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Financial Planning Process Financial planning, especially at an early age can help to give your life focus and help you to achieve your goals in life. Financial planning gives you a set of tools to create wealth and build up a nest egg that you can use in case of emergency. Financial planning also gives you direction, direction you need to make informed decisions about investments so that you won't make any mistakes and you can reap the benefits for the rest of your life. The Financial Planning Standards Boards (FPSB) defines the financial planning process as consisting of the following six steps. We have just reproduced the exact process prescribed Establish and define the client-planner relationship: The financial planner should clearly explain and document the services that he or she will provide to clients and define both his/her and clients responsibilities during the financial planning engagement. The financial planner should explain fully how financial planner will...

W hy Financial Planning is needed? Financial Planning provides direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances. By viewing each financial decision as part of the whole, you can consider its short and long-term effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track. The need for financial planning thus arises from the need to meet the financial goals that enable the achievement of one's life goals. Generally everyone invests in the various available avenues but very few investments are linked to individual goals. All of us have goals to be fulfilled at every stage of life. Life and financial goals are very diverse and are as under : Protecting Oneself & Family against Financial Risks :  The loss of a job, a serious illness, a legal problem, a sudden death, an accident or a natural disaster will prom...

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Guaranteed ways to lose money  There are exist a lot of products or should we say things or habits that lead to wealth destruction. Every product and asset class has its unique features, but it is important to understand that every asset class is different from the other and is having its own peculiar risks. If you play with an asset class in the wrong way, it can destruct your wealth in a big way rather than creating it for you. Let's have a look at some of the practices, which help in losing money Day Trading Day trading, simply put is the activity of buying and selling the shares on a single day without taking any deliveries with a purpose to gain from the daily volatility in the stock prices. Day trading is the most common practice followed by new entrants into Equity investing. This would also apply to people who buy on deliver but to hold it only for a few days or weeks to benefit from trend movement. There are many so-called experts and even coaching institution...