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.

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Mutual Fund industry adds 5.6 lakh folios in July, debt funds gain traction  According to data from Association of Mutual Funds in India, the number of folios with 45 fund houses rose to 9,21,05,737 at the end of last month, from 9,15,42,092 at June-end, registering a gain of 5.63 lakh folios.
Fri, 14 Aug 2020 15:07:08 +0530


Taking Stock: Sensex rallies 800 points; 4 factors that worked for bulls Top Nifty gainers include names like Bharti Airtel, Cipla, HCL Tech, and Bajaj Finserv.
Fri, 25 Sep 2020 16:37:54 +0530


Taking Stock: Carnage on D-St! Sensex plunges 1,114 points; Nifty holds 10,800 A selloff in global markets and rising coronavirus infections stoking fears of lockdown that can delay the economic recovery led to risk-off sentiment.
Thu, 24 Sep 2020 16:41:57 +0530


Nifty settles near 10,800, Sensex nosedives over 1,100 pts; 5 factors that fuelled the selloff Markets remained in the red from the get-go as sentiment remained fragile on concerns over rising COVID-19 cases and uncertainty over economic recovery.
Thu, 24 Sep 2020 10:59:49 +0530


Taking Stock | Market falls for fifth day in a row but Nifty manages to hold 11,100 Sectorally, the action was seen in consumer durables, realty, energy, and banks while selling pressure was seen in telecom, power, utilities, healthcare and public sector.
Wed, 23 Sep 2020 16:21:34 +0530


Taking Stock | Market falls for 4th straight day; Sensex below 38K, Nifty breaks 11,200 Sectorally, selling pressure was seen in the Capital Goods index which was down 2.4 percent, followed by the SP BSE Oil Gas index that fell 2.3 percent, and the SP BSE Energy index was down 1.9 percent.
Tue, 22 Sep 2020 16:25:05 +0530


Taking Stock | Manic Monday! Sensex plunges 800 points; Nifty below 11,300 dragged by IndusInd Bank, Tata Motors Sectorally, the selling pressure was seen in the SP BSE Telecom index which was down 5.7 percent, followed by the SP BSE Realty index that fell 5.7 percent, and the SP BSE Metal index fell 4.7 percent.
Mon, 21 Sep 2020 16:22:32 +0530


Fresh wave of sell-off hits D-Street as Sensex, Nifty fall 2% each; 4 reasons that triggered the fall As per media reports, British Prime Minister Boris Johnson was pondering the second lockdown in Britain while Spain and other European countries were witnessing fresh restrictions due to the coronavirus pandemic.
Mon, 21 Sep 2020 15:05:34 +0530


Taking Stock: Sensex, Nifty end in the red; FTSE rejig, border tension infuse volatility After trading in the green for most of the day, equity benchmarks succumbed to a fresh spell of selling in the last hour of trade, closing with a negative bias.
Fri, 18 Sep 2020 16:32:30 +0530


Taking Stock: Nifty reclaims 11,600 as over 160 stocks hit 52-week high on BSE Markets are expected to be in sync with global cues. Upside seems to be limited considering the lack of fresh domestic triggers for the market.
Wed, 16 Sep 2020 16:10:10 +0530


Taking Stock | Sensex reclaims 39,000; small  midcap stocks outperform The SP BSE Mid-cap index was up 0.85 percent while the SP BSE Small-cap index closed with gains of 1.4 percent.
Tue, 15 Sep 2020 16:28:56 +0530


Taking Stock: Sensex pares gains, falls 98 points; small, midcaps outperform Action was seen in IT, realty, consumer durable and consumer discretionary stocks. Profit-taking was visible in telecom, banks, finance, and energy stocks.
Mon, 14 Sep 2020 16:13:16 +0530


Will market consolidate or take a leap forward? Here#39;s what market experts have to say Markets consolidated in a range last week amid mixed cues. Subdued global markets weighed on the sentiment, however, recovery in select index majors in the last two sessions triggered a sharp rebound.
Sun, 13 Sep 2020 13:00:59 +0530


Taking Stock: RIL at record high; Sensex jumps 600 points, Nifty reclaims 11,400 Sectorally, action was seen in energy, oil gas, public sector and capital goods stocks while profit-taking was visible in telecom and metal space.
Thu, 10 Sep 2020 16:39:09 +0530


Taking Stock | Market recovers early losses, but Nifty fails to conquer 11,300 Nifty50 is stuck in a range where 11250 is providing support while on the upside 11350-11400 are proving to be tough resistance levels for the index.
Wed, 09 Sep 2020 16:41:31 +0530


Taking Stock: Border tension, rise in COVID cases cap upside; Nifty closes above 11,350 The broader markets underperformed the benchmarks. The SP BSE midcap index fell 0.78 percent and BSE smallcap index closed 0.2 percent lower.
Mon, 07 Sep 2020 16:52:47 +0530


Subscribe to Angel Broking: Ajcon Global Ajcon Global has come out with its report on Angel Broking. The research firm has recommended to #39;#39;Subscribe#39;#39; the ipo in its research report as on September 22, 2020
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