Financial Planning

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what is financial planning?

A detailed road map that will assist one to look after all financial emergencies with the correct evaluation of the current financial position. Financial Planning helps you achieve your goals confidently. It helps you to plan for emergencies, the “What If” situation, and your life’s most important goals. A well-directed & planned investment helps you achieve much more with the same amount of money.

In today’s unpredictable world, a solid financial planning strategy is essential to navigate unforeseen challenges, such as a sudden financial emergency. Our specialized financial planning and analysis services ensure that you’re not only prepared for unexpected situations but also on track to meet long-term goals. Trust us to provide the guidance you need for a secure financial future.

financial planning

Financial Planning Types

Different types of financial planning focus on specific areas of an individual’s or an organization’s financial life. Here are some common types of financial planning:

Investment Planning:
The goal of investment planning is to maximize returns while managing risk by strategically allocating your funds to various assets, such as stocks, bonds, and real estate. A well-informed investment plan considers your financial
goals, risk tolerance, and time horizon to create a roadmap for growing wealth over time

Tax Planning:
Tax planning involves arranging your financial affairs strategically to minimize your tax liability. In order to maximize tax benefits and credits, income, investments, and expenditures are analyzed. Tax planning ensures you keep more of your earnings while remaining compliant with tax laws.

Retirement Planning:
Retirement planning is the process of setting financial goals and strategies to ensure a comfortable and secure retirement. It involves estimating retirement expenses, evaluating potential income sources such as pensions and investments, and creating a savings plan to achieve your desired lifestyle after you stop working.

Insurance Planning:
In order to mitigate your risks, you must assess your potential risks and select appropriate insurance policies. Our services cover every aspect of insurance, whether it is life insurance, health insurance, or term insurance. Depending on your circumstances, insurance planning provides financial protection for you and your loved ones

Education funding planning:
An education funding plan is a strategic approach to saving and investing for educational expenses. To do this, you need to estimate the cost of education for yourself, your children, or other dependents, and develop a savings strategy to cover tuition, books, and other related expenses. By doing so, you will be financially prepared to pursue academic goals without stress.

Budgeting:
The process of budgeting involves creating a financial plan outlining your income and expenditures. By tracking where your funds are allocated and controlling your spending, you can manage your money more effectively. Creating a budget ensures financial discipline, enabling you to reach your financial goals.

How to Make Financial Planning? Step-by-Step Guide

A financial plan is dynamic and should change as your life circumstances change. You can get financial advice from a financial advisor for a more detailed approach.  Stay on track toward achieving your financial goals by regularly reviewing and adjusting your plan. Here’s a detailed step-by-step guide on how to make a comprehensive financial plan:

 Step 1: Set Clear Goals

As a financial planner, plan your short-term and long-term financial goals, such as buying a house, retiring comfortably, and funding your children’s education. 

Step 2: Assess Your Current Finances

Take a look at all your financial documents, including bank statements, investment records, debts, and sources of income. Identify your current financial situation by calculating your net worth (assets minus liabilities).

Step 3: Determine Your Income and Expenses

Keep a detailed record of your income sources and expenses every month. Identify areas where you can cut costs and allocate more toward your goals by categorizing your expenditures.

Step 4: Analyze Risk Tolerance

Determine your comfort level with investment volatility by assessing your risk tolerance. By balancing risk and return, you will be able to make informed investment decisions.

Step 5: Build an Emergency Fund

Establish an easy-to-access savings account that holds three to six months’ worth of living expenses. In case of financial emergencies, this fund serves as a safety net.

Step 6: Create a Debt Repayment Strategy

Include all your debts, such as credit card balances, loans, and mortgages. Identify your high-interest debts and pay them off first.

 Step 7: Develop an Investment Strategy
Create an investment portfolio that includes a mix of stocks, bonds, and real estate assets according to your goals and risk tolerance. Managing risk and potential returns is easier with diversification.

Step 8: Consider Tax Planning

Reduce your tax liability by investing tax-efficiently. Make the most of tax-advantaged accounts and deductions.

Step 9: Review Insurance Coverage

Identify your life, health, disability, and other insurance needs. Protect your financial well-being with adequate protection.

Step 10: Regularly Review and Adjust

Keep your financial plan up-to-date by reviewing it periodically. Adjust your budget and investment strategy as your life changes, and stay disciplined.

Importance and Benefits of Financial Planning

To achieve a secure & prosperous future the need for financial planning is there.

In a world of uncertainties, the importance of financial planning offers the need for reassurance of preparedness and a roadmap to your financial aspirations. The need of financial planning portrays not only the need for money; it’s about securing your dreams and ensuring a brighter tomorrow. Proper financial planning ensures continuous growth and expansion over a certain period of time.

Financial planning plays a crucial role in achieving a secure and prosperous future. Let’s check out the benefits of financial planning: 

  1. Clear Financial Goals:

Financial planning provides a roadmap for your financial journey. Setting specific goals with a financial planner helps you work towards tangible objectives and measure your progress.

  1. Effective Resource Management:

It ensures efficient allocation of your financial resources, helping you make informed decisions about income and expenses. This prevents overspending and promotes saving.

  1. Improved Financial Awareness:

Financial planning, by a knowledgeable finance advisor, requires a deep understanding of your financial situation. This awareness empowers you to make well-informed choices and stay in control of your money.

  1. Enhanced Savings and Investments:

Financial planning, guided by a financial consultant, encourages regular savings and structured investments. This disciplined approach helps your wealth grow over time and ensures you’re prepared for future expenses.

  1. Risk Mitigation:

Through insurance planning and risk assessment, financial planning with a certified financial planner safeguards you against unexpected events like medical emergencies or loss of income.

  1. Efficient Tax Management:

Effective tax planning helps you minimize your tax liability, preserving more of your earnings for savings and investments.

