We at Birju Acharya believe that investing is about more than just money, so we provide each client with a personalized strategy that is tailored to their specific needs, allowing them to achieve all of their personal and financial objectives in the long run. Financial planning is a systematic strategy for achieving one's life objectives. Financial planning aids in the identification of short and long-term financial objectives, as well as the development of a well-balanced strategy for achieving those objectives.
What is the aspect of
financial planning?
Financial planning isn't only for the wealthy: everybody may benefit from laying out a strategy for their financial future. A financial plan can be created on your own or with the help of a financial planner. Thanks to internet services like Robo-advisors, getting help with financial planning is now more affordable and accessible than ever.
What are the Benefits of Having Financial Planning?
Improve your savings
It may be possible to save money without a financial strategy. However, it's probable that this method isn't the most effective. You gain a lot of insight into your income and expenses when you make a financial plan. You can keep track of your spending and cut them intentionally. In the long run, this will help you save more money.
Benefit from a higher
standard of living.
Most people feel that they will have to reduce their standard of living in order to pay their monthly bills and EMI repayments. You will not have to sacrifice your lifestyle if you have a solid financial strategy in place. It is possible to meet your goals while maintaining a decent level of living.
Be ready in emergency
situations.
Creating an emergency fund is a crucial aspect of financialplanning. In this instance, you must have a reserve equal to at least 6 months of your monthly pay. This way, you won't have to stress about money in the event of a family emergency or a job loss. You might be able to use the emergency fund to help you meet a range of commitments on time.
Attain peace of mind
If you have enough money, you may cover your monthly expenses, invest for your future goals, and spend a little on yourself and your family without fear. Financial planning allows you to efficiently manage your money while also giving you peace of mind. Don't worry if you haven't yet arrived at this point. If you follow the path of financial planning, you will arrive at financial tranquility in no time.
Financial Planning for
Life Goals
It really is impossible to overestimate the importance of personal financial planning in India. It's not only about putting more money aside and cutting costs. Financial planning entails a lot more. This includes reaching your long-term objectives, such as:
Because the cost of typical products is rising, you'll need to save up enough money if you want to keep or better your current lifestyle in the future. In the future, you could wish to buy a better car or a new home. All of this necessitates money, emphasizing the need for wealth creation. By properly investing your money in the right avenues, you can achieve these objectives. Equity mutual funds might be a solid alternative for long-term goals. These funds may contribute to the accumulation of wealth for the investor over time.
It's possible that you'll be retired in 25 or 30 years. however, this does not imply that you should plan for it when you retire. If you want to have a happy and comfortable retirement, you must start putting together your safety net now. Early planning can help you safeguard your financial future in the face of financial uncertainty. Also, if you start early, you can benefit from the force of compounding, which can help you develop a large enough corpus over a 25-30 year period.
Child’s Education
Education has grown unreasonably expensive not only in India but around the world. And the cost of living will continue to rise in the future. This is why you should start planning as soon as your baby is born. Calculate how much money you want to make and start investing in long-term investments that will help you achieve your goal. If you're unsure how to continue, you can seek guidance from a financial advisor.
Saving Tax
You most likely pay a significant amount of tax each year. However, you can now lawfully reduce your tax bill. The Indian Income Tax Act contains a number of measures that allow persons to lower their tax liability. You can determine the best ways to invest your money and lower your taxable income by preparing your taxes ahead of time. Mutual funds are a tax-advantaged way to invest for your long-term goals.
Do you have any
questions about our financial planning services? Let’s talk about how we can
help you achieve your goals, please feel free
to connect with us.
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