Importance of Financial Planning | Steps to create a financial plan | Financial Planning Series

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Importance of Financial Planning | Steps to create a financial plan | Financial Planning Series

Financial Planning is an ongoing process to help us make sensible decisions about money that can help us achieve our goals in life; it’s not just about buying financial products. Making a standalone investment in a financial product means nothing if we do not know the why I need this money and when do I need it.

The process of financial planning should help us answer three questions. Where are we today, that is, our current personal balance sheet, where do we want to be tomorrow, that is, finances linked to our goals, and what we must do to get there, that is, the asset allocation and investment strategy that will help us achieve our financial objectives. Financial Planning is very important for every household and we have explained 7 reasons for this in the video – Inflation impact, Contingency Fund availability, Retirement, Insurance needs, Right investments, Cash flow management and achieving our goals.
In the video we have also given the steps to create the financial plan which we will discuss in detail in upcoming videos.

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Comments

Amit Shah says:

While explaining the importance of financial you touch upon a term "retirement corpus"? Can you details what does corpus mean in the context of financial planning?

Nandita Bhanja says:

What are the various investment options are available in the market and how to know which options are right for someone??

Shivangi Ade says:

* Financial planning is the combined process of saving and managing your money to comfortably achieve the financial goals.
* It has to be followed to achieve financial goals, to manage the cash flows, to live a secured retired life, to sustain in inflation comfortably and to have sufficient amount of money in case of emergencies and unexpected conditions.

Amit Shah says:

Nice video. Short and to the point.

What's your personal mail id for further communication?

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