What are your financial goals? Well, if you are among the 76% of Indian adults who do not understand basic financial planning concepts, you might not be able to give a confident answer.
Financial Literacy in India is not where it should ideally be. But what you can do is get your own perspective in order and set a financial roadmap for yourself.
But why should you do it, right? You are earning well and your life seems to be on track. Why should you start with financial planning?
In the lines that will follow, we will talk about the importance of financial planning in India and why you should take it seriously.
Debt Avoidance
Whenever you take on debt, you jeopardise your long-term financial objectives. One of the first financial planning lessons a person gets is to steer clear of debts. Additionally, they begin to understand the difference between good debts and bad debts.
Good debt refers to the money you borrow to build wealth for the future. Unfortunately, people often take on bad debts that harm their financial well-being.
Sound financial planning, on the other hand, will help you differentiate between the two debts and avoid the bad ones.
Sustainable Enhancement of Lifestyle
When you enhance your lifestyle by taking on bad debts and loans, you are not choosing a sustainable path. If your luxurious lifestyle is funded by debts, it can prove to be a dangerous thing for you.
But when you have a financial plan in place, you learn to look at the bigger picture and are able to suppress your urge to take on debt for minor lifestyle enhancements. If you’re someone who falls into this trap, you must start looking for financial plan help online.
Sound Retirement Planning
According to a recent survey, a whopping 80% of Urban Indians are not financially ready for retirement. The primary reason why that’s the case is the lack of financial planning.
And if there’s one thing popular movies like Baghban tell us is when it comes to life after retirement, we mustn’t rely on anyone.
So, where do you stand when it comes to retirement planning? If you’re struggling to answer this question, don’t worry. It’s never too late to get a stellar financial plan that will help you retire into a peaceful life.
Wealth Building
We all have our goals and aspirations of travelling, buying things we love, and more. But for them to become possible, building wealth is crucial.
A good financial plan will work as a roadmap for you to reach all your financial goals. In other words, financial planning today translates to financial independence tomorrow.
It allows you to go ahead and do things you’ve always wanted to do or visit places you always wanted to spend a vacation in.
Get a Personalised Financial Plan
When it comes to financial planning, every person has his or her unique needs and objectives. A one-size-fits-all approach will not work when it comes to finance. That’s why you must look for financial planning that is suited to your unique needs.
