Financial Planning

A financial plan is the road map for your financial life. It covers major financial areas of your life addressing aspects such as cash flow, savings, debt management, risk management, childrens education planning, taxes, retirement, estate planning, and of course, investments and a strategy for managing them. It is more than a guide. It is a written strategy that gives you a clear, pragmatic path to follow towards the accomplishment of your most important financial goals.

Having a financial plan is like having a travel plan - it identifies where youre going, how and when youll get there, how much will it cost, and things to do along the way. A personal financial plan looks at where you are today and where you want to go. Then it sets out all the steps you need to take to get there. Everyone who is earning should draw up a financial plan. The plan will help you get the most from your money and help you in achieving your financial goals in life.

Some people naturally resist the process of creating a Financial Plan. Initially, it seems overwhelming and/or just too much of trouble. However, the potentially devastating consequences of not having it are far greater than the initial discomfort that you experience of the process. For most people we have worked with, the hardest part is just making the decision to get started. Once the process has begun, most clients find it engaging and interesting.

Do you need financial plan?
Yes - if you have an income, a family or planning to have one in the future, retirement dreams, and for many other financial reasons / goals that are unique to you. No one can predict the future but one can certainly be better prepared for it. An effective financial plan will make sure that you are financially prepared to deal with the unexpected events and stormy times. If you dont have one, youre more likely to end up in a financial mess. On the contrary, if you have one and the recommendations thereon have been executed, most of your financial goals will be satisfactorily met. A good financial plan can alert you to changes that must be made to make sure a smooth transition through lifes financial phases, such as decreasing spending or changing asset allocation.

By developing a financial plan you and your family:

  • Will have a better understanding of your current financial position.
  • Determine attainable retirement, education, insurance, and other financial goals.
  • Review goals, funding strategies, and alternatives to balance all goals.
  • Have the necessary financial resources set aside to fund your goals as they occur.
  • Reduce the effects of unexpected events such as disability, premature death etc.

You need not be very rich to have a financial plan. No matter how much you earn and at what age, a plan is important to make your life easier. As your financial situation influences almost every aspect of your life, a regular financial plan can help give you peace of mind and protect you from unforeseen, unfavorable situations. Once you have a working personal financial plan, you can use it to make informed financial choices. Having a good financial plan will allow you an over view of what you can afford. It will allow you to analyze your wants versus your needs. It also provides you a way to see how to avoid major financial mistakes in the future.

Risks of not having a financial plan:
You may be able to achieve what you want today but might not be able to achieve what you need few years down the line. Say, if you buy a new car now, you might not have enough funds later to buy your dream home.

You may not see the big picture. Say, you may grow your wealth by making good investment choices but end up being tax inefficient and pay more taxes than you need to.

You may take a short-term view of an opportunity and make rushed financial decisions, or fall into some scam trap. Worst of all, you may end up doing nothing (and just thinking of doing something) and never achieve your financial goals.

You might become a victim of mis-selling and build a corpus of investment products that neither suits your financial needs nor your risk profile.

You are very much likely to worry more about money and financial security. You may not know where you are today and where are you heading for.

Tips for Effective Financial Plan

  • Be realistic with your investment returns; dont plan to outperform the markets.
  • Account for market risk and dont assume the same return to repeat every year.
  • Dont forget to plan for inflation, taxes and your financial planners fees.
  • Review your financial plan regularly to see if you are on track or need any changes in the plan.

The need for financial plan is all the more very important in the turbulent economic times of today. If you dont have one till now, dont delay any more and Get it Now. Dont be self-satisfied that you will be okay whatever happens. Face the reality. Unless you develop a financial plan early, it will be too late.

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RBI puts ammunition to work, but markets search for real catalyst NULL
Fri, 27 Mar 2020 17:14:06 +0530


Equity inflows in February silver lining amid dark clouds Contributing over 25 percent of equity Assets under Management, SIPs have done to the Mutual Fund industry what sachets did to the FMCG industry a few years back
Thu, 12 Mar 2020 10:33:00 +0530


Nippon India Mutual Fund marks down its investment in Yes Bank to zero The limit is imposed only on the new applications, switch-ins, systematic transfer plans and systematic investment plans received after March 5, it said.
Fri, 06 Mar 2020 16:52:06 +0530


SEBI gives direct access to stock exchanges for mutual fund investments SEBI#39;s latest move now allows investors to come to exchanges directly, just as they could go to the MFU entirely on their own.
Wed, 26 Feb 2020 22:02:13 +0530


Saion Mukherjee We are selectively positive in financials, essentially banks which have good liability franchise.
Wed, 01 Apr 2020 16:49:42 +0530


Sanjay Dutt Uncertainty is too high now. Generally in this kind of situation, equities tend to breakdown.
Wed, 01 Apr 2020 16:20:09 +0530


Mahesh Patil Small-ticket consumer discretionary sector which have corrected can bounce back. Private banks have seen a sharp correction, and insurance companies should continue to see secular growth.
Wed, 01 Apr 2020 12:51:49 +0530


Suhas Harinarayanan Sharp fall in oil prices is a significant help but generally such low levels of crude is negative for flows and global economic activity.
Wed, 01 Apr 2020 11:52:13 +0530


Most Nifty companies hit 52-week low in March amid COVID-19 fall; should you buy? Positions in quality stocks can be made in a staggered manner keeping in view the risk profile of investor(s) in order to avoid opportunity loss, suggest experts.
Wed, 01 Apr 2020 11:00:12 +0530


Investors lose over Rs 30 lakh cr in March; 43 stocks in BSE 500 fall over 50% Stocks that shaved off more than half of their value include names like Dish Tv India and AU Small Finance Bank
Wed, 01 Apr 2020 09:28:04 +0530


