Importance of Financial Planning

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Financial Planning is very important in order to live a worry free life & to achieve a financial freedom. Everyone needs a financial planning irrespective of their current income, age, and life conditions.

Financial Planning is a financial roadmap to achieve the future financial goals like Retirement, children education, children marriage, buying and creating assets, foreign vacation etc.

below are some powerful reasons why financial planning – with the help of an expert financial advisor – will get you where you want to be.

  1. Income:It’s possible to manage income more effectively through planning. Managing income helps you understand how much money you’ll need for tax payments, other monthly expenditures, and savings.
  2. Family Protection & security: Providing for your family’s financial security is an important part of the financial planning process. Having the proper insurance coverage and policies in place can provide peace of mind for you and your loved ones.
  3. Standard of Living: The savings created from good planning can prove beneficial in difficult times. For example, you can make sure there is enough insurance coverage to replace any lost income should a family breadwinner become unable to work.
  4. Cash Flow: Increase cash flows by carefully monitoring your spending patterns and expenses. Tax planning, prudent spending, and careful budgeting will help you keep more of your hard-earned cash.
  5. Investment: A proper financial plan considers your personal circumstances, objectives and risk tolerance. It acts as a guide in helping choose the right types of investments to fit your needs, personality, and goals.
  6. Financial Understanding: Better financial understanding can be achieved when measurable financial goals are set, the effects of decisions understood, and results reviewed. Giving you a whole new approach to your budget and improving control over your financial lifestyle.
  7. Capital: An increase in cash flow, can lead to an increase in capital. Allowing you to consider investments to improve your overall financial well-being.
  8. Savings: It used to be called saving for a rainy day. But sudden financial changes can still throw you off track. It is good to have some investments with high liquidity. These investments can be utilized in times of emergency or for educational purposes.
  9. Ongoing Advice: Establishing a relationship with a financial advisor you can trust is critical to achieving your goals. Your financial advisor will meet with you to assess your current financial circumstances and develop a comprehensive plan customized for you.

The first step in developing your financial plan is to meet with an advisor. At ICARUS WEALTH we use a unique assessment procedure. Which takes into consideration review of your current financial conditions, your future aspirations, future goals, past experiences to create a customized plan for you.

Hi....I'm Founder of Icarus Wealth, Financial adviser, Positional Trader & trading coach. Very passionate about helping & empowering people to achieve their Financial freedom.

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Posted in Finance, Financial Planning

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