Need for Financial Plan
For your convenience, we have made a list of scenarios where financial planning might come to your aid. These points will help you determine whether you need to create a financial plan for yourself or not.
A financial plan is required if:
If you don't realize where and how your income is spent every month, then you definitely needs to plan your finances better.
When you have various liabilities and just don't know how to get out of the debt trap
If your investments are scattered and you are yourself unsure about where you have invested, then it's high time for you to put your portfolio in order.
You are not sure if you have made the right investments.
If you have multiple life insurance policies and don't know which policies to keep.
If you don't know how much insurance cover is required. In case of unfortunate circumstances, the right amount of insurance can be a financial boon to you or your family members.
If your portfolio is skewed towards any particular asset class.
If you don't have a habit of investing systematically and regularly
If you don't have road map of how to achieve your dreams, a prudently drawn financial plan can be your blue print to meet all your financial goals while empowering you to deal with contingencies as well. Hence financial planning is for those who have unclear ideas or plans of how they would achieve their dreams and wishes in life.
PrudentFP of the view that if any of the above 3 points are applicable to you then you definitely need a financial plan. Please recognize that, achieving financial nirvana isn't as difficult as it is often made out to be. To get there, all one needs to do is, construct a viable financial plan and be determined about achieving it. However, as many of you might not have the time and expertise to plan and execute your own financial plan, it would be prudent to invest in the advice of an experienced financial planner who might help you to plan and manage your finances better. Get Started Here->