Why is Financial planning needed?
Have you ever started a trip without a destination in mind? Have you ever gone on a long drive without checking fuel in your car? Have you ever moved outside without thinking of the route?
The answer has to be ‘NO’. Then how can you do so in your financial course?
If one hasn’t any plan, he has no idea what the future holds. A person saves and invests money for a secure and successful future. But most of the times, one’s financial decisions aren’t exactly for his future. They are based on hearsay or impulsion. And so they aren’t directed towards his life goals. The absence of planned and serious efforts becomes the root cause of not realising one’s dreams. The process of financial planning compels one to probe his desires, to define his goals & objectives and to outline a financial roadmap.
Financial planning has become even more important after the recessionary storms all over the world. Millions of people have faced severe difficulties with unpaid liabilities due to extreme hardship caused by the recession. The only and the best way to avoid such situation is comprehensive financial planning.