Personal Finance - Personal financial planning in IPO's & MF's - Everyone does financial planning in their life. It is about how consciously, systematically and effectively they do it. If you ...
Everyone does financial planning in their life. It is about how consciously, systematically and effectively they do it. If you make your budget that is part of financial planning. It is important that you should know to make a financial plan that suits you for your economic well being. Think how much time one is spending to generate income, compare it with how much time is spend to mange that income so that it creates wealth for future needs. One may have a vague idea of you financial goals, like your kids education, foreign tour etc, but a plan is essential, like when to achieve it, how much is needed to save for it taking inflation into consideration, available investment avenues and their expected returns etc. This is the crux of financial planning. It is an important life skill. You can find help at website Learnandinvest. Everything around is in financial terms, shunning away from learning the basics or pretend to cover ignorance will do harm. It is worth the time to know something about tax planning, retirement planning, investment planning and insurance planning. If you have any questions in financial planning I can answer them in this forum.
The primary task in Financial planning is identifying your financial goals and finding their future cost. First list your goals and the time when it has to be achieved, with the current cost. Then calculate Future cost of the goal (due to inflation cost will raise in future). After that you have to calculate how much and where to invest per month to achieve that goal. It is an elaborate process involving all sorts of calculations. Please find attached template which shows retirement planning and future cost calculation.
Financial plan is a series of steps or goals used by an individual or business, the progressive and cumulative attainment of which are designed to accomplish a final financial goal or set of circumstances
There are a few financial goals that are very important for every individual like owning a new home, starting a business, education of children, or retirement planning but as we all know each thing comes with a price tag attached to it, that’s where financial planning comes in....
Well Personal finance planning includes many of things,
Few from my opinion !
Get Paid What You deserving and Spend Less What you have earned
Strictly follow budget line do not exceed.
Contribute to a Retirement Plan
Start and maintain savings
Invest money for the returns or making an asset
Personal financing is important for the planning of investment as well as for the risk management in the life, here is also precautions needs to be taken likewise in the business planning. Personal financing market is also increasing the demand for the financing companies as well as insurance industry is being attracted .
Register To Reply
