Why Do I need financial planning?
The changes you experience in your life have significant effect on your finances. Every individual has certain life goals and it would be impossible to meet them without a proper financial plan in place. Life goals may include buying a house, buying a car , getting married , education for children , etc. All these goals could be difficult to manage without proper planning. You could land up paying debts till you retire.

FINANCIAL PLANNING AT EVERY STAGE OF LIFE :

1. 20-40 Years:
At this stage of your life, your priority lies in establishing a career and getting married. Additionally, also have children and attain financial stability. The most important financial aspects of this stage are listed below which calls for financial planning.

• Wedding expenses
• First home
• Having children
• Income protection
• Debt management
• Family healthcare
• Business planning.
• Tax management

2. 40-50 years:
Moving forward, your focus in this stage is to achieve a better life style and accomplish your long term financial goals. The most important financial aspects of this stage are listed below which calls for financial planning.

• Healthcare
• Investments
• Tax management
• Inheritance
• Retirement planning

3. 50- 60 Years:
At this stage, your priorities lie in planning your retirement and attain further financial stability. The most important financial aspects of this stage are listed below which calls for further planning.

• Asset protection
• Debt elimination
• Healthcare insurance
• Retirement planning
• Wills and trusts
• Business exit strategy

4. 60+:
Retirement is time to relax, travel and enjoy your family. Transferring wealth also becomes priority. Below are few things you might focus on:

• Asset protection
• Healthcare
• Inheritance tax mitigation
• Conserving Capital
• Asset planning
• Wills and trusts

Earning money might be easy but saving money is a difficult task. Most of us have very little saving or no saving at all. Financial planning is all about developing strategies to help you manage your finances and meet your life goals– and the first step in this process is to have right advice. Accumulating finances alone in a bank account is not financial planning. Unfortunately, financial planning is a comprehensive subject. It is hard to understand the convolutions of investment, taxation and ever changing government rules and regulations. Therefore you need professional help. A professional financial planner necessarily evaluates your financial strengths and weaknesses and draws a comprehensive plan so that you can achieve your future financial goals, eventually improving your financial health.