We keep hearing about the importance of investing for our retirement, for the uncertainties in our future and to beat inflation. But life is more complicated than that – there are goals, aspirations, emergencies, constraints and more. Both the science and art of considering all these human aspects of investment, the big picture and planning for long term & short term investment, is called Financial Planning. Investopedia describes financial plan based investing definition as
“A financial plan is a document containing a person’s current money situation and long-term monetary goals, as well as strategies to achieve those goals.”
It is not just individuals that need a financial plan, businesses have one too! Financial planning concept is all about creating a consolidated plan taking into consideration the nuances of a person’s life and the requirements that we can anticipate to arise. When the goals in the financial plan are met with appropriate investments, the result is happiness!
Successful financial planning is one that caters to the current net worth of an individual, his/her cash flows and maps a path to the destination where the individual wants to get.
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