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Planning word is not much successful in India as since childhood time I hear this word in such a nice way but lots many time it went to wrong in terms of execution. Let’s have little more on how it should be?
Planning means nothing more than something that which wants to achieve, it is related to our Goal / Vision & mission too. It covers that boundary to which we want to touch through the effective step. In case to case basis, it should be also changed but in most of the cases, planning may have similarity in above connection.
In school time another point was interesting that’s called FAMILY PLANNING & nowadays another planning is most important that’s known as a FINANCIAL PLANNING.
Let’s have a quick deep check on FINANCIAL PLANNING. The word means something that which affects your current income but help you to generate future income along with peace of mind.
Now everyone falls in love because it is related to Future income with peace of mind so let’s have a fair idea how it works.
Financial Planning is not an easy task if you really want to do it than it should be done by Certified Financial Planner who has that capability to do the same for you.
What are the main basic requirements for any Financial Planning?
1. You must have a budget of current affairs
2. You must have a current obligation
3. You must have current liabilities
4. You must have current provisions
5. You must have current expenses which can be occurred at any point-of-time.
6. You must have details of those expenses too which will be part of immediate future or mid of future
7. You must have those dream which has a direct connection with the necessity
8. You must have PLAN B in terms of unexpected expenses
9. You must have contingency fund which aligns & at par with an emergency need Financial Planning should be done when you & your family are together so you can reach on a real figure. When you are planning, it should be aligned with your present income rather than anything on air. It is more realistic when you took information of family members for this.
Sometimes you are not doing Financial Planning of bread butter earner but you are securing the whole Family. Of course, it means a lot to someone special & family. Have you done your FINANCIAL PLANNING, if not then please do it now?