To simplify it, financial planning is the process of setting your financial goals and then meeting those goals by allocating and managing your investments across various financial instruments. Buying a car, a dream house, your children’s education, their marriage and to be able to maintain the same life style even when you retire from active job/business, is part of the financial planning. Financial planning gives you more clarity in life as it provides the direction and meaning to all your financial decisions.
A number of people take savings as financial planning. Saving money is not enough as it has to be invested in the right financial instrument to ensure the rate of interest beats rate of inflation, usually which is 5.5-6.5%, by at least a margin of 4-6% per annum.
At Gera Wealth Creators, we help our investors with financial goal setting, investment planning and wealth strategies that suit their life plan. Since our founder and lead advisor Mr.Pankaj Gera is a certified life planner, he always works on any financial plan in a very methodical and clinical manner.
Process of Financial Planning: Financial Planning is a dynamic process and any changes in your financial circumstances needs to be incorporated in your financial plan to meet your long term financial objectives. It consists of the following activities:
- It starts with assessing your current financial situation/condition.
- Setting long term goals and objectives.
- Finding various constraints and financial planning areas like taxes, time horizon, liquidity, risk appetite etc.
- Determining goal driven investing by prioritizing various financial goals.
- Evaluating the plan regularly and adjusting and modifying it if there are changes in financial conditions.
Confused? Excited? Don’t worry, you can speak to book an appointment with our Certified Financial Planners right away. Submit the details and our representatives will connect with you shortly.