<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>Life is uncertain. There are so many things that one likes to achieve at various stages of our lives, such as buying a new car, purchasing a new house, saving for a good education of children, annual vacations and of course ensuring a comfortable retirement. It would be an understatement to say that for the fulfillment of these aspirations, one needs to build a suitable corpus or accumulate appropriate wealth. <br><br>So what is stopping us from achieving these goals or creating a corpus to fulfill these dreams? <br><br>The answers are many. With each passing day, understanding the financial markets and their increasingly complex products have become necessary for individuals. Add to it the ever rising inflation, the inability of traditional saving sources to beat the inflation, increased cost of living, spiralling health costs, inability to create a sufficient corpus prior to retirement, the fear of being dependent on our children and living as per their whims and fancies in the sunset years of our lives! <br><br>In such a scenario, financial planning has become necessary for attaining long-term financial security. <br> <br><br>But what is financial planning?<br><br>Financial planning is the process of wisely managing your finances to achieve your dreams and goals, while at the same time helping you to negotiate the financial barriers that inevitably arise in every stage of life.<br>In short, it is a roadmap to help you achieve your life's goals.<br><br></p>
<ul>
<li>For proper financial planning, tt helps you to answer certain basic questions regarding:</li>
<li>Your current financial situation</li>
<li>Where you want to get to?</li>
<li>What are the implications? </li>
<li>What is the best strategy that will take you there? </li>
</ul>
<p><br>Financial planning can help you:<br><br></p>
<ul>
<li>Set realistic financial and personal goals.</li>
<li>Assess your current financial health by</li>
<li>Examining your assets, liabilities, income, insurance, taxes, investments and estate plan.</li>
<li>Develop a realistic, comprehensive plan to meet your financial goals by addressing financial weaknesses and building on financial strengths.</li>
<li>Put your plan into action and monitor its progress.</li>
<li>Stay on track to meet changing goals, changing personal circumstances, changing stages of your life, changing products, markets, and tax laws.</li>
</ul>
<p> <br>Financial planning helps via<br><br></p>
<ul>
<li>Individual / Family Cash Flow analysis</li>
<li>Personal Budgeting</li>
<li>Investment Planning</li>
<li>Retirement Planning</li>
<li>Insurance Advisory</li>
<li>Net worth Estimation </li>
<li>Estate Planning advisory. </li>
</ul>
<p><br>The second question which now arises is who can do this for you? <br>The answer is a Certified Financial Planner (CFP). A CFP uses the financial planning process to help you figure out how to meet your life's goals. The Planner takes a BIG PICTURE view of your financial situation and makes recommendations that are right for you. He is a practicing professional who has the ability to help people deal with their various personal financial issues. <br><br>To sum it up, the concept of Personal Financial Planning is now slowly but surely being understood and adapted by individuals and families who have chosen the path of treading towards their Financial Freedom. <br><br><br><em>(Kalpesh Ashar is proprietor – Full Circle Financial Planners and Advisors)</em></p>