  1. Debt Management:

By creating strategies to pay off debts efficiently, financial planner reduces the burden of interest payments and improves your credit score.

Why us?

  • Draw a customized financial plan that would help you achieve your life goals confidently with our financial advisory services.
  • Strong researched-backed investment products that are beyond Mutual Funds.
  • Our team of trained professionals acts like a coach & gives financial advice by tracking your financial progress to ensure that you achieve your life's financial goals
  • We educate, empower and enable clients to achieve their goals, leaving them in a much better situation from where we acquired them. We have a strong client-centricity that thrives on ethical advice & being responsive. We believe that consistently delivering to clients' expectations will help us to build excellence in our service. We have acronymed these values as E-SPIRE

what do you get in the customised financial plan?

With our financial planning service, you will receive a tailored roadmap for achieving your financial goals. In addition to detailed analyses of your current financial situation, this comprehensive financial plan includes personalized savings, investment, retirement, education funding, tax optimization, and risk management strategies.
In other words, it’s a blueprint that will help you accomplish your goals.

The plan includes

  • Emergency Fund
  • Risk protection via Insurance Planning (Health / Life / Asset / Critical Illness Insurance)
  • Goal Planning - Estimating how much money you would need to achieve your goals. ● Investment Planning - These are the best-suited investment products based on your risk profile and life financial goals
  • Retirement Planning - How much money do you need to save to ensure that you have a good retirement?
  • Tax Planning & Saving - The investment plan tries to reap the dual benefit of saving tax and helping you achieve your goals.
  • Reviewing and seamlessly integrating your existing investments (if any) without incurring short-term capital gains tax and exit load charges
  • Estate Planning - Providing you with a solution to transfer your hard-earned money to your legal heir seamlessly.

Fincart's Financial Planning Process

Financial Planning is synonymous with a pyramid that stands for STABILITY We follow a Proper 3 Proprietary
method of Financial Planning!

  • Method 1: DRAWN To fulfill your Dreams, we take a reality check to understand how far your dream is at present. Then we utilize the Available resources optimally to help you achieve your goal. The way forward is the action plan. Navigation is regularly reviewing your plan & investment to ensure that you remain on track to achieving your goals.
  • Method 2: ERGRE We help you create an Emergency Fund for all money-related uncertainties. The Risk-Protection ring fences your life risks via Insurance planning. Goal planning provides you with the road map to achieving your goals confidently. Retirement planning factors inflation to ensure you accumulate a decent corpus to live a self-reliant and comfortable life. Estate planning seamlessly transfers your hard-earned money to your legal heir
  • Method 3: RAISE We ascertain your risk profile, that's the starting point for creating an optimal asset allocation. We review your existing investments and integrate them after filtering the good ones. The scheme selection is carefully researched and suggested based on your risk profile and your goal's time horizon. Our job does not end here, we regularly evaluate your portfolio and re-balance them to ensure that they help you achieve your life goals confidently.

faq's

No, Financial Planning is an ongoing exercise, it gets revised based on the changing life situations, lifestyles and life milestones. We do quarterly interaction to review your plan and the life situations.
You should start financial planning after receiving your first earnings. It ensures that you don’t experiment with your hard earned money and it gets invested in the right way. as it is one of the crucial steps toward a stable financial future.
We are not rigid about income, you can start financial planning by picking a single goal or covering your risk to start with. You kick start your financial planning by putting phone block at a time. This will make you money confident.
Yes, you can make your financial plan independently. We have provided you with a simple tool called “Numberless Finance”. This provides you with a basic structure to self curate your own financial plan. However, if you wish to seek help then our trained personnel will be available to help you out.

Hiring a professional financial planner acts like a coach tracking your financial progress to ensure that you achieve your life’s financial goals. We spend a lot of time understanding your requirement, then we draw a customized financial plan for you that is best suited for you and your financial goals.

  1. Income Management: Evaluating and managing your income sources effectively.
  2. Expense Management: Tracking and controlling your expenses to align with financial goals.
  3. Investment Planning: Strategizing investments to grow wealth over time.
  4. Risk Management: Identifying and mitigating potential financial risks through insurance and other measures.
  • Financial Goal Setting: Defining clear and achievable short-term and long-term financial objectives.
  • Budgeting and Expense Management: Creating a budget to monitor and control spending patterns.
  • Saving and Investing: Strategically setting aside funds and investing wisely to achieve financial growth.
  • Debt Management: Effectively managing and reducing debts to maintain financial stability.
  • Risk Management and Insurance: Protecting against unexpected events through insurance and risk mitigation strategies.
  • Expertise: Professionals provide expert insights tailored to your financial situation.
  • Goal Clarity: Advisors help define and prioritize financial goals, creating a clear roadmap.
  • Optimized Strategies: Customized plans optimize investments, taxes, and overall financial decisions.
  • Risk Management: Advisors suggest ways to manage risks and safeguard your financial future.
  • Peace of Mind: Knowing you have a well-informed plan brings confidence and reduces stress.
  • Financial Planning: Creating comprehensive plans aligned with your goals and circumstances.
  • Investment Advice: Recommending suitable investment options based on risk tolerance and objectives.
  • Retirement Planning: Designing strategies to ensure a comfortable retirement.
  • Tax Planning: Optimizing tax liabilities through legal strategies.
  • Estate Planning: Structuring assets for effective transfer to heirs.
  • Risk Management: Identifying potential risks and suggesting insurance solutions.
  • Debt Management: Advising on strategies to manage and reduce debt effectively.

We, Fincart Financial Planners are the best when it comes to providing financial planning services to our clients. We have helped more than 10K+ people achieve their life’s goals. 

Our consultation services are Free. However, financial advice depends on companies to companies.