Financial Planning

Financial planning, as the name suggests, refers to preparing a plan or strategy to achieve personal financial goals. Planning helps in achieving monetary goals and objectives faster, along with preparing oneself for any shocks and surprises. One can create a financial plan individually or with the help of a financial planning service. In either case, it starts with analysing your current financial status, listing down future financial goals, and then developing an action plan to achieve those goals.

Often, financial goals are either purchasing an asset, planning for big expenditures like travel or children’s education, or for leading a relaxed life post retirement. To achieve any of these goals, the most crucial aspect is the approach one takes towards investments. In most scenarios, savings and investments are done with whatever surplus is left after all expenses. However, financial planning for individuals helps them in changing this approach, leading to an investment-first lifestyle.