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    1. Every mutual fund scheme/ SIP has 2 different plans "Direct" and "Regular"?
    2. Yes No
    3. "Direct Plan" gives 1.5% more returns than "regular plan" year on year?
    4. Yes No
    5. In regular plan this 1.5% goes to agent or advisor?
    6. Yes No
    7. Should this benefit of direct plan be given to investor's?
    8. Yes No
    9. In long run maturity value of SIP of Rs. 5000 in "direct plan" can be higher than maturity of regular plan?
    10. 50 Lacs
      75 Lacs
      1 Crore

    What is Comprehensive Financial Planning Process - Basics?

    Posted By :  admin  Posted Date : 01-09-2017  Last Updated: 09-10-2017

     What is Comprehensive Financial Planning Process - Basics 

    Comprehensive Financial Planning is done by taking family as the end beneficiary of the whole process. This ensures better control on the life situation of the family. These plans are constructed after analyzing your family, dependents, income, expenditure, assets, liabilities, career plan, your likes and dislikes. Some factors important for Comprehensive Financial Planning.

    • Your wish to plan your life
    • Identification of your family’s life goals
    • Putting all the information financial or non financial but affecting your financial situation in one place
    • Identification & fixation of your family values
    • Chosing and deciding the best practicle strategy

    Some Common Goals Of Every Family

    • Education
    • Career Stability
    • Marriage
    • Car
    • Home
    • Kid’s Education
    • Vacation
    • Retirement
    • Business
    • Charity
    • Leave legacy


    Life Planning is a logical process for optimum utilization of your all the resources big or small, present or future for the goals of family, with an eye on the regulations and market conditions. Family is the end beneficiary of Life Planning.

    Basics of Financial Planning

    Financial Planning is the process of meeting your life goals through the proper management of your finances with your family values. Life goals can include buying a house, saving for your child’s higher education or planning for retirement. The planyourworld’s Financial Planning Process consists of a few steps that help you take a ‘big picture’ look at where you are currently. Using the process, you can work out where you are now, what you may need in the future and what you must do to reach your goals. The process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans.
    These plans are constructed after analyzing your family, dependents, income, expenditure, assets, liabilities, career plan, your likes and dislikes.

    The Benefits of Life Planning and Financial Planning

    Your present is the result of planning you did a few years ago, 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. For example, buying a particular investment product might help you pay off your mortgage faster or it might delay your retirement significantly. 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. Financial Planning makes you visualize and analyze the effects of your financial decisions on your life.

    Who is a Financial Planner?

    A Financial Planner is neutral or unbiased person who uses the Financial Planning process to help you figure out how to meet your life goals.
    The Planner can take a ‘big picture’ view of your financial situation and make Financial Planning recommendations that are suitable for you. The Planner helps you identify and quantify your needs in life with helping you set priority number for each goal in life. The Planner can look at all your needs including budgeting and saving, taxes, investments, insurance and retirement planning. Or, the Planner may work with you on a single financial issue but within the context of your overall situation. This big picture approach to your financial goals sets the Planner apart from other Financial Advisors, who may have been trained to focus on a particular area of your financial life.

    Can you do your own Financial Planning?

    Of course you are the best who knows everything about your situation, your likes, dislikes and all the aspects of your life. You can do your planning with the help of some websites, magazines, friends and other free or paid research services. You should plan with us if: A. You find yourself not competent enough in every field like Fixed Investments, Equity Investments, Commodity Investments, Life Insurance, General Insurance, Legal, Taxation, etc. B. You don’t find the resource to know about all the above mentioned fields. C. You need Logical Plan for your self – without biases. D. You want to focus on your career and you need a planner to take care of your affairs.

    Be sure you’re getting Financial Planning advice

    The government does not regulate Financial Planners as Financial Planners; instead, it regulates Planners by the services they provide. For example, a Planner who also provides insurance transactions is regulated as an insurance agent. As a result, the term ‘Financial Planner’ may be used inaccurately by some Financial Advisors.

    To add to confusion, many Financial Advisors like accountants and investment Advisors can also offer Financial Planning services. To be sure that you are getting Financial Planning advice, check that the Advisor gets remuneration from planning for your family, even without selling you other products.

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