Personal financial planning is an important necessity for each one of us who seeks financial control of our affairs and wishes to create wealth.
It is a process of assessing your financial situation, identifying your financial goals, determining your objectives and formulating a plan to achieve them in a most professional way. It involves adopting suitable plans or tactics to combine an individual’s or family’s financial goals, including risk management, investment planning, retirement planning, and tax planning.
It is all about knowing where in life do you stand financially and taking control of it and drive it in the proper direction to reach the destination easily and with in the targeted time.
Defining the objectives is the focus of planning and making a strategy to achieve the predefined objective is the root of planning. It is the process of keeping your goals and aims in mind, select a financial product or investments in other assets that fits in your expectations and finally helps you in achieving your goals as desired by you. |