Financial Goal Tracker

A financial plan is the road map for your financial life. It covers major financial areas of your life addressing aspects such as cash flow, savings, debt management, risk management, childrens education planning, taxes, retirement, estate planning, and of course, investments and a strategy for managing them. It is more than a guide. It is a written strategy that gives you a clear, pragmatic path to follow towards the accomplishment of your most important financial goals.

Having a financial plan is like having a travel plan - it identifies where youre going, how and when youll get there, how much will it cost, and things to do along the way. A personal financial plan looks at where you are today and where you want to go. Then it sets out all the steps you need to take to get there. Everyone who is earning should draw up a financial plan. The plan will help you get the most from your money and help you in achieving your financial goals in life.

Some people naturally resist the process of creating a Financial Plan. Initially, it seems overwhelming and/or just too much of trouble. However, the potentially devastating consequences of not having it are far greater than the initial discomfort that you experience of the process. For most people we have worked with, the hardest part is just making the decision to get started. Once the process has begun, most clients find it engaging and interesting.

Do you need financial plan?

Yes - if you have an income, a family or planning to have one in the future, retirement dreams, and for many other financial reasons / goals that are unique to you. No one can predict the future but one can certainly be better prepared for it. An effective financial plan will make sure that you are financially prepared to deal with the unexpected events and stormy times. If you dont have one, youre more likely to end up in a financial mess. On the contrary, if you have one and the recommendations thereon have been executed, most of your financial goals will be satisfactorily met. A good financial plan can alert you to changes that must be made to make sure a smooth transition through lifes financial phases, such as decreasing spending or changing asset allocation.

By developing a financial plan you and your family:

  •         Will have a better understanding of your current financial position.
  •         Determine attainable retirement, education, insurance, and other financial goals.
  •         Review goals, funding strategies, and alternatives to balance all goals.
  •         Have the necessary financial resources set aside to fund your goals as they occur.
  •         Reduce the effects of unexpected events such as disability, premature death etc.

You need not be very rich to have a financial plan. No matter how much you earn and at what age, a plan is important to make your life easier. As your financial situation influences almost every aspect of your life, a regular financial plan can help give you peace of mind and protect you from unforeseen, unfavorable situations. Once you have a working personal financial plan, you can use it to make informed financial choices. Having a good financial plan will allow you an over view of what you can afford. It will allow you to analyze your wants versus your needs. It also provides you a way to see how to avoid major financial mistakes in the future.

Risks of not having a financial plan:
You may be able to achieve what you want today but might not be able to achieve what you need few years down the line. Say, if you buy a new car now, you might not have enough funds later to buy your dream home.

You may not see the big picture. Say, you may grow your wealth by making good investment choices but end up being tax inefficient and pay more taxes than you need to.

You may take a short-term view of an opportunity and make rushed financial decisions, or fall into some scam trap. Worst of all, you may end up doing nothing (and just thinking of doing something) and never achieve your financial goals.

You might become a victim of mis-selling and build a corpus of investment products that neither suits your financial needs nor your risk profile.

You are very much likely to worry more about money and financial security. You may not know where you are today and where are you heading for.

Tips for Effective Financial Plan

  •  Be realistic with your investment returns; dont plan to outperform the markets.
  •  Account for market risk and dont assume the same return to repeat every year.
  •  Dont forget to plan for inflation, taxes and your financial planners fees.
  •  Review your financial plan regularly to see if you are on track or need any changes in the plan.

The need for financial plan is all the more very important in the turbulent economic times of today. If you dont have one till now, dont delay any more and Get it Now. Dont be self-satisfied that you will be okay whatever happens. Face the reality. Unless you develop a financial plan early, it will be too late.

