It is possible to achieve your financial goals through proper financial planning – however big or small your goals may be. At some point of time in your life, you would be faced with planning finances for major life events or for our dreams and goals. These could be major ones or simple ones – such as buying a car, international holiday travel, buying a home, children education, retirement planning and more. However, random financial decisions can be detrimental to your financial future and derail your financial journey and impact your financial well-being.
Financial Freedom
Financial Freedom is the stage which allows you to do anything without depending on income from work or employment. It means that you would have created assets that will provide a regular cash flow for all your and your family’s current and future requirements.
What are must haves in a good financial plan?
A financial plan aligns your aspirations with actionable steps, making tracking progress and making informed decisions more straightforward. It should include the following:
- Emergency Fund
- Budgeting your income vs expenses
- Planning & investing for future goals (children education, own home, children marriage etc)
- Managing debt wisely (Home loan, car loan etc)
- Managing risk (life and health insurance cover)
- Retirement planning
- etc
Financial planning is an important process to ensure your financial well-being and hence must be taken seriously. It’s also a critical process to get right since wrong financial decisions may set you back many years.
It’s always advisable to take the help of a Personal Finance Professional for creating your financial roadmap for achieving your important financial goals and towards achieving Financial Freedom.
Role of a Personal Finance Professional in your Financial Planning:
- Assessing your financial situation and how to improve savings.
- Get clarity on realistic goals and provide a road-map to achieve the goals.
- Becoming disciplined in saving and investing.
- Review financial plans and their progress, etc.
Do you have a financial plan in place?
Connect for free guidance related developing a good Financial plan. Call 8805554715.
