Welcome to Ladderiz Services
At Ladderiz, we act as an Introducer to FCA regulated individuals and firms.
We do not give any advice or make personal recommendations.
What is financial planning?
Financial planning is a step-by-step approach to meet one’s life goals. A financial plan acts as a guide as you go through life’s journey. Essentially, it helps you be in control of your income, expenses and investments such that you can manage your money and achieve your goals.
You need to have an adequate amount of money to fulfil your goals and desires.
More importantly, you need to have money at the right point in time.
For example, if you want to build up a corpus of £10,000 for your daughter’s college education through investments, you need to grow this amount by the time she turns 18. Not a year later. This is where financial planning becomes essential.
What are Benefits of financial planning?
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Increase your savings
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Enjoy a better standard of living
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Be prepared for emergencies
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Attain peace of mind
Financial planning for life goals
The importance of personal financial planning in India cannot be ignored. It is not just about increasing your savings and reducing your expenses. Financial planning is a lot more than that. This includes achieving your future goals, such as:
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Wealth creation
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Retirement planning
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Child’s education
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Saving tax
Why personal financial planning is crucial?
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To tackle inflation
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To create a contingency fund
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To create a retirement corpus
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To manage your money in the best possible manner
How to create a successful financial plan?
Understand your current financial situation
Determine the status of your current finances, viz., your income, expenses, debt, savings and investments. This is the first step in financial planning, as it gives you a good sense on the state of your finances and ways to improve.
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Write down your financial goals
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Look at the different investment options
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Implement the right plan
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Monitor your financial plan regularly
Conclusion
Benjamin Franklin has rightly said, “If you fail to plan, you are planning to fail.” You may have several different financial goals you wish to achieve but to reach them at the right point in life; you need to have a financial plan in place at a very young age.