says Rajesh Palviya of Axis Securities.
Fri, 19 Apr 2019 09:54:51 +0530


Debt levels have escalated globally: Manish Chokhani "Whichever government comes to power, India stays decisively Left of Centre," said Chokhani.
Thu, 18 Apr 2019 15:38:50 +0530


#39;Nifty fairly valued now, could touch 12,500 by FY20-end#39; We would look at auto stocks more closely post elections and how monthly numbers pan out over period of 2-3 months to gauge if there is pickup in volumes.
Wed, 17 Apr 2019 13:09:37 +0530


Rusmik Oza We expect consumption to pick up post elections due to lower base and phasing out of inventories in the system.
Tue, 16 Apr 2019 13:23:33 +0530


#39;Nifty is likely to swing between 11,540-11,760; opportunities in selective stocks#39; If Nifty trades lower than 11,540 on closing basis decisively, then we can expect the cut to get deeper till 11,311. Until then, Nifty is likely to pendulum between 11,540 and 11,760, said Manali Bhatia of Rudra Shares
Mon, 15 Apr 2019 14:38:48 +0530


Naveen Kulkarni Our preferred themes continue to be banking, IT and consumer. These sectors have various tailwinds in their favour and are likely to deliver decent absolute returns in FY20, said Naveen Kulkarni of Reliance Securities
Mon, 15 Apr 2019 14:05:05 +0530


Shrikant Chouhan Nifty breaks the support level of 11,550 and closes below the same, it would drag the sentiment
Mon, 15 Apr 2019 13:57:59 +0530


Upbeat on IT, private banks and pharma: Saurabh Mukherjea "These four spaces are classical Indian plays because they play naturally into India#39;s distinctive tendency to pump up the budget deficit and spray money at the poor," he said.
Mon, 15 Apr 2019 12:35:13 +0530


Shabbir Kayyumi Since Nifty could not sustain opening level and traded below the weekly pivot point (11,670), which acted as a stiff resistance through the last week, it must sustain above 11,670 for further upside action
Mon, 15 Apr 2019 12:26:59 +0530


Sumit Bilgaiyan For next week Nifty has strong support at 11,550-11,500 and resistance at 11,710-11,760, said Sumit Bilgaiyan of Equity99
Mon, 15 Apr 2019 09:07:21 +0530


Here’s why Bosch, Ashok Leyland and Godrej Consumer are ripe for cherry picking The gap between the broader markets and frontline Nifty stocks will soon lessen as the bull market resume when the small and midcap stocks will begin their upwards journey.
Sun, 14 Apr 2019 08:16:17 +0530


#39;Election year may bring enhanced volatility for equity markets#39; Corporate earnings, especially of domestic oriented companies are showing an improving trend. We don’t expect any immediate significant earnings pick up atleast for next two quarters.
Sat, 13 Apr 2019 11:06:11 +0530


Rajesh Palviya We expect Bank Nifty is expected to trade in range of 29,500-30,100 in coming week.
Sat, 13 Apr 2019 10:46:23 +0530


Week in 5 charts: Lok Sabha polls, earnings keep investors cautious; rupee gains On a weekly basis, the rupee ended marginally higher at 69.15 on April 12 against the April 5 closing of 69.22
Sat, 13 Apr 2019 09:17:13 +0530


Fear of unknown capping upside; 16 stocks in BSE 500 index hit 52-week highs this week Lackluster trade is likely to continue in the coming week with just three active trading sessions
Sat, 13 Apr 2019 09:08:41 +0530


Bumper Listing: Polycab India debuts with 18% premium at Rs 638 The Rs 1,345-crore public issue saw a massive subscription of 51.96 times during April 5-9, 2019
Tue, 16 Apr 2019 10:00:50 +0530


Metropolis Healthcare ends at Rs 959.85, a 9% premium over issue price Metropolis Healthcare#39;s market valuation was at Rs 4,814.90 crore on the BSE
Mon, 15 Apr 2019 16:34:19 +0530


Good Listing: Metropolis Healthcare debuts with 9% premium at Rs 960 The stock opened with a 9 percent premium over its issue price of Rs 880 while on the National Stock Exchange it opened at Rs 958.
Mon, 15 Apr 2019 10:07:37 +0530


Rail Vikas Nigam closes marginally higher at Rs 19.05 on Day 1 RVNL#39;s Rs 480 crore initial public offer was opened for subscription earlier this month with a price band at Rs 17-19 per share and was subscribed 1.8 times.
Thu, 11 Apr 2019 17:50:30 +0530


Rail Vikas Nigam debuts flat at Rs 19 on NSE, BSE The company raised about Rs 480 crore by selling 12.12 percent stake
Thu, 11 Apr 2019 10:10:35 +0530


Polycab India IPO oversubscribed 52 times on good response from institutional investors The issue was opened for subscription on April 5, with a price band at Rs 533-538 per share.
Tue, 09 Apr 2019 20:12:25 +0530


Subscribe to Polycab India: Geojit Financial Geojit Financial has come out with its report on Polycab India. The research firm has recommended to "Subscribe" the IPO in its research report as on April 04, 2019
Tue, 09 Apr 2019 12:04:26 +0530


Subscribe to Polycab India: Choice Broking Choice Broking has come out with its report on Polycab India. The research firm has recommended to "Subscribe" the IPO in its research report as on April 04, 2019
Tue, 09 Apr 2019 11:49:44 +0530


Polycab India IPO subscribed 1.18 times Price range for the offer, which is scheduled to close Tuesday, has been fixed at Rs 533-538 per share.
Mon, 08 Apr 2019 15:40:05 +0530


Subscribe to Polycab India: Prabhudas Lilladher Prabhudas Lilladher has come out with its report on Polycab India. The research firm has recommended to "Subscribe" the IPO in its research report as on April 04, 2019
Mon, 08 Apr 2019 11:37:32 +0530


Subscribe to Polycab India: Mehta Equities Mehta Equities has come out with its report on Polycab India. The research firm has recommended to "Subscribe" the IPO in its research report as on April 04, 2019
Mon, 08 Apr 2019 11:32:35 +0530


Metropolis Healthcare IPO oversubscribed 5.84 times on interest from QIB The reserved portion for qualified institutional investors has seen subscription of 8.88 times and non-institutional investors 3.03 times while retail investors part is subscribed 2.21 times.
Fri, 05 Apr 2019 22:02:53 +0530


Subscribe to Polycab India: Aditya Birla Money Aditya Birla Money has come out with its report on Polycab India. The research firm has recommended to "Subscribe" the IPO in its research report as on April 05, 2019
Fri, 05 Apr 2019 11:56:03 +0530


Polycab India#39;s Rs 1,346-cr IPO opens today; should you subscribe? Looking after strong fundamentals of the company along with the healthy growth prospects of sector, Hem recommends subscribing issue.
Fri, 05 Apr 2019 10:01:32 +0530


Metropolis Healthcare IPO subscribed 47% on second day The public issue has received bids for 16.82 crore equity shares against offer size of 76.61 crore shares till now.
Thu, 04 Apr 2019 16:45:32 +0530

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