Financial Planning


Would you undertake a journey without knowing the destination?

Similarly, investing without a plan has little meaning. It is what you achieve through your investments that is important. Hence, planning should come before investing. Our experience narrates that many people often have infinite financial goals with limited income. They don't know where to start from for achieving these goals and which path to follow. While being ambitious is good, it is vital that you know the path you're travelling to, for you to reach the desired destination.All of us have some dreams in life - be it buying a dream home, a car, children's education, their marriage, travelling abroad for leisure, retirement, amongst host of others. In parlance to personal finance, all these are financial goals; because after all, along with emotions they carry a monetary value.

You see, for your dreams to convert into reality there's no other alternative to effective planning.

With a structured plan, you are equipped to handle various factors such as surpluses, shortfalls and emergencies. You understand how quickly or how likely are you to achieve your life goals such as your retirement, you gain control on your cash flows, your earnings and expenses, and what level of risk would need to be taken to achieve all your goals.

Steps to develop an effective financial plan


Accurately determine your current finances in terms of income, expenses, asset and liabilities. You must now decide on the financial goals you want to pursue and assign a time-horizon by which you want to achieve each of these goals. Be as specific as you can. Involve your family to make the exercise more comprehensive.

After assigning a time-horizon for each of your goals, determine the savings already available for each of these goals. Include the savings available from other members in your family who are involved in the process of financial planning. Assign the expected rate of return that your existing savings will achieve over the assigned time period. Based on the financial value assigned to every goal, you will now arrive at a gap that needs to be bridged. Determine the additional amount that needs to be set aside regularly to augment the existing savings and achieve the goal/s. Based on this additional amount, you may even need to rationalize some of the goals that you might have set yourself in the beginning


Develop an action plan to help achieve your goals. Implement
he plan diligently and seek professional help where you feel the need.


Review and evaluate the performance of the plan vs. goals. You need to be flexible to adapt to the
ever-changing environment around you and optimize your plan and implementation accordingly.



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Pune - 411030.


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