Financial planning is very important for financial freedom, without planning or goals; a person cannot have financial freedom. It is necessary to do all this for a good future.
Who is a Financial Planner?
- Is a person who uses the financial planning process to help another person determine how to meet his or her life goals
- Key functions of a FP is to help people identify their financial planning needs, priorities and the products that are most suitable to meet their needs.
- Why is Financial Planning Important?
- With a financial plan in place, you’ll be able to focus better on your goals and understand what it will take to reach them.
- Financial plan will clearly show you how your financial goals are related-for example, how saving for your children’s college education might impact your ability to save for retirement.
- You can prioritize your goals, implement specific strategies and choose suitable products or services.
- You will have peace of mind that comes from knowing that your financial life is on track.
Financial goal with products:-
- Emergency Fund
- Retirement Planning
- Marriage Planning
- Buying a House
- Child’s Higher Education
- Vacation Tour
- Buy a New Car
- INSURANCE – HEALTH & TERM PLAN.
Benefits of Financial Planning
To Investor-
- Provides direction and meaning to financial decisions-
- Helps understand how decision in one area effects other areas
- Helps evaluate short and long term effects of decisions on one’s life goals
To Planner-
- Ability to establish long term relationships
- Ability to build a profitable business
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