Why financial planning

For sample questions to ask when interviewing a financial advisor, visit www. Open Menu. Search Toggle Search Toggle. Popular Topics. Search Let's Make a Plan. Search Toggle. But the same is true for staff. It is now expected that company executives will be open and honest with staff. Some startups go so far as to publicize their salaries for the world to see. At the very least, modern employees want to see that the company is in good hands and on the road to success.

And when executives can share the financial plan in all-hands meetings, they bring real data to what would otherwise be a business plan lacking in details. Employees love to see key figures like revenue coming in, costs, and where you are on the road to profitability. A three-year financial plan is most common. But whatever the period in question is, your plan should include:. The latest spend management insights. Straight to your inbox. Try Spendesk.

By Patrick Whatman. Published November 3, Finance strategy. Stay in the know. Patrick Whatman is a content marketer and writer. It acts as a guide in helping choose the right types of investments to fit your needs, personality, and goals.

Standard of Living: The savings created from good planning can prove beneficial in difficult times. For example, you can make sure there is enough insurance coverage to replace any lost income should a family bread winner become unable to work. Financial Understanding: Better financial understanding can be achieved when measurable financial goals are set, the effects of decisions understood, and results reviewed.

Giving you a whole new approach to your budget and improving control over your financial lifestyle. Assets: A nice 'cushion' in the form of assets is desirable. But many assets come with liabilities attached. So, it becomes important to determine the real value of an asset. The knowledge of settling or canceling the liabilities comes with the understanding of your finances. The overall process helps build assets that don't become a burden in the future.

You might have thought of a foreign trip, an independent house or living a dream with your family. May the dreams never go away due to responsibilities! Financial planning supports your dreams while taking care of your responsibilities. While meeting your family goals it is a general objective to have a comfortable retired life. Financial planning helps you create adequate corpus for retirement when expenses continue but income seems to be drying.

Plan today, for a better tomorrow. Disclaimer:The information herein alone is not sufficient and should not be used for the development or implementation of an investment strategy and shall not constitute as an investment advice.

MOAMC shall not be liable for any direct or indirect loss arising from the use of any information contained in this document.

Readers shall be fully responsible for any decision taken on the basis of this document. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Site best viewed in IE 9.