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Financial planning is the process of managing your funds to achieve your desired goals in the required time frame. It involves analyzing your existing financial position, expected future cash flows, inflation and identified financial objectives to develop a comprehensive financial planning road map. This is aimed at making available the right amounts of funds at the right time in the future.
A financial plan helps drive your financial decisions to a defined goal. It helps you determine how much to save today for the future you planned for, how much returns to expect on your savings and where to invest your savings to ensure you get the returns you desire.
You can make use of the skills of a financial planner who can help you with the financial planning process. A financial planner is aware of the range of investment and insurance products available for you to choose from and can suggest solutions that are in line with your needs, profile and situation.
Once you have determined how much you wish to invest, you need to decide where to invest. There are various investment options available depending on your risk – return profile. The various products available are:
. Mutual fund schemes
. Bank deposits
. Insurance Plans
The sooner you start your financial planning the better it is as it gives you more time to plan and gives your money more time to grow . Planning early increases your return possibilities while simultaneously reducing your risk.
An ideal insurance plan for any individual depends on many factors like age, needs, liabilities, earning capacity & long term financial goals of an individual. Any insurance plan can be good for one person but cannot be suitable for others.
Sensex level depends on current state of economy. It also tells us about general perception of investor about future performance of companies included in sensex. Level of sensex also depends on various factors like money supply, interest rate, liquidity position of investor.
Stock market gives excellent opportunity to make money even if market is going down. One can use different strategies in future & option to generate return.