Imagine taking a road trip to a destination you’ve never been without knowing the distance you must travel, the time needed to get there, or the route to follow. Without a plan and a road map, your chances of making it to your destination on time are not good. If planning and preparation are important in preparing for a road trip, how much more essential are they in charting your journey to your life milestones?
Financial Planning requires both a plan and a disciplined approach to accomplishing it
Financial planning is about achieving your dreams
The three pillars of Financial planning play a pivotal role
Taking adequate Insurance cover, transferring the risk of potential loss to an insurance company—insurance allows you to protect yourself against potential loss and financial hardship at an affordable rate.
This includes everything from protecting family from loss of income after death to medical and health insurance, general, accident and life insurance. This is essentially significant to safeguard against complete wipeout of one’s assets & investments.
Investing is the process of putting the money you’ve accumulated to work for you, so you can create wealth for fulfilling the short & long term financial goals for your family.
Retirement planning means preparing today for your future life so that you continue to meet all your goals and dreams independently. This includes setting your retirement goals, estimating the amount of money you will need, and investing today to grow your retirement corpus. Estate planning is deciding how one’s assets will be distributed after death.
An estate is simply everything you own: bank accounts, investment accounts, life insurance, a home, property or other real estate, or any smaller assets you have in your name.
Important milestones in life like Marriage, children, their higher Education, buying a house. These can have a big impact on your financial plan and life. Spend your money in a way that allows you to live a fulfilled life, propelled by the things that mean the most to you.
You don’t have to wait until you have a certain level of resources to make impactful and meaningful choices.
We at GoFin Advisors, can help you discover your options as it is never a one-size-fits-all process. It is unique to your dreams and what means the most to you.