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rjvicky05
May 28

Who are your experts and what is their expertise?

How to make a financial plan?

2 answers0 replies
1
Expert_Nitin Tomar
May 28

The experts in our team are professional counsellors and psychologists . They have experience in providing counselling in the areas of relationships , family , marriage , personality , individual issues , habit change, mental and emotional problems.

1
Expert_Nitin Tomar
May 28

On your 2nd question...Here are few tips that can help you start the financial planning :


1. Set your financial goals

Having financial goals is the foundation for your financial success. After all, you have to know what you want to accomplish in order to actually accomplish it.

2. Start an emergency fund TODAY

It's also really important that one of your goals includes a plan to deal with emergencies.

3. Pay off debt NOW

You can't really kick-start your financial future if you're carrying a ton of debt. Create a debt pay-off strategy and be patient but consistent when working toward becoming debt-free.

4. Create a plan to invest

If you are serious about building wealth, then you're going to need to put your money to work for you. This is where investing comes in. However, before you put any of your hard-earned money into investments, it's important to have well-defined objectives. Think about what the investment is for when you'll need your money and what your risk tolerance.

5. Get the right insurance

Insurance is your backup plan that will protect your assets in the event a life circumstance happens that requires a large amount of money to resolve.

Your insurance coverage should include health, auto, disability, life, home or rental, and business.

6. Create a plan for retirement

In order to have the lifestyle you dream of in retirement, you need to plan adequately for it. While retirement might seem like a lifetime away, it's never too early to start.

7. Plan for taxes

Not planning for taxes can impact your cash flow in a major way. In addition, you definitely want to look into tax savings investment options and stay up to speed on any relevant tax deductions you can apply to help you save money on tax payments.

8. Review your plan frequently

Once you have your financial plan outlined it is important to review your plan frequently (at least once in 6 months) and make the necessary adjustments if your goals or the circumstances around your life change.

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