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Financial Plan Really Practical and Workable

Is your financial plan really practical and workable?

by Holistic Leave a Comment | Filed Under: Financial Plan

Financial planning involves a series of steps followed by an individual or an organization for achieving a financial goal.

But the hard fact remains that this process of financial planning is always go with certain hidden or unsuspected danger or difficulty. Therefore it is necessary to have new ideas of financial plan that can overcome these difficulties.

Along with this, the plan that is needed should respond to changing economic conditions of the people and in turn, their changing quality of life as a result of the rising income levels. “You have to know what you have, and you have to know what you need,” says Chandler.

Therefore to help people in avoiding any financial danger or loss the following factors should be considered on:

Is there any provision for accommodating economic changes?

Predicting what will happen in the future normally takes into account what has happened in the past and present. This is where the historical data become important! However, since natural phenomena are never linear in response to changing circumstances. Any prediction may be susceptible to large errors but to do something is better than doing nothing at all.

Most of the calculations for financial planning are based on conclusion of the past financial performances returns and present conditions and use this data to try and predict future return performance. The continuous changing conditions of the economy can, in turn, significantly change the actual returns in particular. To consider and work with long term return expectations is the right way to go.

Managing lifestyle changes

Most of the models for allocating assets use standard change of income growth and a general increase in price. As incomes rise, the consumption patterns also notice changes, which in turn, affect the income and expense of the household.

With rising income patterns, a consumer tend to change his lifestyle, inclining towards luxury goods, international trips, buying luxury cars and affording a better education for their children.

But all these require some adjustments. Does a financial advisor, in this scenario, has to play the role of advising his clients on whether such lifestyle changes will be sustainable or not? Possibly, yes. Any changes in the client’s expenditure pattern are observed to adjust his financial plan accordingly. An advisor needs to adapt to changing patterns of client’s income and expenditure.

Dealing with loss of employment

A major population of the working class in India is employed in private sector. Therefore, it is required to take into account things such as a job loss and a period when there is no income from the salary.

To do this, an important thing to be taken into consideration is the industry in which the investor is working. People employed in manufacturing sectors like FMCG will have greater career stability than people employed in jobs related to the stock market.

The variable bonus structures of people employed in these industries is one thing that works in the favor of the financial advisors. For example, times of good or high payouts can be used for building up one’s earnings for periods of slack or feeble incomes.

It is therefore, important for a financial planner to state to his client that predicting these income streams in the future might be dangerous. So, preventing one from such risks is advised. One can also possibly consider the probability of a ‘no income period’ into his financial plan model.

How to manage the rising interest rate on the Housing Loan?

Housing loan, being a big responsibility, needs much attention in financial planning. With sharp rise in the interest rates for home loans in the last few years, most of the financial models have started taking into account the EMIs for fixed home loans. However, the changing interest rates can lead to a lot of variation in one’s plan. Banks also tend to discourage fixed interest rate loans, in cases where the debts are fixed for the loan’s duration.

Is there any Risk of living a longer life

Generally in financial plan, people plan their retirement based on their life expectancy. They may assume their life expectancy as 75 years or 85 years. Retirement planning would be easier if you knew exactly how long you’ll live. But what if the person lives longer than that plan? So what can you do to protect yourself against the risk of living too long?

Your financial plan to be practical and workable, it needs to address the issue of living long also.

Therefore, it is recommended to consider the above factors while designing your financial plan. This will not only ensure you with a financial security in the future, but also help you move forward towards a more practical approach of financial planning. Being a financial advisor, I also believe that the need of the hour is a more practical approach of financial planning becoming prominent over the theoretical one.

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

Skip the queue by registering for your 30 Minute FREE Financial Plan Consultation. Click the ‘‘BOOK YOUR SLOT NOW!’’ button below. 

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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