Step by step planning towards achieving financial goals forms the very essence of creating an efficient and effective financial plan.

Defining a brief outline for a financial plan requires addressing certain concerns like Achieving flexibility, liquidity and tax minimization

Developing or creating a financial plan requires deep understanding of your personal and financial goals. Financial goals are situation specific and may vary individual to individual. The goals pertaining to an individual may change or vary relative to prevailing situations in your life. For example, events such as births, deaths, illnesses, and marriage can

affect your goals profoundly. Other factors like change in employment, inflation, investments and results, and miscellaneous factors will also affect your financial circumstances. Therefore creating or making plans which are unresponsive to change should be avoided. Flexibility thus plays an important role towards creating a plan suitable for changes in your life. This can also be considered as customizing a plan for an individual with respect to several variable factors, these factors in turn define the development of a financial plan.

Adequate liquidity is another area of concern which requires to be addressed before the process of financial plan development starts.

Liquidity is, particularly important for handling situations classified as financial emergencies in particular if we consider the advice of financial advisors who recommend that setting aside funds equivalent for a period of 3 to 6 months of an individual’s expense. Appropriate locations for these funds are

savings, and money market accounts or a standby line of credit to accomplish the same level of liquidity.

The important part here is to ensure quick and easy access to money in order to avert or address critical situations.

: the characteristic of an asset that can be converted readily to

cash without loss of principal.

Finally, it all boils down to addressing an issue of minimizing taxes. Considering that one of the prime objectives of developing a financial plan to save taxes, tax minimization automatically becomes one of the concerns which is to be addressed.

However, an effective financial plan will automatically cater your income tax concerns if designed keeping in mind the step by step approach of developing a financial plan.

There are several ways in which you can proceed.

1.      Financial planning software:

using a financial planning program on your computer is one of the easiest way to develop a financial plan. A software of this sort can streamline the process in the long run, although it requires an effort initially to enter data.

2.      Another way which is by far the simplest and the most easiest method to date is using the pen and paper mode of developing a financial plan.

One of the most important thing is to determine how to meet your goals. Once you have a direction all you need to do now is to simply follow the route.

through. You should also create a plan for your intermediate- and long-term

goals. Here, again, try to stay flexible. If anything, the need for flexibility

increases as your time horizon recedes; you’ll have less control over

distant events. Remember, too, that the most carefully constructed plan

will be worthless unless you actually go ahead and implement it. Keep a

record of each action step, including when and how it was accomplished.

Be patient—implementing your plan can be a time-consuming

process. Your personal situation will dictate whether you decide to proceed

with or without professional help. Most people will benefit from

assistance at some point, at least in implementing their plan. (See the

final section of this chapter for guidelines and suggestions on choosing

a financial planner.)

In times of plenty, we seek safe haven for surplus cash that will generate passive income for the future. In times of need, some of us take desperate steps to increase our money supply to meet the demands of the day. Both actions necessitate investment decisions, decisions that many of us are oftentimes not qualified nor experienced to make wisely without help. Thus, begs the need to know the answers to the four “wives” (why, when, where, who) and one “husband” (how) questions with respect to investing and financial planning. This article will discuss the two most important pre-requisites to making wise investments.

As a licenced financial planner and a business and financial advisor to small and medium companies, I am often asked to give investment tips or advice. Whether I am a fantastic investment guru or tipster or not is immaterial as I would always avoid answering such questions without knowing and understanding the financial background, status and financial goals of the questioner. This article is not intended to be a primer in investing or financial planning as one can select a book on the subject in any good high street or online bookstore. Rather, I would like to share what I consider to be the top two amongst the many pre-requisites an investor should consider before making an investment decision.

Planning in general is an activity we engage in all the time – planning for a holiday, planning for a wedding, or planning for any other event or planning to achieve a particular objective. However, how many of us really get involved in developing a truly comprehensive personal financial plan and implement the same? If not, why not?

The Certified Financial Planner Board of Standards, Inc (CFPBSI) defines financial planning as “the process of meeting your life goals through the proper management of your finances”. Life goals are goals dear to us that we would like see come to pass, especially during our lifetime. Such goals can be as simple as saving to buy a car or for a cruise around the world, or a bit more challenging in investing to mitigate the effects of inflation in planning for retirement.

