subject: 6 mistakes in Financial Planning Approach [print this page] 6 mistakes in Financial Planning Approach
Many of us always do not understand the importance of financial planning. It is one of the most important aspect and people have certain misconceptions about financial planning.
Financial Planning = Tax Planning
Financial Planning is not the same as Tax Planning. Tax Planning is a part of financial planning. Financial Planning is a broader concept whereas tax planning only takes care of tax savings by investing in tax saving instruments.
Financial Planning is same as investing
[removed][removed] [removed][removed] By investing you can reach your financial goals. Investing is one part of financial planning. Financial Planning requires all the required finance data about the individual, financial goals of the individual, time period to achieve the goals.
Financial Planning is only for the wealthy
Financial Planning is for everyone. Financial Planning approach is different for different individuals and varies depending on income level, age, risk appetite etc. It is applicable for one and all. If you think financial planning is not for you, then you are mistaken.
Financial Planning is required when you get older
The earlier you start financial planning, the better is for you. The reason is as individuals we have different needs at different stages of life. Decision of buying a car will come at a very early period whereas buying a house, children education etc will come at a later phase.
Post financial crisis begins Financial Planning
Despite of many live examples which we have witnessed on financial crises, we do delay in starting financial planning. Only after a money crisis, we understand the importance of financial planning. It's advisable to start financial planning at the earliest so that you can avoid financial crisis.
Hiring a financial planner is a waste of money
Financial Planners are experts in giving advice regarding financial planning. Hiring a financial planner will help you reaching your financial goals. They are experts who have handled many customers and helping them in money management. Find a good financial planner and start the financial planning process.
Financial Planning is the most important aspect to manage your finances and reaching financial goals.
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