Summary of the seriesThis is the part 8 and the final part of the series “Masterize in Financial Planning through Football”Here is the summary of this serious in plain language as well as the Do and Don’t when dealing with financial planning. I am sure this document help you a lot to plan your finance in a proper and better way to safe your life as well as family’s.
In the financial planning, there are certain points you should always keep in mind.
Below are the “Do” points for your better knowledge:
1. Plan your finance as early as possible. Or you will miss the last bus.2. Always select a personal financial adviser through testing his qualities and experience. You have to do an acid test to identify a right adviser to handle your financial planning3. Any financial planning without proper goal is useless. Well prepared yourself with your short, medium and long term plans to achieve through the financial planning.4. Budgeting is necessary to understand the outflow of your cash and prevent unnecessary expenses and save money for your personal financial plan5. Never ever save money before paying off all the bad debts. Or your savings and investment through financial planning will come useless at the end by using the entire amount to pay off the existing bad debts. First pay off all your debts then starts your own personal financial plan.6. Always ready with necessary insurance to deal the situations where large amount of money required. Insure yourself for your family, take required medical insurance policies to help your family members as well as protect your major assets through required, cheap but valuable policies time to time.7. When investing, always know what you are doing and what is the requirement of such investment. Only deal with qualified and experience professionals for advices. Invest in equities only with long term focus. Timely monitoring and churning your portfolio is a must to identify and avoid laggards and add better candidates to your portfolio.
8. Always keep emergency funds to meet the unexpected situations. This can be in the form of short time investments with secure debt funds or any assets that can have liquidity at any time an not give any lose to you. Here is a the methods to raise emergency fund to head off a crisis.
9. Learn patience always.There are best practices that you can learn on the way. My best wishes to all of you to have a better, secure and concrete financial plan for life.
Below are the Don’ts when dealing with personal financial planning.
1. Never liquidate your investments to accomplish short term money requirements.2. Never start financial planning when you are in the middle of debt. First pay of that.3. Never spend money without knowing what you are doing and the necessity of the same.4. In the case of investing, don’t over diversify or put your all eggs in a basket.5. In the sense of insurance and financial adviser, deal with single personnel instead of multiple agents or advisers6. Never forget to read and cross check all your statements and bills7. Never deal with any person who doesn’t have enough practice and knowledge in the area. Half doctor will kill the patient.8. Don’t be panic if situation going against you.9. Never and never borrow money for investing.10. Do not follow what public are doing. Instead, have your own strategy on anything, through well study and researchAnd finally, never dip to your Children’s savings to meet your temporary money requirements. Remember, children are our most precious asset always.Hope this series help you with all the requirements to start and continue with a solid and failproof financial plan. You can contact me at any time using this web form or to my mail ID: investinternals@gmail.com in case of any information required or you have a recommendation or point any mistakes.Your comments on this will be highly appreciated. Go to index page