Earning money is hard and managing it is harder! This is where financial planning comes in. Financial planning is an organised and holistic process that helps you to invest your money wisely as per your financial goals. The plan is drawn after taking into account your various financial priorities, responsibilities and liabilities. Simply put, a financial plan first assesses your current financial situation, your financial goals and then draws up a roadmap for you to reach those goals.
A well thought-out and prudently drawn financial plan:
The first step in financial planning is to recognize your financial goals. Identify number of years after which each goal will arise for fulfilment and place a monetary value to it. Also, while creating the plan, do not take the present value of the goal, take the future value of the goal, taking into account the impact of inflation.
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