What if I do not achieve my goals?
Financial planning is a common
approach to managing your finances in order to achieve your life goals. You can
not change your status overnight; this is a lifelong process. Remember that
events that are beyond your control, such as inflation, changes in the stock
market, interest rates, will affect your financial planning results. The
solution is annual reviews and updates according to the current situation both
in the market and in your life.
How much do we have to save?
It is difficult to enforce the
saving rule because it varies by age and level of revenue. Ten percent is a
good start. If you find that % is too high for you, do not let it discourage
you. Start by saving yourself a small amount each month, which you increase
with each month.
Why is financial planning important?
Financial planning ensures the
direction and significance of your financial decisions. It allows you to understand
how each financial decision affects other financial areas. For example, the
conclusion of a particular savings product can help you fund your child's
higher education or provide satisfactory financial resources for a decent
retirement. With additional financial resources, it is much easier to adapt to
potential life changes, or feel safer when you know that you are following your
Can I make a personal finance plan myself?
Some personal finance packages,
magazines and self-help books can help you with your own financial planning.
However, you may decide to seek the assistance of a personal financial
consultant - expert if:
- you need the expertise that you do not have in
certain areas of your finances. For example, a personal financial consultant
can help you to assess the level of risk in the investment portfolio and review
the allocation of funds;
- you do not have enough time to edit your own
financial plan yourself;
- you know that you need to improve your current
financial position, but you do not know where to start;
- you believe that a personal financial consultant
- expert could improve your plan and strategy for the current management of
- an immediate or unexpected life event occurs,
such as inheritance or major illness;
- you want to get an expert opinion on a financial
plan that you have developed yourself.