Tough times can never be avoided. It is said that tough times don’t last, but tough people do. Financial market is a mixture of tough and good times. Even those who are experts in the financial world will face tough times. Financial planning will help us in reducing the depth of loss and to convert the loss into profit. In this scenario, it is important we should not get carried away by the group mentality. During tough times, we should follow some basic financial steps to make sure that we have our financial plan in place and follow the same carefully to gain its benefits throughout our future life. The word financial planning can be defined in a number of ways. The objective of financial planning is very simple that a person must not run out of money whenever a present or future requirement occurring to him or his family. In India, especially middle class families are not well conscious about the benefits and importance of a good financial planning. This will put them in trouble once if they don’t have sufficient income to manage their needs.
Types of People
Under financial planning context, we can divide people into three major categories such as;
- Those who let it happen
- Those who make it happen
- Those who wonder what happened
The first category “those who let it happen” don’t bother about their future, they just let their life to go without any planning. The second category “those who make it happen” are really hard working and by their proper planning, they will make their future bright. Third category “those who wonder what happened” want to make their future joyful and happy but don’t want to plan. This category of people will always worry after losing an opportunity.
Out of these three categories of people, the second category of people will be always successful. The hard work and determination makes them to achieve great goals in life.
Process of Financial Planning
Accurate financial planning is not a single or simple process. Instead, it involves 3 major phases such as :
- Self Assessment
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