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Do You Need Financial Planning

Do You Need Financial Planning?

by Holistic Leave a Comment | Filed Under: Financial Planning

Let’s answer this important question:

Most of us think that financial planning is only for the very rich or poor. There are others who think that people need to plan only when they grow old as they need to save for their retirement and old age. I would however say that this is not a right way to think about finances as it is required for all phases of life. It would be smart and prudent to embrace financial planning to realize all our dreams and goals in life. Financial planning makes life easier than what we could imagine life without it.

Some may consider risk is the spice of life and may enjoy it. However it is always good to plan and provide for our short, medium and long term goals of life and for those unexpected contingencies that crop up from time to time. The written word is more powerful, so it is best to have a written financial plan than just thinking it just over in the mind. The written word creates focus to provide not only for dreams like the car and house you would like to own, but also for unexpected contingencies.

Truly finances influence every area of our life, so financial planning is for all. Whether we are rich or poor, old or young, as we all have financial needs to plan and provide for our goals and needs. This goes to being smart to enjoy financial freedom and a peace of mind at all times in our life.

Think Financial Planning the Right way:

Making dreams a reality is more than just balancing income and expenses and assets and liabilities; it depends on many more important things like:

a) Time Horizon of Each and Every Goal:

All of us have goals in life that are to be achieved in a short; within a year or two, medium term; after 3 to 6 years and long term; those that have to be achieved in a much longer time. We need to be cautious and conservative in selecting investments for our short term goals as we would need money within a short period of time. We could take slight risk for medium term goals and could afford to take a more risk for long term goals.

b) The need of Liquidity influences our financial planning:

A financial plan is also dictated by the urgency of being able to convert investments into cash at the time of need; liquidity. It depends on how fast you want to be able to convert assets into cash to get money to meet your financial goals. Real estate investments are not easily liquidable whereas investments in shares and mutual funds can be easily liquidated.

c) The appetite to take risk determines financial planning:

Each person differs in his capacity to take risks; it depends on his profile, time required to reach the goals and his age. Those with limited resources and urgent financial needs need to take lesser risks and be very conservative in financial planning. Those that are young and have just started earning could take more risks as they have a long earning period to attain their goals and have no dependents. The same person needs to take a more conservative approach once he is married, has a family and dependent parents. Once one grows older and approaches retirement or is retired a more conservative approach needs to be adapted to not lose on investments.

d) Inflation is an undeniable reality and influences financial planning:

The rate of inflation is shocking; with the purchasing power of money is going down day by day more savings and proper investment is required to keep up with the future purchasing power. A chocolate that cost about Re.1, 10 years back now costs Rs. 10. Our financial planning for a car or a house 10 years later requires planning to take care of the rise in car prices, fuel, maintenance and declining purchasing power! Smart financial planning requires planning for financial goals considering the future inflated prices.

e) Financial planning is all about whether you want growth or an income:

Some of us may want a regular income, while others may want their investments to grow; financial plans are also determined by it. Buying an apartment could be for the purpose of renting it out to get a regular income; an old or retired person could aspire for it. Real estate plots could be bought by a young person with the goal of capital appreciation or increased value of the property over a period of time.

Generally at the younger age you need to look for investments which can appreciate and no need for regular income whereas at the old age, you need to consider investments which can give you regular income with or without capital appreciation.

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