31 Oct 2018   |    Views : 164     |      |   

Introduction to Financial Planning - The first step in financial planning is setting your goals. In fact, the goals serve as the base of any financial plan. Hence one must be extremely careful in setting his/her goals because it's only when the foundation is strong, the building stands undaunted to the test of time. Hence you must have definite goals which are free from errors.

Financial Goal: Why it is required - The first thing that you must know before goal setting is, understanding the difference between a goal and a financial goal. A goal when quantified in terms of value, as well as a number of years, becomes a financial goal. Here, you must be careful in estimating the future cost of the goal, since you need to take into account an appropriate inflation rate. It is advisable that you seek help from a financial planner for the goal-setting process so that you don't under or over-invest for the goal.

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Sanjeev P.

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