Planning is bringing future into the present so that you can do something about it now. It is not how much money you make, but its how much money you keep, how hard it works for you and how many generation you keep it for. We all learn to save for some or the other reason, but the proper investing and tracking of saving helps us to reach to the life goals in an smooth way; This is financial planning.
Financial planning can be required for various life goals like buying a house or a luxury car, education and marriage of kids, retirement or a dream holiday. To fulfill any of these we need to set up Target Investment Plan(TIP).
Child education planning: Education is the most valuable asset which can be owned as it cannot be destroyed, stolen or wasted. With the growing awareness and developing education system planning for the financials of higher education is essential.
Retirement planning: Financial independence in the second innings of life is required to fulfill all the small dreams which we couldn’t in the first innings.
Personal goal planning: Buying a home or a luxury car or a long dream holiday everything need planning. Earlier we start easier it is to achieve.
Tax planning: Tax planning is essential and necessary.