Financial Planning - A Planning for Turning Your Pennies Into Big Bucks

By Jiten Sukhrani  

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If you are in your twenties, commenced your professional career in corporate world and have a regular source of income, one confusion will always rule your mind and that is "Do you need a financial plan"? You must be wondering that if your grandparents or parents didn't need it, then why do you need"? The answer to all your above anxieties is if you have dreams, you need a financial plan because 20-30 years back, the lifestyle was very different as compared to now. The world has changed tremendously and so has our lifestyles. Now, we have more ways to spend our money. Also the initial euphoria of being financial independent has started & you need to sit down and decide how you can manage your finances in a way that keeps you financially secure throughout your career and into retirement after all you want to see your dream of turning your pennies into big bucks becoming a reality.

What is Financial Planning?
As we all know that human needs are endless & unlimited. They will continuously change throughout our life. To meet these needs/goals we have to arrange for finances, which may be through 'income generation' either from occupation or savings/investments. An organized approach to creation of necessary finances...

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How Is a Financial Plan Like a Survival Plan?

By Ken Moraif

Imagine you are traveling by plane from Tripoli, on the coast of Libya, west to Cairo, Egypt. Suddenly your airplane crashes in the Sahara Desert. You miraculously survive. You take care of the immediate issues: provisions, shelter, and aid for the wounded. What do you do next?

I like to tell this story as a way to introduce people to the idea of creating a financial plan, but when I ask the question, "What do you do next?" I rarely get an answer. So what should you do next? Figure out where you are. You have to know your location. If Cairo is now north of you, what happens if you start out heading east? You'll never reach your destination.

When you're creating a financial plan, you need to answer the same question: Where are you? Where are you right now financially, and where do you want to go? What's your goal for retirement, and how much money do you need in order to reach it?

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