Dhirendra Kumar discusses things to consider while creating a financial plan
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What factors should one consider while preparing a financial plan?
- Revathi Krishnan
The dominant factor should be personalised or customised to your needs. Depending on your context, a financial plan should have the essentials like your handy money, your emergency plan, life insurance, and health insurance. Then comes your aspirations, which should be customised to the scale of your savings and investment.
There is no precise prescription for preparing a financial plan. It can be achieved in multiple ways, and everybody's context can be very different. One should personalise it to one's requirements. Think harder about what you want and where you don't want to go. So, if you have taken note of these two things and they are well articulated, you will have a financial plan which will not disappoint you.