7 Steps in Financial Planning in life

Who hasn't heard of Gucci? The Italian Fashion Giant that revolutionized clothing concept in the world. Like any other family, Gucci's too had internal disputes & they were out in the street. Since it came from a reputed family, tabloids sneaked into the Gucci kids' lives. In one of the interviews, one of the daughters-in-law of Gucci's told that everybody in the family was fighting with others in the family. Sometimes I used to feel like crying while walking on the streets. I would fear that people walking would see me doing so. Thank God! I had a car to seek some privacy. She went on to say if at all you have to weep it's better to do so in the car then out in the street.

The whole objective of this story was not to tell you about Gucci's. But to make a point that money saves from embarrassments. For many centuries Indians learnt from mythologies that lots of money is taboo. As we Indians are gradually coming out of the concept of "money is bad', our thought processes have started to change. Now we not only earn, we like to flaunt.

Hold yourself; remember what Robert Kiyosaki mentions in 'Rich Dad Poor Dad'.  He writes that income from investments should meet out the monthly expenditure & let monthly income be invested. The game is to have sound financial planning in Jaipur.
Here are a few simple steps that can be followed.

Make Saving a Habit

You do regular exercise to remain fit. Similarly, savings should be part of your daily curriculum. Is this weird? Yes, it is. Think of saving daily from what you earn daily. Cut down from daily expenses that are unworthy.
Take an example- Mr X smokes a particular brand of a cigarette priced @15 per piece. If he smokes 10 per day, monthly expenditure is INR 4500, yearly is 54000 and if he continues doing so for a decade, and even if we forget every year inflation, he would have spent 5,40,000.
Another way of looking at it. 150 rupees saved daily for 10 years could have given him 5,40,000 after a decade! Investments are like sowing a seed to have a tree in the future.

Start Investing Early

It matters. Warren Buffet, The Oracle of Omaha, proudly mentions that at 11 he purchased his first stock and he regrets that he started late! When you start doing something at an early stage, you have an ample amount of time to manoeuvre. However, that doesn't mean that you should not do in later
stages if you haven't done early.

Invest for the long term

As much as this may sound clichéd; it’s a fact that is hard to ignore. Every damn financial advisor in jaipur cries out loud to his/her investors that come-on, save for the long term. But there are hardly a few that pay any heed to this advice.
Look how the Sensex has moved. From 5,491 on Jan 4, 2000, to 17,558 on Jan 4, 2010, and was 41,464 on Jan 4, 2020. Where it head? The obvious answer is North. Look how Rakesh Jhunjhunwala makes moolah out of the stock markets.

Never Put All Eggs in One Basket

In the gig economy, diversification of skills has become the norm of the day. Likewise, business cycles have shorter life spans. Investments have to spread out. Choose wisely from available options and park some amount in each. Trust, you will be benefited. To relate it to health. Spreading out investments are like having a balanced diet. 

Plan for retirement

While one can achieve almost every life goal with the help of a loan; your retirement is something that you need to work on.
Look at the double whammy- Due to medical science, you will live longer. Corona Virus or other stupid viruses will not bring an end to this world but inflation will eat up your income.
Moreover, don't rely on kids to take care of you when you are old. Let's be honest. They will have priorities like their lives, their family and so on so forth. 
 Planning for retirement is not a mystery; You have to start saving now for your rainy days. 
Post the retirement, when the regular income flow in the form of salary is stopped, one should have enough money to take care of self and Finfalso enjoy during that period. Make sure you start saving for retirement from the time you start earning.

Take an Insurance

The point is why do you need it? Medicare cost is increasing year on year. It rises the fastest in comparison to other items like food or clothing.
The problem of bearing the cost is more for someone who doesn't have a high income or who hasn't saved it for such exigencies. As the age progresses, the frequencies of paying visits to doctor or hospital increases. Moreover, old age is prone to critical illness- something that requires a lot of money to be parted away.
Hence, health insurance plans provide much-needed support during these times.

Need a good advisor

You are not a hero in any Bollywood film where you dance with your girlfriend, fly an airplane to take her to romantic locations, fight with 20 goons to save her, fire from Bofors to destroy terrorists’ launch pads. While you are doing all these you are a chairman of a big company and you are just 20!
The fact of the matter is in real life you don't take paracetamol without consulting a doctor. So you need a specialist.
But is being a specialist sufficient? Imagine, if you come to know that the aeroplane you've boarded to travel over the Atlantic Ocean will be flown by a solo pilot. And that too, he is a lad who's just passed out of flying college & this is his maiden flight. What would you do? Sure you will jump out of the plane before it takes off. Likewise, would anyone like to go under the blade of a fresh surgeon?
There comes the importance of experience. Therefore, leave your financial matters to be handled by a good investment advisor in Jaipur. He's been doing it for many others and he is been doing it for ages. 
Select Financial advisor in jaipur who has the experience and meets your needs. Word of mouth references are a good start, but you could also check their credentials to ensure you are engaging someone with training and experience.

In the end, life is simple and let it be run by simple rules. Don’t make it complicated, work hard, be honest to this world. And when you have earned and saved, think of giving back some part of it to the society.