When somebody asked me….what are the steps in financial planning, I just said:
1. have a plan – including a budget
2. stick to the plan – save as much, save as often – in good equity assets
3. sit with a planner – whet your goals
4. take a insurance cover
5. do a SIP
6. do plan your taxation well
7. PPF and Lic are great invest options
then I thought what is wrong with what is written here..Well nothing it is just taking too nice a view of the financial planning industry, the knowledge levels of the people reading this note and of course the managed funds business.
If i were in my normal self, I should have said “Know how to do your financial plan, learn, learn, learn then find somebody whom you can bounce your ideas off, then start creating your own wealth plan”
Of course having a plan, creating a budget, doing a SIP are all important steps….but first you should know what you are doing. That only you can learn, nobody can teach you.
PS: None of these steps are right or wrong….the sequence may be wrong….that is all, be careful.
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