Sunday, March 25, 2007

Financial Planning??? Can eat or not?

You might have heard about Financial Planning but do not know what is it about. Many thought that Financial Planning is completed after buying a few Insurance Plan. Its a very common misunderstanding? Hope I can remove this misunderstanding by sharing with you using simple layman language: Financial Planning is about

1) Managing your Cashflow
This is a step to detect bad spending habits and ensure you set aside enough money for future financial goals.
2) Managing your Risk
This is a step to ensure that your dependents are well taken care of in event of death, disability, Diseases, hospitalisation, etc.
3) Managing your Investments
This is a step to ensure you invest your assets properly. The right risk and right returns to meet your needs.
4) Managing your Retirement
It is a step to help you achieve financial independence and enjoy a lifestyle that you desire on retirement.
5) Mananing your Tax
This is a step to minimise your tax through the use of various tax benefits and incentives
6) Managing your Estate
This is a step to preserve your assets on death and distribute your estate according to your intentions with minimal hassles and estate duties.

Seek professional help from a Certified Financial Planner. You shall see a difference to your current financial plan. Drop me an email if you like to make this difference.

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