In the current digital world, most people aspire to instant gratification. The benefits of financial planning are similar to that of physical fitness generally accrues over a long time period with consistent & regular effort, it doesn’t happen instantaneously, what exercising does to physical fitness, and financial planning yield the same benefit toward financial wellness.
The desire without a definite plan is a “Wish”. “Goals” are dreams that clearly define the amount of money needed, and by when will it be needed.
The Financial Plan draws the roadmap on how the goals will be achieved. It increases the probability of achieving the goals significantly when compared with an ad-hoc investment approach.
Financial planning is an essential step that must be taken, to secure financial well-being over time. At different life stages, you will require substantial amounts of wealth, not to mention, living an exuberant lifestyle on a budget. This is where financial planning comes in. For instance, if you plan to buy a car at age 25, a house at age 30, and get married at 32 years. These are substantial expenditures, for which you must plan accordingly.
The financial planning plans and suggests the best-suited investments, based on the risk profile enabling to achieve the short-term, medium-term, and long-term goals confidently. The core objective is to enjoy money by fulfilling your aspiration and having the money available when you need them – feel money confident.
A short synopsis of the top 10 benefits of Financial Planning