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

Best Of Sandeep Maheshwari on How to Get Rich ?

Break free the vessel of your mind and look at reality. A realm of infinite possibilities is already there, waiting to be looked at and played with! Sandeep Maheshwari is a name among millions who struggled, failed and surged ahead in search of success, happiness and contentment. Just like any middle class guy, he too had a bunch of unclear dreams and a blurred vision of his goals in life. All he had was an undying learning attitude to hold on to. Rowing through ups and downs, it was time that taught him the true meaning of his life.

How To Become Rich ?

Many peoples starts asking how to rich online ? how to become rich in short time ? how to become rich in India ? How to build wealth ? and many more like the same.

When it comes to money management, many things comes in picture but few are very logical & common discipline one must follow in wealth creation journey.

Lets take a look at those things which will help you to become rich:

Multiple Income Sources
To become rich and financially stable, one should never depends on one income source like only salary but one should always try to develop multiple other income sources too which help you to become rich earlier.

How to do that ? Let me suggest few:
1) Develop your extra curricular activities or hobbies like painting, public speak, content writing, playing musical instruments etc; into professional level where one should get extra income while doing these.
2) Fixed deposits income source: Save certain amount of money in bank fixed deposit and start earning interest amount monthly, this will help to smoothed your monthly expense by regularizing cash flow in account.
3) Develop business Ideas: Find the local business and give them some ideas to scale up their business in next level, for that invest something and become 50-50 partner with them life time.
Ex. One lady is running beauty parlor in your local area, approach the owner and offer them to convert parlor into Unisex salon which will increase the productivity of that shop in same size of carpet area. Become 50-50 partner.

Financial Planning
It is very necessary to plan your money spending & saving against your monthly or annually budget.
As we all know; great investor Benjamin Franklin said "A penny saved is a penny earned"
Whatever you are earning but before thinking about spending; think about saving first.
At least 20% of your net income should be come in the compartment of saving fund in regular manner. If you make it discipline in the early age of your carrier. No one can stop you becoming rich in coming days.

Investment in equities, Mutual funds and real estates
Keeping the money in saving accounts or in PPF is not enough. Investing in equities in share market, SIP in mutual funds for long time will surely give you much more returns in future and helps to grow your money faster.
Same in discipline & smart selection of real estate property and investing in that will make you rich and wealthy in short period of time.

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