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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.

  • MF News
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ADAG#39;s exit from Reliance Nippon AMC to allay investor fears, may trigger re-rating While a rightful discount to HDFC AMC is justified, RNAM is trading at a significant discount, which we think should now narrow following the change in parentage.
Fri, 24 May 2019 16:33:16 +0530


Equity MF inflows muted, but SIP inflows hit an all-time high in April Market reforms introduced by SEBI such as reduction of total expense ratio and introduction of direct plans have attracted retail investor
Thu, 09 May 2019 16:21:57 +0530


Reliance Nippon Life: Soft FY19 earnings, but ADAG stake sale may move the needle NULL
Thu, 02 May 2019 15:25:34 +0530


Bumper debut: Neogen Chemicals ends with 23% premium at Rs 264 At closing price, Neogen#39;s market capitalisation stood at 614.98 crore
Wed, 08 May 2019 16:45:39 +0530


Strong listing: Neogen Chemicals debuts with 17% premium at Rs 251 Thanks to the heavy buying, the stock was locked at 5 percent upper circuit
Wed, 08 May 2019 10:06:54 +0530


Neogen Chemicals to list equity shares on May 8 The issue price is fixed at higher end of price band of Rs 212-215 per share.
Tue, 07 May 2019 20:56:37 +0530


Neogen Chemicals IPO subscribed 41 times on strong support from investors The reserved portion for qualified institutional buyers has seen subscription of 30.49 times and non-institutional investors 113.88 times while retail category oversubscribed 16.06 times so far.
Fri, 26 Apr 2019 21:30:05 +0530


Neogen Chemicals IPO fully subscribed; retail subscription at 3.15 times The reserved portion for qualified institutional buyers was subscribed 95 percent and for non-institutional investors was 1.12 times while retail individual investors#39; category has seen subscription of 3.15 times.
Thu, 25 Apr 2019 18:19:49 +0530


Subscribe to Neogen Chemicals: Mehta Equities Mehta Equities has come out with its report on Neogen Chemicals. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on April 25, 2019
Thu, 25 Apr 2019 13:43:16 +0530


Neogen Chemicals IPO opens today; should you subscribe? Anand Rathi said higher multiple is justified given the company’s ability to grow profitably and command better return ratios. Hence it recommended subscribing the issue
Wed, 24 Apr 2019 09:52:33 +0530


Neogen Chemicals IPO to open on April 24; here#39;s all you need to know Neogen Chemicals (NCL) is manufacturers of bromine-based, and lithium-based, specialty chemicals
Tue, 23 Apr 2019 08:58:18 +0530


Avoid Neogen Chemicals: Choice Broking Choice Broking has come out with its report on Neogen Chemicals. The research firm has recommended to "Avoid#39;#39; the IPO in its research report as on April 22, 2019
Mon, 22 Apr 2019 14:00:00 +0530


Avoid Neogen Chemicals: Choice Broking Choice Broking has come out with its report on Neogen Chemicals. The research firm has recommended to "Avoid#39;#39; the IPO in its research report as on April 22, 2019
Mon, 22 Apr 2019 14:00:00 +0530


Bumper Listing: Polycab India debuts with 18% premium at Rs 638 The Rs 1,345-crore public issue saw a massive subscription of 51.96 times during April 5-9, 2019
Tue, 16 Apr 2019 10:00:50 +0530


Metropolis Healthcare ends at Rs 959.85, a 9% premium over issue price Metropolis Healthcare#39;s market valuation was at Rs 4,814.90 crore on the BSE
Mon, 15 Apr 2019 16:34:19 +0530


Good Listing: Metropolis Healthcare debuts with 9% premium at Rs 960 The stock opened with a 9 percent premium over its issue price of Rs 880 while on the National Stock Exchange it opened at Rs 958.
Mon, 15 Apr 2019 10:07:37 +0530

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