Taking control of my Financial Future

Personal Financial Planning was the first step I took to take control of my financial future. I knew I needed money to fulfill my goals and desires. More importantly, I need to have money at the right point in time. So having a financial plan was about setting my goals, prioritizing, and determining my strategy to meet my goals.

Creating a personal financial plan is very much is like creating a travel plan - where I was going, how and when I will get there, how much will it cost me, and things to do along the way. If I simplify the concept of personal financial planning, then it is a two-step approach:

1.  To convert your financial goals into action plans.

2.  To provide the direction and discipline to achieve your financial goal.

Advantages of having a personal financial plan:

• Created awareness of my current financial status- income, expense, assets, liabilities, Insurance, etc. 

• Helped me plan for the future by defining my goals, quantified with a time frame 

• Helped me see whether my goals are realistic and attainable

• Guided me in choosing the right investment product that fits my need basis my goals, taking my circumstance and risk tolerance in view

• Helped me track my money, and redirect it towards my goals

• Piece of mind that my family will be secured in case of any unexpected events

• Provided a system of evaluation and revision for my financial progress

With rising life expectancy, many would end up outliving their resources. Therefore, a written personal financial plan helped me see the big picture and map my financial future by setting long term and short term goals. A personal financial plan has enabled me to make better informed financial decisions along with the peace of mind and security. It gave me a clear, pragmatic path to follow towards the accomplishment of my most important financial goals and be in control of my financial future. 

 My advice to my readers would be that it is never too late to start planning and saving for your future. The need for a personal financial plan is all the more very important in the turbulent economic times of today. It is preferable to start your investments at an early age, but not everyone can manage to do it. Everyone needs to start somewhere and in my case, I did not start with Lakhs of rupees in my bank. If you do not have a personal financial plan, do not delay and get started today. 

"For me, financial planning is not really about the money, but it is the peace and security that comes from having money. The peace that comes from financial freedom is life-changing."