If you are looking to get yourself a Personal Finance Plan or Personal Financial Plan, then you should find either of these two people:
- A good Fee-Only Financial Planner
- A trustworthy, competent Fee-Only SEBI Registered Investment Advisor
And before you even ask, let me tell you that both these people charge fees for financial planning.
And even before you think to run away saying that financial advice should be free, let me tell you (and this important) that those who give so-called free financial advice (like mutual fund distributors, insurance agents, bank RMs) are not working for free. They earn hidden commissions by selling you products which may not necessarily be suitable for you.
Coming back to the Personal Finance Plan that you need.
It must be understood that when it comes to personal finances, there is no one-size-fits-all financial advice. Your financial goals are different from your friends and colleagues. Your income and expense patterns are different from them.
Think about it – You may be an unmarried bachelor at an early stage of your career. Or you may be a married person with earning wife and a 4-year-old child. Or you may be a single earner in a family of 6, i.e. self, wife, 2 kids and 2 parents. Or maybe you are nearing retirement and need to plan for retired life properly.
Your financial responsibilities are different from other people. So how can someone else’s financial plan work for you?
Often people think financial planning is something that only the wealthy can afford, but that is not the case. Everyone can benefit from financial planning.
But If you are really serious about sorting out your financial life using a financial plan, then you need to get yourself a customized goal-based financial plan that is tailor-made for your unique requirements.
Managing your personal finances is a life-long process full of challenges, opportunities and pitfalls. Though not everyone may require financial advice, there are still thousands who would actually benefit from getting some proper and effective financial advice.
I am a SEBI Registered Financial Planner. So if you want to have an idea about what happens in financial planning, then do check the detailed:
I won’t take more of your time now. I hope you do too see why proper financial planning can help you gain control of your life. It is really worth it if you know what I mean.
But in case you are still not sure whether you need a financial planner, I suggest you try to use Free (Download) Financial Goal Planning Excel Sheet. It will get you thinking thoughtfully about your real-life goals which require money in a proper manner.