When people hear the term, Financial Planning, they often confuse it with investment planning, portfolio management or tax planning. Some are immediately put off, as they simply do not have time to plan. They think of the process as complex and time-consuming; in fact, most believe they should think of a financial plan once they have enough wealth. There are many such myth When people hear the term, Financial Planning, they often confuse it with investment planning, portfolio management or tax planning. Some are immediately put off, as they simply do not have time to plan. They think of the process as complex and time-consuming; in fact, most believe they should think of a financial plan once they have enough wealth. There are many such myths about financial planning and its important to understand what financial planning really is. Any decision about money impacts your overall finances. In fact, deciding not to invest or not to plan is also a decision. Any decision that you take about money and that has an impact on your overall financial situation is financial planning. The irony is that most people do financial planning unknowingly and in an unstructured manner, whether it is buying insurance policies, or stocks, or investing in real estate or taking a loan. These decisions are generally taken in isolation, with no relation to each other, and without considering the impact of one decision on the other. So, why not do it in a structured manner? Financial Planning is the process of utilizing your Financial Resources in the best possible manner to achieve your Financial Goals. Financial Planning is not the same as Investment Planning or taking advice from a chartered accountant or a banker. Financial planning encompasses several areas of personal finance such as: Cash flow and Debt Management Risk Management and Insurance Planning Asset Allocation & Investment Planning Taxation Planning Retirement Planning Estate Planning (Transfer of Wealth, Wills, Power of Attorneys and Trusts) Leonardo Da Vinci said “Simplicity is the ultimate sophistication" and this book is an attempt to make financial planning and personal finance simple for everyone.
The Only Financial Planning Book That you will ever Need
When people hear the term, Financial Planning, they often confuse it with investment planning, portfolio management or tax planning. Some are immediately put off, as they simply do not have time to plan. They think of the process as complex and time-consuming; in fact, most believe they should think of a financial plan once they have enough wealth. There are many such myth When people hear the term, Financial Planning, they often confuse it with investment planning, portfolio management or tax planning. Some are immediately put off, as they simply do not have time to plan. They think of the process as complex and time-consuming; in fact, most believe they should think of a financial plan once they have enough wealth. There are many such myths about financial planning and its important to understand what financial planning really is. Any decision about money impacts your overall finances. In fact, deciding not to invest or not to plan is also a decision. Any decision that you take about money and that has an impact on your overall financial situation is financial planning. The irony is that most people do financial planning unknowingly and in an unstructured manner, whether it is buying insurance policies, or stocks, or investing in real estate or taking a loan. These decisions are generally taken in isolation, with no relation to each other, and without considering the impact of one decision on the other. So, why not do it in a structured manner? Financial Planning is the process of utilizing your Financial Resources in the best possible manner to achieve your Financial Goals. Financial Planning is not the same as Investment Planning or taking advice from a chartered accountant or a banker. Financial planning encompasses several areas of personal finance such as: Cash flow and Debt Management Risk Management and Insurance Planning Asset Allocation & Investment Planning Taxation Planning Retirement Planning Estate Planning (Transfer of Wealth, Wills, Power of Attorneys and Trusts) Leonardo Da Vinci said “Simplicity is the ultimate sophistication" and this book is an attempt to make financial planning and personal finance simple for everyone.
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Parth Agrawal –
I will mention the things that one can expect from this book and I'll try to be as crisp as possible:) This book has enlightened me on so many levels on how and where one can invest their money once they start earning or even before that. A lot many options are there in the world guys, a lot manyyyyyyyy than I thought there are and surely one can make a lot of money (legally) if they start early and in an informed manner. P. Chidambaram, our former finance once said- "One needs to be as aware abo I will mention the things that one can expect from this book and I'll try to be as crisp as possible:) This book has enlightened me on so many levels on how and where one can invest their money once they start earning or even before that. A lot many options are there in the world guys, a lot manyyyyyyyy than I thought there are and surely one can make a lot of money (legally) if they start early and in an informed manner. P. Chidambaram, our former finance once said- "One needs to be as aware about the market trends before investing as one needs to be aware of nuances a cricket before playing" which brings me to a trend which is one of the best examples of the said phenomenon and how fear and decision paralysis, especially among-st working professionals in India, can lead to buying of stupid insurance covers just to save tax. Remember friends our aim shouldn't be of saving tax (as it leads to stupid investments) instead, it should be maximizing post-tax profit. Theory of compounding: An age old concept, frequently mentioned, seldom understood. Mutual funds in the market are a great example of this concept and an excellent instrument to start your investments with as it has many advantages over other investment options which increases the probability significantly that in the long run, it's gonna give great REAL( Yeah there's a reason y I've highlighted this!!!) returns. Since it is managed by portfolio managers and has a diversified exposure towards different sectors and stocks, it is a less risky option as compared to investing into the stocks directly with the returns commensurate to a stock in long run. Before this book, I never knew that even after being a 22 year old I can have my own will!! It is advisable that everyone should at-least start on this front by writing as stupid things as you can. Technically speaking even I'm no authority to lecture anyone on this as I myself need to do this. I tried to think about it people and it is not easy trust me. Who would've thought that mentioning what all do you want in a piece of paper would be so tough!? But it is guys and WE (Yes I'm included too) really need to start pondering upon on this right now. Financial goals: You know I've got a great analogy to define this, you people must be remembering the room of requirement from harry potter series don't you? Well this room can be described as the goals except the fact that it won't magically appear in front of you when you need it the most instead it'll become harder to focus on when you need it the most. You know I'm gonna buy a Gibson, Fender, Martin, Maiton (vintage) guitars or a Bentley Continental GT or a DSLR camera etc. Are you wondering y m i telling you all this? The reason is that they some or the other way they directly affect my financial goals and a guitar enthusiast would understand what kind of money I'm talking here about! The point is whatever dreams that you have had or have, however absurd that may seem or sound, please write it down somewhere for starters and then build upon it. Writing something in a piece of paper has a real power to bring the things that you dream of into existence and if you don't believe me try reading Think and Grow Rich- Napolean hill. The only thing I regret about this experience is that I didn't read it earlier. But as they say, Better Late than Never. this book has now became a phenomenal weapon in my arsenal which will help me achieve my goals. Must read for everyone. I'm open for any discussion on any topic mentioned in the book as this is among those kind of books you stumble upon once in a while as they help you walk along the path till the end of the line:)
Shiva –
Amar Pandit Best financial planning tips, ideas and methods in a nutshell.The book is divided into several segments relative to a person's life stages and their financial growth during those times. Bulleted points, highlighted paragraphs makes it a very crisp and on to the point read.real time, understandable examples with financial charts explores further dos and don'ts while planning. Over all very informative ,a must have for both adults and young adults. Amar Pandit Best financial planning tips, ideas and methods in a nutshell.The book is divided into several segments relative to a person's life stages and their financial growth during those times. Bulleted points, highlighted paragraphs makes it a very crisp and on to the point read.real time, understandable examples with financial charts explores further dos and don'ts while planning. Over all very informative ,a must have for both adults and young adults.
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Gokul –
Kasinath –
Sneha –
Akhilesh Kumar –
gopusankar –
Krishna Dinamani –
Abhijeet –
Rishabh –
Dhanani Dhirenkumar Manubhai –
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Akhila –
Deepak Prathapani –
Prashant Khandelwal –