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In goal setting, it is imperative that we be rational and do not set goals that will be too difficult to achieve in the timeframe required else we can be truly discouraged and discard the plan altogether. Thus, it is good to follow the SMART principle, taught in Management 101, which states that our goals should be Specific (say, save to buy our particular dream car), Measurable (say, save ,000 to buy a car), Achievable (say, plan to buy a car costing a sum we can afford), Realistic (as in planning to buy a car and not a trip to the moon although it can come true for some), and Timely (say, achievable within a reasonable time period).

Knowing our SMART financial goals will enable us to plan how to achieve them. If we are not sure how to develop a financial plan that is workable for us, we can seek the services of a financial planner. A point to note is to ensure that we consult a financial planner that is adequately qualified (say, having the CFPBSI’s Certified Financial Planner certification that is recognized worldwide) and experienced (and perhaps licenced to practice as a financial planner by the appropriate authorities to ensure accountability and ethical behavior).

Prior to making any investment decisions, it is necessary that we understand ourselves in relation to our individual financial risk profile. All of us take risks in our daily lives and these could include crossing a busy street, or taking a flight somewhere, or even getting married considering the increasing number of separations/divorces. It is important to note that different people have different thresholds in the level of risk they are willing to take for any number of reasons. 

Assuming a risk that we are not prepared or capable to cope with may result in adverse consequences and detrimental to our health. Similarly, the level of financial risk we are willing to assume or can tolerate should be carefully evaluated and such an exercise will normally be based on a set of criteria relevant to each individual.  In addition, the risk profile of an individual can change as his or her personal status changes and it is generally accepted that a younger person can assume a higher financial risk compared to a person nearing retirement as the former has time to accumulate or recoup losses due to investment decisions not realizing their desired potential.

Thus, it is wise to understand our financial risk appetite and risk profile so that the investment decisions we make will commensurate with our risk profile. Investment opportunities abound in the marketplace for all risk profile types, whether one is considered a conservative or can take high risk.

, the above are what I consider the two essential pre-requisites to investing and the others mainly pertain to details in understanding investing, investment strategies, and investment opportunities that can be found in any good investment text books or articles, advice from investment professionals or financial planners, or perhaps can be the subject of a follow-up article by this writer. A last piece of advice is to re-emphasise the fact that we should not make any investment decisions that can adversely impact our financial well-being until we have a sound financial plan, and if professional advice is required, do always consult a qualified and licenced financial planner to help develop one’s personal financial plan. Always remember this well-known adage –

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Commodities and Real Estate; Investment, Insurance, Taxation and Estate planning. You can help your client sift through these ever increasing and complex choices. You can grow wealth for
your clients and for yourself by building expertise in the financial planning process. IMS Proschool has trained over 6,000 industry practitioners and emerged as the most preferred
education providers for financial planning. With the best study material, quality training
and flexible training options we are best placed to help you get qualified in Financial
Planning. Benefits of Financial Planning Education Financial Planning education imparts the
requisite knowledge and skill-set, that enables you to provide quality advice to your
client on a consistent basis and create wealth for your client’s in the long run. 1. You
would know the tax benefit opportunities for your client based on his residential status As
a financial advisor you will know how the tax liability of your client, who needs to go abroad for job requirement, would change if he travels before or after 29 September in any
year.
If he travels before the said date he would become NRI for tax purpose for the relevant AY and would not pay taxes on the income earned abroad. And in case he travels after
the said date he need not pay tax on the income earned in India and abroad. Tax planning involves utilizing exemptions, deductions, rebates and relief’s provided in the Income tax Act.

