Financial planning

Financial planning

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  Financial planning
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  Financial planning • Financialplans are series of an individual additive attainment of which is designed to accomplish a financial goal or set of circumstances, e.g. Elimination of debt, retirement readiness, etc. • Financial planning may easily be understood as, the method of meeting our life goals through the proper management of our finances.
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  Benefits of financialplanning • Financial planning provides direction and meaning to your financial decisions. • It allows you to understand how each financial decision you make affects other areas of your finances. • For example, buying a particular investment product might help you pay off your mortgage faster or it might delay your retirement significantly. • By viewing each financial decision as part of the whole, you can consider its short and long-term effects on your life goals. • You can also adapt more easily to life changes and feel more secure that your goals are on track.
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  Golden rules ofFinancial planning • Have a financial goal, be rich • Make a budget or spending plan • Save your money • Ensure your family & finances • Keep yourself updated, be aware & alert
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  • Make afinancial goal, be rich • Financial goals can't be an afterthought, or your efforts are likely to fail. • To succeed at anything, you have to make it a priority in your life. • Commit your goal, if you're not clear on your commitment, other things will always get in the way. • A plan acts as a guide through your financial journey and, even if domestic and global upheavals dent your investments, it will help you . • At the macro level, planning affects every aspect of personal finance, be it taxation, get back on track insurance or achievement of goals
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  • Make abudget/spending plan • Command your expenditure from being overflow. • Track your expenses. • A simple step you may have in practice is to right down every single thing you spend money on and analysis at end of month. • Monitor your expenses and see is it helping you to achieve your goal that we discussed earlier.
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  • Save yourmoney • Saving is another earning. • You can’t be rich if you will spend all your money, in this sense it is important to focus on saving your earnings. • If you are not saving a penny you'll always be treading water. • From saving your money we mean living beneath your basic means and increasing your income. • Enjoy Your Money! But care more about How to Make It, Save It, Invest It and earn more.
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  • Ensure yourfamily & finances • Most people are so intent on investing, handling daily life and building assets that they forget to cover their risks. • It is always crucial to secure your family and finances by creating an adequate insurance portfolio. • A majority of the people buy insurance to save tax and as an investment, with life insurance the second most favored investment destination after fixed deposits. • Please don't mix your insurance and investments. Command your investment, but insurance should be flow continuously.
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  • Keep yourselfupdated, be aware & alert • As time changes there is always some new rules are being updates. • A good financial planning should include above stated points but this is also important to be alert about the plan’s status. • A good financial plan doesn’t only means investing in the right avenues and monitoring the plan's progress, but also ensuring that you don't lose your hard-earned money to frauds, identity theft and sheer ignorance. • Financial knowledge and caution can translate into higher gains and fewer losses for you in any market condition. • You must compare various market strategies, have guidelines from experts like Thepolicykart to ensure your safety.
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