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Are you in control of your money or is money controlling you? If you want to control your money you will require good financial planning. Financial planning is nothing but controlling your finances. Instead of working all life to grow your corpus, seeking good financial planning can enable your money to grow and work for you. It can make your cash flow more “need based” and “tax efficient”.
It is better to take professional advice from financial planning companies than trying to be your own doctor and losing thousands to save hundreds of rupees.
Financial Planning: Planning for Life
As you grow older in life, your financial responsibility grows with you. You have different roles to play, and performing each of them requires managing your finances.
While strategy A is for those about to get married, they will have to switch to strategy B when they have kids. Below is a generalized profile of financial profile of individuals across age groups. The table indicates the need for wise customization of your finances based on varied requirements in terms of a generalized scenario of cash flow, risk capability and financial responsibility.
This plan is applicable for any age group. All that is required is to understand which situation one is in and act accordingly. Good financial planning helps you do just that by identifying and quantifying the financial needs of your future and making it shock proof.