Portfolio Login


Is the marginal dip in SIP inflows an early sign of fading interest in equities? SIP flows holding above Rs 8,000 crore in May despite businesses being at standstill since couple of months is encouraging
Tue, 09 Jun 2020 12:19:47 +0530


Taking Stock: Sensex scales Mount 36K, Nifty back above 10,600 Bayer Cropscience, VST Tillers, Balkrishna Industries and IOL Chemicals were among more than 100 stocks on the BSE to hit a 52-week high.
Fri, 03 Jul 2020 16:34:13 +0530


Taking Stock: Sensex has a touch-and-go moment with 36K, Nifty at 4-month high On the broader markets, the SP BSE Midcap index rose 1.04 percent while the SP BSE Smallcap index closed with gains of 0.9 percent.
Thu, 02 Jul 2020 16:49:42 +0530


Taking Stock: Financials lead the rally on Street; Sensex back above 35,000 Top Nifty gainers include names like HDFC, UPL, Bajaj Finserv, and Axis Bank.
Wed, 01 Jul 2020 17:03:08 +0530


Taking Stock: D-St erases gains ahead of PM address; Nifty hold 10,300 Long buildup was seen in stocks like BEL, Jindal Steel, Balkrishna Industries, and SAIL.
Tue, 30 Jun 2020 16:47:45 +0530


Taking Stock: Lockdown extension, weak global cues weigh on D-St; Sensex below 35,000 Top Nifty gainers included HUL, Cipla, Britannia Industries, and HDFC Bank.
Mon, 29 Jun 2020 17:22:32 +0530


Taking Stock: Strong global cues help Sensex reclaims 35,000; IT, oil  gas shine Top Nifty gainers included IOC, TCS, Infosys, and BPCL.
Fri, 26 Jun 2020 16:38:35 +0530


Taking stock: Nifty slips below 10,300 amid June FO expiry, IMF warning on growth Sectorally, the SP BSE FMCG index rose 2.2 percent, BSE Healthcare index 1 percent and the Bankex was up 0.6 percent.
Thu, 25 Jun 2020 16:41:52 +0530


Taking Stock: Profit booking hits D-Street; Sensex falls over 500 points, Nifty holds 10,300 The SP BSE Mid-cap index was down 1.08 percent while the SP BSE Small-cap index fell 1.24 percent.
Wed, 24 Jun 2020 17:10:56 +0530


Taking Stock: Terrific Tuesday! Markets close near 4-month high; Nifty above 10,450 Sectorally, the SP BSE power index was up 4.2 percent, capital goods index 4.06 percent and the realty index gained 3.05 percent.
Tue, 23 Jun 2020 17:16:11 +0530


Taking Stock: Last hour profit-booking pushes Sensex below 35K; Nifty closes above 10,300 Despite muted global cues and fears of a second wave of coronavirus infections, markets focussed on regulatory approvals for domestic pharma firms for COVID-19 drugs, experts say.
Mon, 22 Jun 2020 16:43:04 +0530


The weekly dossier: A further rally or consolidation? Here#39;s what Dalal Street veterans expect A successful trade and close beyond this cluster of resistances between 10,330-10,360 will extend the upward journey taking the Nifty higher to levels of 10,550.
Sat, 20 Jun 2020 12:02:53 +0530


Taking Stock: Fabulous Friday! Sensex up more than 500 points; RIL M-cap crosses Rs 11 lakh crore Top Nifty gainers included Tata Motors, RIL, Bajaj Finance, and Bajaj Finserv.
Fri, 19 Jun 2020 16:38:03 +0530


Taking Stock: D-St brushes aside bad news; Sensex rallies 700 points; Nifty above 10K Sectorally, action was visible in banks, finance, metals, public sector, and power sectors, while some profit-taking was visible in healthcare and telecom stocks.
Thu, 18 Jun 2020 17:28:27 +0530


Taking Stock: India-China clash halts D-St rally; Nifty closes below 10K On the broader markets front, the SP BSE Midcap index rose 0.37 percent while the SP BSE Smallcap index was up 0.04 percent.
Tue, 16 Jun 2020 17:24:54 +0530


Taking Stock: Fear of second COVID wave rattles markets; Sensex falls more than 500 points Sectorally, selling pressure was seen in Bankex, realty, finance, capital goods, and consumer durables while some value- buying was seen in energy and healthcare stocks.
Mon, 15 Jun 2020 16:58:12 +0530

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