Plan your Goal
Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives
- (1) determining your current financial situation.
- (2) developing financial goals.
- (3) identifying alternative courses of action.
- (4) evaluating alternatives.
- (5) creating and implementing a financial action plan, and.
- (6) reevaluating and revising the plan.
- Short-term financial plan is prepared for maximum one year. This plan looks after the working capital needs of the company.
- Medium-term financial plan is prepared for a period of one to five years.
- Long-term financial plan is prepared for a period of more than five years.
Create a list of things to plan for
Let’s start by creating a list of things you’ll need to have or build on your journey to financial security. These items below are essential to your financial plan (Click the links below to delve deeper into each!):
- A monthly budget to help you keep your expenses below your income
- A debt pay-off and spending plan (using your budget)
- An understanding of all your bills and their due dates
- A fully-funded emergency account
- Retirement savings
- A diversified portfolio of investments
- Multiple streams of income
- Savings for the other things you want (e.g. your short, mid-term and long-term goals)
- The right type of insurance coverage (Life, health, disability, home, etc.)
SOME IMPORTANT GOALS
EMERGENCY FUND - After corona cirus epidemic everyone is now aware of emergency fund, earlier we use to keep safe side atleast 6 Months funds in liquid fund but now it seems you need to keep more than that.
Retirement Planning: You never want to beg money when you become old as you earned money whole life. Your Money is your Monay, analyse your monthly expenses calculate futur expenses by adding inflation and time them arrange to do SIP Investment in it or consult your Financial Advisor.
Child Education or Marriage: Invest in Multicap fund if goal is for more than 5 years.
Home : Currently investing in real estate is good time as rates are very down.
World Tour: Invest and earn so to have world tour with family.