IFIN LTD

October 3, 2022 Monday, 13:51 Hrs


Home \|	IFCI Group \|	About Us \|	Our Network \|	Contact Us \|	Career \|	Employee

SENSEX 56,981.97 -444.95

BSE

Home

Other Services

Financial Planing

Financial Planning

Financial planning

Financial planning is the process of assessing financial goals of an individual, taking an inventory of the money and other assets which the person has, determine life goals and then take necessary steps to achieve goals in the stipulated period. It is a method of quantifying a person’s requirement in terms of money.

It is the process of meeting life goals through the proper management of finances. Financial planning is a process that a person goes through to find out where they are now (financially), determine where they want to be in the future, and what they are going to do to get there. Financial Planning provides direction and meaning to person's financial decisions. It allows understanding of how each financial decision a person makes, affects the other areas of their finances. For example, buying a particular investment product might help to pay off mortgage faster or it might delay the retirement significantly. By viewing each financial decision as part of the whole, one can consider its short and long- term effects on their life goals. People can also adapt more easily to life changes and feel more secure that their goals are on track.

In simple, Financial Planning is what a person does with their money. Individuals have been practicing financial planning for ages. Every individual who received money had to make a decision about the best way to use it. Typically, the decision was either spend it then or save it to spend later. Everyone had to make the same decision every time they receive money.

Financial Planning is an advisory service provided by the finance industry. Although financial planning is not a new concept, it just needs to be conducted in organized manner. Financial Planner on other hand is a service provider which enables an individual to select proper product mix for achieving their goals.

The major things to be considered in financial planning are time horizon to achieve life goals, identify risk tolerance of client, their liquidity need, the inflation. Keeping all this in mind financial planning is done with six step process. This are self assessment of client, identify personal goals and financial goals and objective, identify financial problems and opportunities, determining recommendations and alternative solutions, implementation of appropriate strategy to achieve goals and review and update plan periodically.

A good financial plan includes Contingency planning, Risk Planning (insurance), Tax Planning, Retirement Planning and Investment and Saving option.

	Open an Account

	Online Trading

	Tutorial

	Become a Sub-Broker

	Branch Locator

Sebi single registration no : INZ000254231
MCX : MCX/TCM/CORP/0236; Member ID : 40415; NCDEX-NCDEX/TCM/CORP/0982; Member ID : 01008; National Spot Exchange : Member ID : 12810; AMFI ARN No.2649; IRDA RegNo : CA0050
PMS-INP000003328; Merchant Banking - INM000010247; Non-Life Insurance - Licence No: BAG 989545; Life Insurance - Licence No : LIC 989545; CIN : U74899DL1995GOIO64034

Designed, developed and content provided by C-MOTS Infotech(ISO 9001:2015 certified)Best Viewed in Internet Explorer 6.0 and above