What Is Financial Planning

What is Financial Planning?

Financial Planning is a critical use in ensuring your Long-Term Financial Security in all possible ways, Indeed it’s a roadmap to achieve Financial Freedom in different stages of your life like

Buying a Home/ Car/ Other Goals like planning a Vacation Abroad
  • Emergency Money Planning
  • Child’s Education / Higher Education Planning
  • Child’s Marriage Planning
  • Retirement Planning
  • Passing the Created Wealth to the next Generation.

There are some basic questions to answer for doing financial planning:
  • Where you stand today? What is your current financial situation?
  • Where do you want to get to? What is your vision of your future financial situation?
  • Will you be able to get there? How do you plan to achieve your vision?
For a financial plan, 

you need to analyze your financial needs & goals here as mentioned above.
One should measure in terms of money that what resources one need to meet this stages of different goals and also the time period to achieve these goals.

Finally, one has to write an action plan so that to fulfill the Plan what products are useful to buy and savings to be done or increase/decrease in future too.