Sow & Grow:

It’s a simple fact of life that as we build assets, we also create some liability aside and as the age increases the assets also increases. Different need arises as we grow older say a first Job, New Rented home, Car, Marriage, First owned home & then Children’s growth.

Strengthen:

As the Income grows, the expenses are bound to grow in terms of Savings in account, Repayment of debt, up gradation of lifestyle, Larger home, Children’s education, Children’s marriage & Retirement.

How you plan would decide how you live at this stage:

As you retire there would be expenses like Medicals, Charities, Holidays, Legacy planning, etc.
There are two things which will stay constant despite of change in the stages of life and that are YOU and YOUR money. So you need to plan in such a manner that, at each stage of life, it becomes easy for you to meet the expenses. And this can actually happen through a proper personal financial planning.
So if we talk about personal financial planning, it is a process, not a product. It is an organized, well-planned system of developing strategies for using your financial resources to achieve both short- and long-term goals. You may think of the process as helping you to answer three straightforward questions:
Where am I?
Where do I want to go?
How do I get there?

The average life expectancies, needs, life styles of general public are growing year on year and with that the need for financial planning is growing. So it becomes necessary to have a secure financial future and to have a secure financial future, one need to plan for it. And as the financial markets are becoming more and more complex, with that to plan for a secure future is also becoming tough. Therefore a systematic planning is important.

Now the question arises is Does India need Financial Planning?

- 64.5% haven’t given a thought about retirement?
- 6.23% are giving a thought to it
- Percentage of people planning for their future:
. 17.8% among Government employees
. 10% among Private sector
.2.6% among Wage laborers

Source: TIG Survey

There are various factors that are affecting the needs/financial goals of the investors. If we consider the current scenario of our economy, there is a lack of awareness among the investors. The main focus of all the major chunk of investors is on Returns only and not on their need/requirement.

Investors should deal only with the Certified Financial Planner in order to curb the bad practices happening in the markets because a true Financial Planner will ensure that the product solutions provided are appropriate, relevant and based on the profile & need identified.

In a nutshell Financial planning helps you manage your financial situation so you can build wealth, enjoy life and achieve financial security. A sound financial plan can help you to:
• Accumulate wealth or create an income,
• Protect you, your family and your assets, and
• Enjoy the lifestyle you want in retirement.

While a financial plan typically looks at your financial situation as a whole, a financial planner can also provide advice on a particular aspect of your finances, such as what to do with your life cover or investments.