Why Financial Planning and its benefits
Why Financial Planning
Like most people, you have hopes, dreams, and life goals for yourself and your family. These might include buying a home or business, saving for college education for your children, taking a dream vacation, reducing taxes, and retiring comfortably. Financial planning is the process of wisely managing your finances so that you can achieve your dreams and goals — while at the same time helping you negotiate the financial barriers that inevitably arise in every stage of life.
Managing your personal finances is ultimately your responsibility. However, you don’t have to do it alone. A qualified financial planner, such as a CERTIFIED
FINANCIAL PLANNER (CFP) professional, can help you make decisions that make the most of your financial resources.
Financial planning can help you:
• Set realistic financial and personal goals.
• Assess your current financial health by examining your assets, liabilities, income, insurance, taxes, investments and estate plan.
• Develop a realistic, comprehensive plan to meet your financial goals by addressing financial weaknesses and building on financial strengths.
• Put your plan into action and monitor its progress.
• Stay on track to meet changing goals, changing personal circumstances, changing stages of your life, changing products, markets, and tax laws.
Why Financial Planning/ Benefits of Financial Planning:
The job of a financial planner and the outcome of your financial planning exercise would provide the following.
Peace of Mind.
A Path or Direction to your life goals.
A blue print to your financial life.
Remedy mistakes already made and avoid mistakes that can happen in the future.
Provide for a lifetime financial coach/ guide to all your important financial decisions in life.
Demonstration and implementation of efficiency of savings.
Providing for financial literacy.
22 April, 2012