Financial Planning and its Importance
Following are five important reasons why financial planning is the need of the hour
Income: It's guaranteed that you will manage your income much more effectively through financial planning. Managing income basically helps you to understand how much money you'll need for monthly expenditures, savings and tax payments.
Cash Flow:You can increase cash flows by sensibly monitoring your expenses and spending patterns. Cautious spending, careful budgeting and tax planning will help you in keeping more of your hard earned money.
Family Security: Providing your family with financial security is an extremely important aspect of your entire financial planning process. This includes having the proper policies and insurance coverage in place that can provide peace of mind for you and your family.
Investment: A systematic financial plan considers yourobjectives, risk tolerance and personal circumstances. It acts as a guide in assisting you to choose the accurate type of tax saving investmentsto fit your goals, personality, needs and also save tax!
Standard of Living: A systematic financial planning will lead to more savings and it's always beneficial to have more funds during any kind of crisis. For example, you can be sure of the fact that there is enough insurance coverage to replace any lost income if a family member who is also the bread winner becomes unable to work.
I hope that the above pointers have triggered the notion of financial planning in your head. One of the main aspects of savings are investments, and it's widely recommended because of thetax saving option it offers. The first step of developing a financial plan is to meet a financial advisor, he will review your current financial circumstances, anticipate any changes, consider your future goals, and churn out a customized plan.
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"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
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