8000+ Stocks, 1000+ Mutual Fund Schemes; Equity, Debt,
2. You would know the advantage of paying the EMI in beginning of the month viz a viz end of the month You can save lot of money for your client by a simple advice to pay EMI for a housing loan in the beginning of the month. Consider a Housing loan of 30 lakhs for 20 years at 11 %, if you choose to pay EMI at the end of the month you would pay 67000 more which is over 2 % of your loan amount ! Time value of money concepts in financial planning helps you to analyze and compare different cash flows and choose the most beneficial set of cash flows to pay or receive.
3. You will be able to calculate the exact retirement corpus that one would need for peaceful retirement. Let’s take a case of a person who has expenses of 3 lakh per annum today, he would need a retirement corpus of 1.70 crore (assuming inflation of 5 % and rate of return of 9 %). Retirement planning assumes importance because of people’s inability to earn in sunset years, inflation and lack of social security. Financial planning helps you work out how much to invest for your sunset years to be truly blissful. <BR>
4. Client’s look for growing their net worth every year, your advice would enable them to enhance their net worth year on year. With Personal Financial Planning tools like – Discipline, Diversification and Investments in accordance with clients risk appetite you can ensure your clients growth in net worth year after year and extremely satisfied clients.
5. You will be able to analyze and rank the Top 10 mutual funds out of the 1500+ schemes available? Most people select MF funds on the basis of past Month / year’s performance. Chasing recent performance could prove tricky because it could be an aberration. Financial Planning
emphasizes to track investments like Mutual funds over 5/7/10 years along with Fund managers expertise, experience and his association with the fund. Further one needs to check out if the objective and investment strategy of the fund matches the investor needs. Other parameters like
expense ratio, turnover ratio and trategy of the fund matches the investor needs. Other parameters like expense ratio, turnover ratio and standard deviation also needs to be considered.
6. Insurance is must and a necessary expense (not an investment or Tax saving instrument as projected). With Financial Planning, you will be able to help your client reduce his insurance expenses and at the same time enable him to cover all the risks. Insurance is the most misunderstood concept. It is looked upon as a tax saving or an investment tool. Insurance is an economic tool to transfer the risk. Taking Life Cover more than needed is a waste of precious resource and underinsurance could put the family of deceased to hardship. Further it needs to be assessed if insurance is required for property & other valuables and professional negligence. Financial planning teaches you “How to plan for your client’s insurance requirement”.
7. Financial Planning will enable you to make appropriate investment decisions for your client. If your client looses his sleep over investment decisions, there has been a misinterpretation of your client’s risk taking ability. Financial Planning lays a strong emphasis on appropriate risk profiling. It involves both quantitative and qualitative analysis for before zeroing on a customers risk profile.

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8. One single solutions to all your clients is a disaster. Financial Planning equips you in providing different solutions to different client based on his need. Have you been trying to sell Mutual Funds or Insurance products to all your client’s – be it someone who is young and just started his career or middle aged person who has worked for ample years or a person who is retired?Well if so, you must have had low sales conversion and dissatisfied clients. There is a need to shift focus from product sales to a solution provider. You need to understand the financial goals of the client and work towards achievement of the same through a financial plan.

9. Enables you to face the challenge of ever demanding clients. Client’s today have ready access to information on financial products & services via various sources – media, television, internet & print. The awareness level of investors is increasing with respect to the working and benefits of the various products & services available in the market.

Therefore it is becoming increasingly difficult to practice on “only commission” model. Financial planning widens your scope of services and enhances your knowledge and skill set enabling you to switch to a “commission + fee” or “pure fee” model.

In this model, financial planning becomes the core of advisory services and products become the means to achieve the plan.

10. Increase your clientele – how many of your clients have recommended your service to their friends and family? If a client recommends you to others, it speaks of your quality of advice and the relationship you share with your clients. But if they don’t, you need to do a bit of self introspection and figure out where are you lacking? trategy of the fund matches the investor needs. Other parameters like expense ratio, turnover ratio and standard deviation also needs to be considered.  Requirements for CFPCM Certification There are two ways to obtain CFPCM Certification:

1.Regular Way

2.Challenge Status for professionals

Both require candidates to fulfill certain criteria for acquiring CFPCM Certification.  Requirements for Regular way

1.Education: Candidate must be atleast a 12th Std Pass/Equivalent.  The candidate should undergo the training program with FPSB India’s approved Education Providers. Education criterion demonstrates to the public that the candidate has acquired the necessary knowledge to become a Financial Planner.

2.Examination: The candidate has to pass the CFPCM certification exam i.e. he has to clear all the five papers  viz. Risk Management & Insurance Planning, Retirement Planning & Employee Benefits, Investment Planning , Tax Planning & Estate Planning and Advanced Financial Planning.  By passing the CFPCM Certification Examination, the candidate demonstrates to the public that he/she has the required level of competency to practice Financial Planning.

3.Experience: The experience criterion builds confidence in public that the candidate understands the counseling nature of personal financial planning. The candidate has to complete 3 years of work experience either pre or post Certification exam in case he/she is a graduate. In case of non graduates the criteria is six years of work experience.

4.Ethics: On completion of the education, examination and experience requirements, the candidate has to sign declaration for adherence to FPSB India’s Code of Ethics & Rules of Professional Conduct. know more Requirements for Challenge Status Students who are already professionals for example Chartered Accountants, MBAs, ICWA, etc and are interested in acquiring the CFPCM certification can do so in a shorter span. FPSB India recognizes that these professionals already have some of the skill sets that are required in a Financial Planner.

