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Money makes the world go round — it’s not just a saying but a universal belief. We do believe in money, but with a unique tangent to it that proper financial planning can help you go around the world.
While it’s tempting to indulge in extravagance and save for the future at the same time, it’s usually not possible. Handling money wisely is a born talent in a few and a skill for most of us to learn. The start to a well-crafted financial plan is to develop an accurate financial picture that allows you to plan for the future.
Planning finances is a simple process that just requires discipline in order to fulfil the goals of your life, be it buying your dream house or enjoying your retirement. It’s important to detail the influence of a financial move on long- and short-term financial goals.
Determine your current financial situation:
Here, you need to determine your current financial situation with regard to income, savings, living expenses and debts. Preparing a list of current asset and debt balances and amounts spent for various items gives you a foundation for financial planning activities.
Zero down to the goals:
Specific financial goals are vital to financial planning and you must decide your goals. These can range from spending all of your current income to developing an extensive savings and investment programme for your future financial security.
Evaluate fixed/variable monthly expenses:
You need to evaluate possible courses of action, taking into consideration your life situation, personal values and current economic conditions. Hence, decision-making will be an ongoing part of your personal and financial situation.
Allocate corpus to attain timely goals:
Develop an action plan. This requires choosing ways to achieve your goals. As you achieve your immediate or shortterm goals, the goals next in priority will come into focus. To implement your financial action plan, you may seek assistance from your insurance agent to cover your life or property or the services of an investment broker to purchase stocks, bonds or mutual funds.
Ensure protection:
Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange of a premium. Insurance companies invest the funds securely, so it can grow and pay out when there’s a claim. Insurance helps you cover your risk when you buy a home, drive a car, face medical expenses and also protect your family even when you are not around (in the event of a death).
Don’t invest only for saving tax:
While tax planning is important, you must diversify your portfolio based on your risk appetite. The goal of diversification is not to boost performance — it won’t ensure gains or be a guarantee against losses — but it can help set the appropriate level of risk for an investor’s time horizon, financial goals and tolerance for portfolio volatility.
Dynamic reviews:
When life events affect your financial needs, this financial planning process will provide a vehicle for adapting to those changes. Regularly reviewing this decision-making process will help you make priority adjustments that will bring your financial goals and activities in line with your current life situation.
Financial planning is investing, which is a great way to have your money work for you. Don’t think that you are too young or old to invest. It’s never too late to start early and power your money with an impetus of growth.
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