Financial Planning: A Step-by-Step Guide

What is a financial plan?

A financial plan is a comprehensive picture of your current finances, your financial goals and any strategies you’ve set to achieve those goals. Good financial planning should include details about your cash flow, savings, debt, investments, insurance and any other elements of your financial life.

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What is financial planning?

Financial planning is an ongoing process that looks at your entire financial situation in order to create strategies for achieving your short- and long-term goals. It can reduce your stress about money, support your current needs and help you build a nest egg for goals such as retirement.

Creating a financial plan is important because it allows you to make the most of your assets and gives you the confidence to weather any bumps along the way. You can make a financial plan yourself or get help from a financial planning professional. Online services like robo-advisors have also made getting assistance with financial planning more affordable and accessible than ever.

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I want to start investment planning. Can you share some tips?

Q1. I am a 1st-time trader. I would like to start out with mutual funds about which I have some standard know-how. Any solutions, please?

Happy to listen to that you are commencing your financial investment journey with mutual resources. Mutual funds have demonstrated to be rewarding choices. So, you are on the right monitor!

It’s very critical to opt for your first mutual fund sensibly. In this article are some of the alternatives finest suited to 1st-time traders:

ELSS money: Equity connected discounts strategies (ELSS) make it possible for you to preserve tax and develop very long-expression prosperity. You can devote up to 1,50,000 in a economical yr and declare it as a deduction under part 80C. Just to hold you educated, the full deduction beneath section 80C is 1,50,000. ELSS is 1 of the expenditure possibilities that can be claimed below this part.

If just one wishes to commit a lot more than 1,50,000 (assuming just one does not spend in any other investment possibilities eligible under segment 80C) then he/she is not allowed to declare any deduction in excessive of 1,50,000. As these techniques spend in businesses of all sizes across sectors you get a portfolio diversified ample to minimize risk. ELSS resources come with a 3-year lock-in period. This gains to start with-time investors, as it forces them to remain invested for extensive.

Large cap index cash: These resources monitor distinct indices (like Sensex, Nifty 50, and Nifty 100) and spend in the top 100 firms in the index they observe. An index is a team of securities that steps the efficiency of a specific current market, asset course or marketplace sector. As these cash commit in set up corporations, the risk is considerably less in comparison to mid- and smaller-cap funds

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