Financial Planning

Module Units

1. Introduction
2. Financial Position
3. Emergency Funds
4. Financial Habits
5. Budgeting
6. Financial Goals
7. Basic Things To Know While Making A Financial Plan
8. Concepts For Successful Financial Planning
9. Risk Appetite And Risk Tolerance
10. Risk Profiling
11. Things You Should Keep In Mind While Investing
12. Time Value Of Money
13. Power of Compounding
14. Inflation Affecting Investment
15. How To Plan For The Different Stages Of Life?
16. Stage 1: Our First Job
17. Stage 2: Marriage And Settling Down
18. Stage 3: Financial Freedom
19. Loans
20. Different Types Of Interest Rates
21. EMI
22. Plan Your EMIs
23. Rising Interest Rates - What Should You Do?
24. Is It Always Beneficial To Prepay Your Loan?
25. Debt Management
26. Loan Restructuring
27. Planning For Our Children’s Future
28. Effective Strategies To Build An Education Corpus
29. Making Your Investments
30. Retirement Planning
31. Major Expenses Of A Retired Person
32. Investor Traits Affecting Retirement Planning
33. Myths Associated With Retirement Planning
34. The Golden Rules Of Retirement
35. Conclusion

Basic Things To Know While Making A Financial Plan

As seen throughout the earlier units, the following things should be known and evaluated to make an efficient financial plan-

Proper budgeting techniques
Setting proper financial goals
Proximity and priority of the goals
Quantitative values of the goals

Let us understand how all these things come together to give us a foundation of our financial plan through an example.

Suppose, Mr. Amit decides to begin financial planning. He follows the guidelines given previously in this chapter, and understands his goals by tabulating them like this. Now he will start investing towards these goals based on the priorities he has evaluated and understood.

Tabulating your goals like this will help you stay clear on what you have to keep in mind while making your financial plan.

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Units 7/35

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