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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Big bet on SIPs: MFs garner over Rs 49,000-cr in Apr-Sep FY#39;20 A total of Rs 44,487 crore was collected through such investment plans in April-September 2018, as per the Association of Mutual Funds in India (AMFI).
Mon, 14 Oct 2019 08:05:04 +0530


Baroda AMC, BNP Paribas AMC to merge BNP Paribas Asset Management is a subsidiary of BNP Paribas Asset Management Asia.
Fri, 11 Oct 2019 22:32:05 +0530


3-week-tight pattern on chart indicates an extra ‘buy’ point post breakout According to the O’Neil methodology, there were two follow-up entry points after the tight area formation. After both instances, the stock gave good returns
Sun, 13 Oct 2019 08:43:37 +0530


Small-caps underperform amid high volatility, more than 60 stocks fell 10-50% in a week In the SP BSE 500 index, as many as 8 stocks fell 10-20 percent which include names like Delta Corp, Rail Vikas, Berger Paints, Bharti Airtel, Gruh Finance, Bandhan Bank, and Adani Green Energy.
Sat, 12 Oct 2019 09:35:02 +0530


Mustafa Nadeem We believe the performance is very much concentrated for now with only a few stocks that are aiding the breadth and are having the momentum.
Sat, 12 Oct 2019 08:08:20 +0530


Berger Paints, Whirlpool among top 5 stocks that hit record highs: What should investors do? We have collated a list of top five stocks that hit new highs on October 10 and what analysts have to say about them.
Fri, 11 Oct 2019 14:13:36 +0530


Mustafa Nadeem Mustafa Nadeem, CEO - Epic Research, gave an exclusive interview to Moneycontrol.
Thu, 10 Oct 2019 11:30:24 +0530


ICICI Securities sees Nifty at 13,400 in next one year; LT, NMDC among top 10 picks ICICI Securities, in a recent note, maintained its one-year target for the Nifty at 13,400, which translates into an upside of 20 percent from current levels.
Wed, 09 Oct 2019 11:43:22 +0530


#39;Market unlikely to fall below August lows; expect strong returns from private banks, paints stocks#39; Private banks will outperform market and will generate maximum returns, due to strong revenue growth along with stable NII#39;s (Net interest income).
Tue, 08 Oct 2019 10:14:47 +0530


3-Point Analysis | Bet on high dividend stocks in a falling interest rate scenario This rate cut means that the Monetary Policy Committee has cut the repo rate by 135 basis points in 2019.
Mon, 07 Oct 2019 17:37:55 +0530


Sensex up 8% from Dussehra 2018; more than 30 stocks rose 50-140% in 1 year As many as 32 stocks in the SP BSE 500 index rose 50-100%. These include Info Edge, Titan Company, Vinati Organics, Muthoot Finance, and SpiceJet.
Mon, 07 Oct 2019 14:44:52 +0530


Heads up! #39;Earning season for Q2FY20 unlikely to throw surprises#39; In the coming week, the market would be driven by global factors/events along with results season outcome in the near term
Mon, 07 Oct 2019 11:53:04 +0530


HCL Technologies, Biocon among top buy ideas for the coming week The Nifty50 could find support around 11,050-10,800 levels and 11,250-11,400 zone is likely to act as a hurdle.
Sat, 05 Oct 2019 09:29:33 +0530


UBS sees Nifty at 12,300 by June 2020; overweight on financials, realty and oil  gas UBS sees the Nifty trading at 12,300 by June 2020 in best case scenario, which implies a gain of over 8 percent from October 3 close of 11,314.
Fri, 04 Oct 2019 11:48:14 +0530


#39;After govt measures to boost economy and market sentiments, it#39;s now RBI#39;s turn#39; This week is a holiday-shortened one and participants will be closely eyeing the RBI#39;s monetary policy review meet on October 4.
Tue, 01 Oct 2019 13:42:33 +0530


