Financial Planning - Part I

In the current scenario, with uncertain careers and increasing cost of living, Financial planning for every individual is very very important to lead a Happy Life.

while every one agrees that Financial planning is important, the awareness in India is at a very dismal level and increasing only recently.

What aspects should a Financial plan cover?

1) Contingency fund ( the first and foremost important) 

2) Insurance ( Life and Health insurance for self and Family) 

3) Saving ( save first and spend later ) 

4) Define your needs/goals ( Home,Car,Vacation,Child education, elderly parents' care, Retirement,Estate Planning etc..)

5) Invest your savings in line with your goals

6) Track and change course where required

Thanks to Pixabay.com for free image of a happy family used in above diagram. People who give away any thing ( money/time/food/cloths/creations like this picture) are surely contributing to the betterment of the society at large . My Best wishes to the people at Pixabay.com

Iam planning to write a separate blog on each of the 6 aspects mentioned above.