Role of Financial Planning In Making Family Decisions
Nowadays financial planning has taken such a place in our daily life that it can neither be ignored nor be neglected at any point. One can understand its importance by merging it in making family decisions. Financial planning will act as a major tool in making even the most sensitive decisions of one’s family even in crucial times. Whether it may be a matter of purchasing a property, taking education loan for your children or planning a wedding in your family all these kind of decisions can be taken cared with financial planning.
A recent news from Bengaluru says that a businessman name Ravi Kiran who earns approximately one lac per month and saves around 60 percent of it has an insurance premium of Rs. 6000 and home loan EMI of Rs. 15000, he also has some other investment of Rs 14000 which makes him left with a surplus of Rs 25000 now according to the financial planning team of Fincart, he will have to put off the goals of children’s weddings and vacation till a further rise in income. So this is the part where financial planning comes into play and supports in making family decisions even in crucial times.
Now if Ravi Kiran will make moves according to financial planning team of pin cart than he will postpone the planning of children’s wedding and vacation which can disturb his family budget and will wait till the time he sets up some new assets which will help him raise his monthly income so that after a few years he can afford the wedding and vacations.
This example makes clear that how important is financial planning important in one’s life as it can protect you from taking wrong decisions which can thereby affect your family budget and can even affect your retirement and other financial goals in your life.
For making wise and best decisions people even keep financial advisors and pay them on monthly basis for making decisions for them according to the family’s income and assets, so that they can enjoy their life to the fullest without being affected by any wrong decision taken by them in their lives.
So it is better to think before making any decision for your family and rather keep financial advisors besides you to have a safe and secure retirement ahead.