As a robo-advisory organization in personal finance, we keep receiving emails and messages requesting us to throw more light on the need for financial planning. We appreciate this general awareness that is gradually developing in India and common people conscientiously trying to understand how financial management can better their personal finance. The most common question we receive is, “When do I need financial planning?” So, here are a few scenarios when planning your finances is highly advisable.
Scenario 1: You are anticipating a big change in your life; you are getting married. But before you plunge into the decision of getting married you have to ensure that your personal finance is in place. You also need to understand the financial liabilities that your spouse may have and how best you can resolve them so that both of your income put together, you can build a healthy budget to sustain your family requirements at all time. Here, you need a planner.
Scenario 2: You are good with managing your personal finance. However, to be able align your budget to specific certain goals, a planner’s help is indispensable. For example, you are expecting a new family member (your child) and now you have to get intensive with aligning your budgetary skills to achieving the goals of getting your child into a good school, a college thereafter and marriage. Here, a certified financial planner can be a friend indeed.
Scenario 3: This is another crucial time when you need a planner’s help. You are the only child of your aging parents and you are likely to move on for a job prospect, rather relocate to a foreign country. You must consult a planner on how best you can manage the expenses at home while managing your own in a foreign country. Here you need a kind of planning that guarantees monetary security of your parents while ensuring you have that peace of mind to focus on your new job.
Scenario 4: Now let’s talk about retirement. Retirement planning is a very important as we all know. Retirees find it extremely difficult to manage their expenses or keep up with medical inflation while continuing to feed miscellaneous needs. So here, you must consult a certified financial planner who can help you with your retirement planning.
Scenario 5: If you realize that your past portfolio was not performing too well in the market or you need a way to sustain your retirement corpus, a planner can be of great help. He/she can help you recover from your past mistakes and set you on a high performing, diversified portfolio that’ll keep you afloat even when the market experiences mood swings.
Now do you think you are very much placed in one of the above scenarios, if so, you need a certified planner to help you out. You may be thinking that the cost of affording a planner is a bigger jolt on your intention to get better with your personal finance. Well it is true to a large extent because in India, such services are exclusively provided through banking institutions at a very high price. So right here, you have us to help you manage your finances better. ArthaYantra is World’s Only Full Service Personal Financial Advisory, with the capacity of bailing you out of all your worries related to personal finances.