Monday, November 25, 2019

Why Personal Financial Planning is important ?

Importance of Financial Planning

Financial Planning plays an important role in different situations

  1. It provides direction to your goals or dreams. Financial planning helps you understand your goals better in terms of why you need to achieve these goals and how they impact other aspects of your life and finances.
  2. Financial planning encourages you to manage inflation. You are aware of the price of various things and activities. You plan your budget in a better manner.
  3. Financial planning makes you disciplined towards money. You do not spend unnecessarily. You keep a check on your savings and spending.
  4. By planning your finances, you plan for the future. You are able to gain visibility into your finances in the future. You have a fair idea of how much money would you have, say ten years down the line. You would be aware of the returns your investments should earn to achieve your goals.
  5. What about peace of mind – But why people avoid Financial Planning – strange reasons

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