Comprehensive Financial Planning
Comprehensive Financial Planning is more than the active management of investments. It is more than the creation of a retirement plan, child education, child marriage and other priority investment goals and it goes well beyond regular check-ups of a portfolio. Truly Comprehensive Financial Planning is the act of planning for, and prudently addressing life events. It addresses everything from running a business, to planning for a child’s education, preparing for eventual retirement or creating a plan for your estate. It majorly include long-term investment goals, real estate, health and term plan where we analyze your current investment and liability and suggest investment approach. It should also addresses potential events that can drastically alter your long-term financial security. A comprehensive financial plan is one that addresses your entire financial picture. It may include everything from retirement planning to investment management to risk management and much more. A comprehensive plan is often helpful because it can show you how financial decisions in one area of your life can impact goals in other areas of your financial life. This is true Comprehensive Financial Planning.
It helps you prioritize your goals
You probably have many different financial goals. You may have a specific retirement age in mind, and you may have a desired standard of living that you want to enjoy after you retire. Perhaps you want to save for your child’s education so they don’t have to struggle with the burden of student loan debt. There may be large purchases you want to make, like an overseas vacation or a beach house, or maybe you want to start a business.
With so many goals competing for your limited attention and resources, it can often be difficult to know which goals deserve your focus. A comprehensive financial plan provides analysis of your goals so you can see which ones will require the most effort and resources.
You can then prioritize your goals so you know where to direct your savings and your attention. If you don’t prioritize your objectives, it’s difficult to achieve them in any kind of strategic way
It shows you how your financial objectives are connected or linked
Without a comprehensive financial plan, it also may be difficult to see how your financial goals are interconnected. For example, if you save money for your child’s education, that may limit the amount you can save for your retirement. Or if you accumulate a sizable amount of retirement assets, you may need to reassess your estate planning.
The various aspects of your financial life are all interconnected. A decision in one area will likely impact other areas. A comprehensive financial plan allows you to see how your goals are connected to one another and how your decisions affect your ability to achieve your objectives.
How do you decide which goals to pursue and which not? How do you know how much money to allocate toward each objective? When you develop a comprehensive financial plan, you spend time examining each of these goals to determine how they should be prioritized. That helps you make more informed decisions about how to save.
It helps you manage and minimize risk with better investment strategy
Are you fully aware of all the financial risks you might face? Many people are not. Unfortunately, they then find themselves unprepared when a financial threat becomes reality.
For example, what if you were to pass away at a relatively young age? What risk would that post to your loved ones? What if you or your spouse required long-term care in retirement? How would that impact your finances? What if you became disabled and were forced into early retirement?
The good news is there are a variety of strategies you can implement to minimize these risks and more. However, you have to be aware of the risks to take action. A comprehensive financial plan highlights these risks and provides a mitigation strategy.
Are you ready to create your comprehensive financial plan? Let’s talk about it. Contact us at HRP Wealth Creators for more information. We can help you analyze and assess your needs and goals, and then develop a strategy. Let’s connect soon and start the conversation.
Retirement planning is a top financial priority for many Americans. After all, by the time your career is over, you likely will have spent decades in the working world. Retirement is your opportunity to take back control of your schedule and live life without the limitations that come with a busy career.
But how do you know if you’re saving enough money to find the type of retirement you want for yourself? How much money do you need to have saved? How will you pay for health care costs in retirement? What is your contingency plan if you are forced to retire early?
The retirement planning section of your comprehensive financial plan will answer these questions and many more. Once you take the mystery out of retirement planning, it becomes much easier to pursue your goals.
Child Education Expenses
Our Child Education Planner and advise will help you determine approximately how much money you will need for your child’s dream education and how much you need to save regularly.
Inflation may be down to nearly zero but a major expense of the average Indian household is growing at a fast clip. The cost of higher education is already high and rising at 10-12 per cent a year. Children’s education is one of the biggest cash outflows that families must plan for. A four-year engineering course costs roughly Rs 6 lakh right now. In six years, the cost is likely to touch Rs 12 lakh. By 2027, it would cost Rs 24 lakh to get an engineering degree.
Best ways to invest for your child’s education
- Decide Your Time Horizon When You need Amount for your child higher education
- Estimate The Cost Of Education
- Check Your Existing Assets and Liabilities
- Know The Amount To Be Saved Now through Monthly Or Lumpsum
- Plan Your Investments Smartly
- Get Started Right Away and Early
Child Marriage Expenses
Financial Planning for Children’s Marriage
Marriages are made in heaven, but how we celebrate this auspicious occasion of our child’s life shall depend upon how well we plan our finances to create a marriage fund. Start early and invest systematically in best mutual funds for child marriage to create a large fund for your future goal.
When do Parents Start Saving?
Most of the parents start saving for the future of their children immediately after their birth and some even start before that. This is good sign because the sooner you start the bigger will be the corpus.
Are You Saving Enough To Pay For Your Children’s Marriage?
Financial planning for children’s marriage is a major financial target that every parent needs to achieve. Although the exact age of marriage and expenses for marriage cannot be determined, however, planning and allocating funds for it is definitely one smart move, so better build a fund that will support your children’s marriage in future.
Start early – The Sooner your start the bigger corpus you get – To achieve the dream of getting your child married begin saving and investing early —perhaps when he/she is a very small.
Starting early has a variety of benefits:
Permits you to take a relatively higher risk and invest in equity mutual funds and benefit from potentially higher returns in the long run
Helps to benefit from the power of compounding; and
Allows you to contribute smaller amounts regularly and in disciplined way over longer periods
Rationally estimate wedding expenses – Don’t be carried away by societal pressures or affluent friends or neighbours. Remember, each one’s personal finances are unique. There’s also no need to follow others blindly, as each one’s financial circumstances/situations are different.
Therefore, focus on YOUR budget as there are other vital financial goals to fulfil as well like your child’s education and your own retirement, among a host of others.
Details of Service Offering
- Risk Profiling and Asset Allocation
- Financial Health Check, with Cash flow and Networth analysis
- Review of Existing Insurance and Investment Products
- Review of Taxation Structure
- Guidance in Setting and Family Prioritizing Goals
- Review of Liabilities
- Goal based Investments Planning
- Retirement Planning, Child Education and Child Marriage Expenses Planning
- Recommendation of Suitable Investments Portfolio (Mutual Funds) through SIP
- Basic Estate Planning and suggestion
- Mutual funds Portfolio Set up with SIP/STP/SWP
- Term Insurance, Health Insurance, Moter/Vehicle Insurance
- Implementation of the Plan and account opening with NJ Wealth
- Review and Monitoring of the Investments periodically
- Support, Guidance and Ongoing Services
- Service Fee Plus Investment management Fee is applicable