Financial planning: A must for everyone

It is mostly financial goals that motivate us to work hard in our life to
fulfil them. Though harbouring a financial dream may seem like a cake walk, the
path towards achieving it is full of hurdles. The biggest hurdle being lack of
funds; the financial hurdle can be overcome only through proper financial
planning and it should be adopted by everybody for managing their wealth
better.

Financial planning
at different stages of life

The new motto for people should be ‘Save first invest later’ if they want
to enjoy a financially independent and comfortable life until the end of their
days. The importance of financial planning is indispensable when it comes to
putting your savings to good use, let’s take a brief look at how financial
planning helps at different stages of life:

  • The late 20s and early thirty: This group of people are more focused on spending
    the money than saving it, something that they are going to regret once they
    have to shoulder more financial responsibilities. The young should prioritise
    financial planning early in their career to be prepared for more financial
    responsibilities and financial crisis without sacrificing all their present
    needs. Adopting financial planning is so crucial at this stage because a
    working financial plan allows a young person to understand and deal with
    finances better.

  • The late 30s to the late 40s: This group of people are financially more mature
    and knowledgeable and are most familiar with the investment market. The people
    of this age group are burdened with many additional responsibilities and are also
    responsible for providing financial security to their family members.
    Prioritising their finances wrong can have a drastic impact on this age group’s
    present and especially on their retired life. Adopting financial planning early
    in this age group helps them understand their future prospects and allows them
    to analyse their current financial standing. This group is also considered to
    be the most active when it comes to investments, without a proper financial
    plan they will fall short to achieve a healthy proportion of equity funds,
    bonds and other investment options in their portfolio and will miss out on
    great opportunities of earning extra income.

  • The early 50s to 60: It is expected from the people of this age group
    that they have prioritised their finances well and have saved adequate money to
    lead a comfortable and financially secured life after retirement, if not they
    can still avail the benefits of financial planning for an independent life as a
    retiree. A proper financial planning allows a person to plan their retirement
    well that keeps them prepared to meet financial emergencies and guarantees them
    a comfortable life after retirement.

To manage your wealth better,
you should adopt financial planning at the earliest and seek the help of
professionals who have expertise in finance to develop an effective financial
plan. You can contact our expert financial advisors to understand in details
the importance of financial planning and can also avail their assistance to
build a financial plan that helps you take control of your finances like a pro.

Follow Us:

Add Comment

Your email address will not be published. Required fields are marked *

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Past performance is not an indicator of future returns. Wealth Redefine is a AMFI registered Mutual Fund distributor – ARN - 85350

Get In Touch With Us !
Thank You. We will contact you as soon as possible.
Get In Touch With Us !
Thank You. We will contact you as soon as possible.