Identify objectives and proper financial planning to achieve it in a systematic way to the heart of financial planning. Without a proper financial plan from chalk, there are a number of risks. Often we find people without adequate retirement corpus and no money to the bank because they are not planned in advance.
Not understanding the risk profile is another big disadvantage of a person from when he performed improper financial planning. Imagine a pensioner put all his savings into a fund with a high risk in anticipation of a high return, and lose a major chunk of his hard-earned money. Has in a time when he needs a consistent, stable income, he just wiped out his savings. Reduces the financial risk of losses through the removal of impulsive decisions from an experienced and projected financial advice.
In addition to planning for emergencies, the understanding of investment strategies and risk profiles, a> Budget helps you prepare for the major events of life. Be it a wedding to buy a car or buying a dream vacation, or a house, the planning for children education, marriage, all subsidiaries are planned and executed in a desired way with a well-designed financial plan.
Life often throws unexpected surprises such as a divorce (which no one even dreamed of when to marry), or a sudden release (which means a new job hunting and support of family or self for the whole couldUnemployed considered). Against all of these require careful financial planning.
Another major expenditure, which is often ignored by the parents, the cost of educating their children. The cost of education increasing from year to year, and his desire, at the head requires a good education. Can you imagine what it will cost a good school, good college, coupled with a foreign degree? We speak in lakhs of rupees here. If you do not start saving for the education of your children at an earlyStages, chances are good that you will feel the money crunch, when the time comes.
Changes in lifestyle, how to grow in his life. The house with two bedrooms that now you might be insufficient in five years, if you have two children. Also could be a long vacation each year, is inevitable. A larger and more luxurious cars would be needed to complement your lifestyle, as you move into a noble house. All this would require financial inputs in the different stages of life, andprepared in advance to help forever.
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