"Riches do not respond to wishes. They respond only to definite plans, backed by definite desires, through constant persistence." - Napoleon Hill
The importance of Financial Planning couldn't have been summed up better than this. To simply put, financial planning is a tool through which you can chalk out definite plans in order to achieve your financial goals thus ensuring you peace of mind at various stages of your life cycle.
All of us have financial goals – be it buying a house, buying a car, getting children married, their education and then our retirement. But, unless we do not assess where we stand in terms of our income, expenses, assets, liabilities, age and risk appetite, all the financial goals would just remain "dreams" and would never turn into a reality.
Today there are several investment avenues; but for you to optimally undertake financial planning (to achieve financial freedom), what is required is combination of various financial products in the respective asset classes – be it equity, debt or gold. However, your asset allocation also needs to be optimally structured for work for you (in the financial plan); or else it would not help you attaining financial freedom.....(Read More)
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