With the situation in the world being as uncertain as it is today, never before has the need for proper financial planning. A financial plan can help plan for unavoidable circumstances, plan for lean periods without income, and even plan for death itself. Without making things too complicated, a simple financial plan is just a list of needs, wants, and fears along with a step-by-step tangible approach to tackling each one appropriately. Good financial plans are built like a pyramid from the ground up with the foundation revolving mostly around protecting what you already have against unforeseen circumstances.
Whether your goals include building an emergency corpus, buying a car, a house, or planning for kids education, you always need a plan. The first step toward this is calculating your existing net worth and figuring out where you are, how far away you are from where you want to be, and most importantly, how much time you have left. While a number of people take the time they have left on Earth for granted, good financial plans don’t and even in the case of your death, you can go to your grave with a smile on your face in full confidence that you did all that was necessary to protect your assets and loved ones.
