| Did you realised today, when you go to the | | | | Financial planning is also about making |
| bank, unit trust or insurance company, | | | | financial choices. What are they? Some of the |
| financial planning seems to be the new | | | | decisions will include things like: |
| buzzword amongst clients and individuals in | | | | |
| the investment and banking field? | | | | - Should I spend all my takings today? Or |
| | | | should I preserve a segment of it for rainly |
| But, what IS financial planning, actually? Is | | | | days? |
| it only for the rich or individuals who | | | | |
| possess cash to invest? Or is it for those | | | | - Should I clear all my debts right now? Or |
| who desire to buy insurance and unit trusts? | | | | should I enlarge my savings for retirement |
| Or is it somthing that we layman can achieve? | | | | instead? |
| | | | |
| The truth is that whoever has financial | | | | - Should I layout for my child's education? |
| strength will meet their financial goals. | | | | Or should I let him look for his own |
| However, in spite of of how much cash you are | | | | education applications and apply for a |
| making, financial planning will assist you | | | | student's loan? |
| fulfil both greater wealth and financial | | | | |
| security. Insufficient or poor financial | | | | These are the decisions that can make or |
| supervision can certainly show the way to | | | | break your personal bank. |
| unthinkable financial disasters. Even the | | | | |
| rich can become a pauper due to poor | | | | So, what is included in Financial Planning? |
| financial planning. | | | | If you were to wonder what areas wealth |
| | | | management would cover the following: |
| For instance, an uninsured loss can clear out | | | | |
| all your accumulated riches. Insufficient | | | | - Cash flow management: The ability to manage |
| savings for retirement can cause one into a | | | | the liquidity of your cash - Investment |
| lower quality of living or even worse, the | | | | planning: The decision of making more money |
| postpone of retirement and numerous other | | | | with the extra cash you have on hand. - |
| fiscal catastrophes that are far too | | | | Insurance planning: Planning for the |
| depressing to be named! | | | | unexpected situations - Retirement planning: |
| | | | Knowing how much you can have when you stop |
| You wouldn't want to be in this situation! | | | | working - Estate planning: Knowing and |
| All these can be avoided by proper financial | | | | managing the ultimate value of your property. |
| planning! | | | | |
| | | | All in all, an ideal financial plan does not |
| So in a nutshell, financial planning involves | | | | focus on one angle or product exclusively. |
| engaging a broad view of one's financial | | | | One should not look at just one aspect of the |
| affairs looking over many areas of wealth | | | | planning. It involves looking at all areas of |
| supervision and then running through a | | | | planning, putting them together in |
| step-by-step process to solve financial | | | | perspective and finally the careful |
| problems and achieve financial goals. | | | | consideration when making financial |
| | | | decisions. |