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Introduction to Financial Planning

Financial Planning is the process of achieving your financial objectives by efficiently managing your finances which include your assets, liabilities, income, expenses, savings and investments.

A financial plan acts as a road map to your financial goals.
Some examples of financial goals are

  • Purchasing a house or car
  • Planning your child’s education or marriage
  • Retirement Planning
  • Buying any other asset

The Financial Planning process involves six steps, which are as follows.

financial planning

There are some key points one needs to keep in mind during the financial planning process.

  • Set goals that are measurable. This will help you plan your finances and asset allocation efficiently.
  • Start early. The power of compounding works best when you start early.
  • Do not have unrealistic expectations that cannot be achieved. It can jeopardize your financial plan.
  • Understand the investment risks thoroughly before taking an investment decision.
  • Review your financial plan periodically and make necessary adjustments wherever required.