COVID-19 impact: Consumer durable sector face earnings downgrades Edelweiss slashed earnings by 9–18 percent for stocks in their coverage. It remains positive on Amber Enterprises which was recently added to the model portfolio along with KEI Industries, and Voltas.
Tue, 31 Mar 2020 13:54:56 +0530


Rahul Singh Investors should be disciplined during this period as the overall weak phase might continue given the nature of the uncertainty, both global and domestic.
Tue, 31 Mar 2020 13:18:27 +0530


HDFC Bank, ITC among 10 stocks that could benefit from stimulus package Experts feel that the coming few months are expected to be difficult as all financial markets have witnessed a swift meltdown thereby opening up opportunities for long term investors to dip in.
Tue, 31 Mar 2020 10:41:33 +0530


Aditya Agarwala A sustained trade below 8260 could drag the Index lower to levels of 8080 and 7800. On the flip side a trade beyond 8450 can activate short covering rallies taking Nifty higher to levels of 8740 and 8960.
Tue, 31 Mar 2020 10:17:52 +0530


Moneycontrol News Big opportunities will come over time, but the market volatility is not going to end anytime soon, says Amit Khurana of Dolat Capital.
Mon, 30 Mar 2020 18:30:47 +0530


D-Street Talk podcast | Don#39;t put all eggs in one basket, instead buy multiple baskets “Don#39;t put all eggs in one basket is old. Today it#39;s "buying multiple baskets",” explains Pratik Oswal. With the help of asset allocation, investors can protect themselves from steep market declines.
Mon, 30 Mar 2020 16:29:43 +0530


Ajit Mishra This week is a holiday-shortened one and we do not see this volatility easing anytime soon. The probable range for the Nifty index could be 7,600-9,500 zone.
Mon, 30 Mar 2020 14:49:23 +0530


Nifty target at 10,000 by March, FY21 earnings growth seen at 2%: UBS In terms of earnings, UBS is of the view that a broad-based earnings cycle recovery over the next one to three years is clearly pushed out, with a more material near-term downside.
Mon, 30 Mar 2020 14:37:42 +0530


Shreyash Devalkar Earnings will get impacted because of the sectors that have more exposure to the global scenario like IT and some other export related companies, will also be impacted.
Mon, 30 Mar 2020 14:13:12 +0530


Coronavirus sell-off spoils SBI Card debut; share closes 10% lower SBI Card traded with volumes of 6,08,92,478 equity shares on the NSE and 41.67 lakh shares on the BSE.
Mon, 16 Mar 2020 16:33:40 +0530


Coronavirus impact | Antony Waste Handling Cell withdraws Rs 203cr IPO The issue was subscribed only 50 percent on March 6, but since then it got stuck at those levels till March 16
Mon, 16 Mar 2020 15:30:42 +0530


Coronavirus grips SBI Card, stock debuts with 13% discount at Rs 658 The listing at discount was largely expected by analysts as they already said if the stock market crashed on Monday due to market weakness then the stock has to list at a discount.
Mon, 16 Mar 2020 10:00:22 +0530


Rossari Biotech dares to launch its IPO on March 18 At the time of filing red herring prospectus on March 7, Edward Menezes and Sunil Chari held 42.10 percent and 42.05 percent stake in the company.
Thu, 12 Mar 2020 13:40:34 +0530


Have you applied for SBI Card IPO? You can check the allotment status here The share allocation is expected to be declared on March 11.
Wed, 11 Mar 2020 08:17:45 +0530


Antony Waste Handling Cell extends IPO closing date to March 16 on poor subscription Antony Waste believes that the extension will allow current volatility to subside and allow all categories of investors to participate in the Issue.
Fri, 06 Mar 2020 20:37:17 +0530


SBI Card sets issue price at Rs 755, raises Rs 10,340 crore via IPO State Bank of India and CA Rover together received Rs 9,840 crore, by reducing their stake through IPO.
Fri, 06 Mar 2020 20:12:43 +0530


Antony Waste Handling Cell subscribed 16% on second day of bidding The reserved portion of non-institutional investors was subscribed 12.98 percent and that of retail individual investors 25.93 percent.
Thu, 05 Mar 2020 20:59:25 +0530


SBI Card IPO final day: Issue oversubscribed 26.5 times, HNIs portion subscription at 45x The qualified institutional buyers#39; portion, which was closed on March 4, was subscribed 57.18 times.
Thu, 05 Mar 2020 11:14:22 +0530


Antony Waste Handling Cell IPO subscribed 9% on Day 1 The Rs 203-crore public issue has received bids for 4.29 lakh equity shares against an IPO size of 48.20 lakh equity shares after excluding anchor investors#39; portion.
Wed, 04 Mar 2020 21:03:44 +0530


SBI Card IPO oversubscribed 15.5 times on Day 3, QIB subscription at 57x It is the last day for qualified institutional bidders, while the issue will remain opened till March 5 for all other investors.
Wed, 04 Mar 2020 11:02:41 +0530


Antony Waste Handling Cell raises Rs 60.94 cr from anchor investors The allocation of shares will take place at lower end of price band of Rs 295-300 per share.
Tue, 03 Mar 2020 18:10:26 +0530


Indian Railway Finance Corporation gets SEBI nod for IPO The IPO comprises a fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India.
Tue, 03 Mar 2020 17:20:06 +0530


SBI Card IPO: Does it make sense for HNIs to break the bank? Considering the market conditions due to rising coronavirus fears, the grey market premium has reduced to around Rs 120-140 now
Tue, 03 Mar 2020 15:36:41 +0530


Home First Finance Company receives SEBI nod for Rs 1,500 crore IPO The IPO consists a fresh issue of Rs 400 crore and an offer for sale of Rs 1,100 crore by promoters and investors.
Tue, 03 Mar 2020 13:01:00 +0530

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