Importance of financial planning
Stay a few steps ahead of your life goals by planning for your secure financial future from today. Visit https://t.co/GaIzz1AAjG to understand the importance of financial planning.#SBI#StateBankOfIndia#StateBank#BankerToEveryIndian#FinancialPlanning#FinancialPlanningTipspic.twitter.com/T9KVQiQC94— State Bank of India (@TheOfficialSBI) March 16, 2018
According to SBI, a strong financial plan makes sure that one is financially prepared to deal with unexpected events and will be able to channelize monetary resources efficiently to achieve dreams. It is important to have a financial plan as it protects wealth from unforeseen situations, mentioned SBI on the website. One need not be very rich to have a financial plan. No matter how much you earn and at what is your age, having a financial plan is important to make life easier, noted State Bank of India.
(Also read: New To Investments? Five Things To Know To Avoid Taking A Wrong Call)
Steps to accomplish financial goals as mentioned by State Bank of India (SBI):
1. In order to accomplish the financial goals, one must initially define goals at their present cost.
2. It is also vital to prioritize all the goals.
3. Estimated future cost of goals must also be decided.
4. Start evaluating alternative sources of funding for your goals.
5. It is also significant to understand the risk profile.
7. Estimate how much to invest for each goal.