- It is process of identifying one's life goals, translating these identified goals into financial goals and managing one's finances in ways that will help one to achieve those goals.
- Is a process through which one chart a road map to meet expected and unforeseen needs in one's life
- Is taking actin to turn one's goals and desires into reality
- Takes into account one's current and future needs
- The best time to start financial planning is right after one receives the first salary.
Types of Goals
- Short Term : Buying an LCD TV Set or a family vacation
- Medium Term : Buying a house or a vacation abroad.
- Long Term : Education or Marriage of childrens and post retirement provision
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