Vinod Nair FIIs are concerned about global slowdown due to US-China trade war, Brexit, geo-political issues and premium valuation in developed countries like the US, says Vinod Nair of Geojit Financial Services.
Tue, 01 Oct 2019 12:21:39 +0530


IRCTC is an extraordinarily good IPO, says Ramesh Damani “The government had to act decisively because there was an absolute sense of pessimism and #39;given up#39; feeling, which has gone," Damani said.
Mon, 30 Sep 2019 15:22:20 +0530


IRCTC IPO oversubscribed by 111 times on last day of bidding The shareholding of government in the railways#39; tourism and catering subsidiary will be reduced to 87.40 percent.
Thu, 03 Oct 2019 16:30:47 +0530


Vishwaraj Sugar IPO subscribed 62% on second day of bidding VSL is an integrated sugar and other allied products manufacturing company operating from Belgaum District, Karnataka. The company operates a single location sugar unit having licensed crushing capacity of 11,000 tonnes crushed per day (TCD).
Tue, 01 Oct 2019 20:40:34 +0530


Subscribe to IRCTC: Keynotes Financial Opiniery Keynotes Financial Opiniery has come out with its report on IRCTC. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on September 29, 2019
Tue, 01 Oct 2019 12:37:28 +0530


Avoid Vishwaraj Sugar Industries: Choice Broking Choice Broking has come out with its report on Vishwaraj Sugar Industries. The research firm has recommended to "Avoid#39;#39; the IPO in its research report as on September 30, 2019.
Tue, 01 Oct 2019 12:27:16 +0530


#39;Subscribe to IRCTC IPO for listing as well as long-term gains#39; IRCTC enjoys a monopoly in many of the services it provides and is also a debt-free company, making it attractive to investors.
Tue, 01 Oct 2019 11:35:58 +0530


IRCTC IPO subscribed 3.25 times on Day 2, retail investors#39; support continues The company#39;s business model, strong earnings, big customer base and consistency in business segments has seen domestic as well as global brokerages give a subscribe call for the IPO.
Tue, 01 Oct 2019 10:46:54 +0530


Subscribe to IRCTC: Way2Wealth Way2Wealth has come out with its report on IRCTC. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on September 27, 2019
Mon, 30 Sep 2019 13:14:41 +0530


Subscribe to IRCTC: Hem Securities Hem Securities has come out with its report on IRCTC. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on September 27, 2019
Mon, 30 Sep 2019 12:58:59 +0530


IRCTC IPO off to a strong start, subscribed 81% amid strong demand from retail on Day 1 IRCTC operates in four business segments--internet ticketing, catering, packaged drinking water and travel and tourism.
Mon, 30 Sep 2019 12:56:54 +0530


Subscribe to IRCTC: Prabhudas Lilladher Prabhudas Lilladher has come out with its report on IRCTC. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on September 30, 2019
Mon, 30 Sep 2019 12:13:16 +0530


IRCTC IPO: Company profile, financials, strengths, strategies, risks and more The offer is a part of government#39;s divestment programme for current financial year 2019-20 and shares will be offered to employees and retail investors at a discount to final price.
Sun, 29 Sep 2019 17:39:07 +0530


Avoid Vishwaraj Sugar Industries: Hem Securities Hem Securities has come out with its report on Vishwaraj Sugar Industries. The research firm has recommended to "Avoid#39;#39; the IPO in its research report as on September 26, 2019.
Fri, 27 Sep 2019 16:50:52 +0530


Subscribe to IRCTC: ICICI Direct ICICI Direct has come out with its report on IRCTC. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on September 27, 2019
Fri, 27 Sep 2019 16:09:19 +0530


Subscribe to IRCTC: Anand Rathi Anand Rathi has come out with its report on IRCTC. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on September 27, 2019
Fri, 27 Sep 2019 16:03:44 +0530


Subscribe to IRCTC: Cholamandalam Securities Cholamandalam Securities has come out with its report on IRCTC. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on September 26, 2019
Fri, 27 Sep 2019 12:24:46 +0530

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