Financial Planning: Ultimate way of securing a better future
Table of Contents
Financial Planning: ultimate way of securing a better and luminous future
Money is something which is extremely important for surviving in a world where money is regarded as medium of exchange and a world where batter system has no prevalence, whose existence has vanished long ago.
Financial Plan will help create a sense of security for future and future expenditure which may befall without our knowing. A sense of security will help us to live peacefully without any sort of tension for future. A financial plan is extremely important for executing different purposes related to monetary. With the help of proper financial plan one can utilise the money more effective and monetarily that is spend it for appropriate purpose and not for liabilities. One must try to save money and think like a money minded person.
The basic requirement to create more money is to give invest money in different organizations, startup ideas, stocks, and other financial organization so that the increase money can be used for fulfilling other purposes. Saving is a very virtuous habit which enables a person to have a secure and happy life.
One of the very first steps towards generating the habit of saving is to avoid temptations like buying unnecessary things like clothes, shoes, and other accessories. With increase in income one should not increase his/her expenditure means increase income should not be directly proportional to increase in expenditure rather he/she should try to save that extra money that he/she is getting from his/her increased income. One should not invest all the money in one single financial plan rather he/she should invest in diversified investment plan which will help them in the upliftment of their financial condition. Buying stocks, gold bonds, etc can help save the money for future needs. Saved money can be used for various purposes.
A money saved cannot be a waste in any cost. Financial Planning with proper goal help a person generate more and more money and more money will make the person financially independent and raise his/ her status in the society as well.
Need for Saving- A urgent demand for happy and financially future
There are various life changing events which require saved money for the fulfillment of the purpose and most important thing about these events are that they come up without informing, they hit the person when he was living happily as if there is nothing to worry about. Some of these events include:-
1)Marriages
2)Child birth
3) Higher education
4) Accident
5) Calamities
6) Any ailment
7) Death
8) Vacation planning
9) Idea of purchasing something big like car, home, etc.
However apart from the above mention events that are life changing.
These life changing events demand a higher level of financial expenditure. However while planning saving goals one must think of his/her family as well. Therefore investment is not just the only way for a secure future rather investment along with insurance is required for happy and secure future.
An elaboration of the events that happen to change a person’s life and effect it deeply:-
- Marriages- At times of marriages there are a lot of expenditure that demand to look after it and cannot be ignored. Those expenditure are so important that one should fulfill it without any fail. So in such urgent need of financial aid to fulfill all the requirements our past saving will help a lot to overcome all those expenditure without lending money from others.
- Child Birth- During the birth of child there is a lot of expenses that arose starting from the birth till his/her and his/her mother’s discharge form the hospital. All those medical requirements cannot be put to stake rather those expenditure should be fulfilled at that juncture of time only without any delays. So in such urgent emergency saved money help in coping with the situation.
- Higher Education- In contemporary world where education is the key demand for the upliftment of the person in this globalized world. In such era where educations very important one cannot deny the need for higher education. Parents have to fulfill the need of higher education for the betterment of their children. In such unavoidable events one can use his/her saving to get the higher level of education without any fail.
- Accident- We never know what may befall on us in the upcoming days. Good things can also fall on us which causes pleasure and happiness inside us but there are times when bad things or more precisely can be said as worst things such as accident of our beloved. In such critical situation there occurs a sudden need of money for the purpose of treatment and other medical purposes including hospital expenses. In such adverse situation one can take out his/her saving for bearing all the expenses related to accident. He/ she can put all his/her effort to save his/her beloved’s life.
- Calamities- We are quite unaware of what will happen to us in next moment no matter how much normal the day look, dusk could bring it’s ravage for the humans. There are days when everything looks normal but the very next moment earthquake, flood, cyclone, tycoon etc hits the earth and with the blink of eye we find everything gets shattered and scattered, life lost, loss of property, loss of peace and a proper place to live, loss of security, etc. So one must be prepare for the future calamities that may fall on us and cause destruction. We can use the save money in situation of calamity to safeguard our life as well as our family life.
- Any kind of Aliment- There are situations when we or our beloved may suffer from any The cure for which is extremely needed for the return of health of that particular person. In such extremely urgent need of money for financing the medical related expenses for the purpose of treatment one can use his/her saving to fulfill the urgent need related to medical expenses.
- Death- We humans don’t know which is going to be our last breath, which is going to be our last moment in this world with our beloved ones. When death of anyone happens there are a lot of funeral expenses related to funeral rites which family have to do complete without any sort of delay. In that painstaking moment one can use his/her saving for funeral expenses if they are running short of money.
- Vacation planning- There are situations when we plan for an outing with are family to different locations because we get so tired of our monotonous lifestyle. In such mood of enjoyment we can use our savings for pleasure of our own selves as well as for the pleasure of our family members.
- Idea of purchasing something big like car home etc- The Idea of buying something big for the happiness of us and our family could be achieved using our past savings.
Therefore saving money for future and having a good financial plan have very long term benefits which one cannot deny. The habit of saving money and the habit of financial planning are habits which can be truly regarded as golden habits. Therefore we all should develop the habit of saving and having a proper financial planning to increase our money which will enable us to be monetarily free and independent.
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