Hence, it has introduced the “Challenge Status Program” which enables professionals (both in terms of education as well as experience) to acquire the CFPCM Certification in a more time efficient manner. 1.Education: A candidate must be a CA, CFA (US), ICWA, CAIIB, CS, LLB, PhD, M.Phil, PG, Licentiate/ Associate/ Fellowship of Life Insurance, Actuary, FFSI & FLMI from LOMA, Civil Service Examinations by UPSC.

2.Examination: The candidate has to clear only Paper 5 i.e. the Advanced Financial Planning paper.

3.Experience: The candidate should have work experience of 3 years in Financial Services Industry prior to the CFPCM Certification Exam. In case the candidate is working in a Non- Financial Industry the work experience should be 5 years prior CFPCM certification exam.

4.Ethics: On completion of the education, examination and experience requirements, the candidate has to sign declaration  for adherence to FPSB India’s Code of Ethics & Rules of Professional Conduct

At IMS, our goal for the past 33 years has been simple – Build a long term successful career for our students. IMS Proschool is an extension of the same mission although the route is different. Economic growth over the past decade has created new opportunities for students and IMS Proschool is helping students tap these opportunities. IMS Proschool’s goal is to provide these industry relevant skills to its students in the shortest possible time, get them quality jobs that give them quality experience and create a long term career for them. In the process,

we will also help the industry solve its manpower issues. IMS Proschool Success Created over 1000 Associate Financial Planner’s Created over 100 CFP’s in short span of 24 months Trained over 5000 candidates on Financial Planning and Wealth Management More than 2000 CFP enrollments in last two years. IMS Proschool Programs NCFM Certification in Financial Modeling CFPCM PDP- Retail Store Operations Management What makes IMS Proschool Programs unique?

Focused, practical and relevant programs. Programs are for short duration. Range of options to choose from Course Content developed with inputs and feedback from industry. Programs are delivered by industry practitioners. Programs are available across the country. Trainer to the Industry

State Owned Banks – SBI, BOI, SBBJ Foreign Banks – CITI, Deutsche Security Houses –Kotak Securities, ICICI Direct, Motilal Oswal, Tata Securities Mutual Fund Companies – Sundaram BNP Paribas, Optimix. Insurance Companies – ICICI Prudential Institutional Tie- ups Partner of NISM, an initiative of SEBI (Security Exchange Board of India), to create Financial Planning proficiency among students across India. NSE India for Financial Modeling Certificate program Who should join IMS Proschool?

Fresh Graduates wanting to acquire job specific skills Skills required for surviving in challenging business environment is changing every year. Besides your graduation, you need these specific and relevant skills to get a job and to build a career. Working Professionals looking for enhancing skills Those of you who have joined recently, need to quickly enhance their skills and strengthen your resume, to compete effectively and build a long term career.

Professionals who want to shift Industry For most of us first job is, the first job that is offered to us. Often we find that it is not what we wanted and should spend our lives doing or it really does not offer the growth we expect. If you are looking to shift into sunrise industries like retail, KPO or financial services, then IMS programs can help you acquire skills and make the transition.

Classroom Program – REGULAR

Classroom Program – FAST TRACK

Distance Learning Program – PLUS

Distance Learning Program – REGULAR

The entire program will be taught with lot of examples to understand application of theoretical concepts. The classroom program as well as online sessions will be conducted by experienced faculty from the industry. The online training sessions will be conducted live by our instructor, via the web. All you need to have is a PC with the required minimum configuration. The session will be voice and presentation based and would be as efficient as the real classroom sessions.

Online reference material will be provided to students immediately on enrolment. The students will be provided user id and password to access the course content from IMS Proschool website.

All students who complete the course successfully will get a certificate from IMS Proschool.

All students who complete the course successfully will get a certificate from IMS Proschool.

Program is offered in Mumbai, Pune and Kolkata.

REGULAR FAST TRACK

Download the Enrolment Form our website OR obtain the same from your nearest IMS Proschool centre.

Submit the IMS Proschool Enrolment Form along with two passport size photograph and a Demand Draft of the relevant amount drawn in favour of “IMS Learning Resources Pvt Ltd.” payable in Mumbai to the IMS Proschool Centre where you would like to attend the program.

REGULAR & PLUS

Download the Enrolment Form from our website OR obtain the same from your nearest IMS Proschool centre OR

Submit the IMS Proschool Enrolment Form along with two passport size photograph and a Demand Draft of the relevant amount drawn in favour of “IMS Learning Resources Pvt Ltd.” payable in Mumbai to IMS Proschool, 67, Jayant Building, Jain Hostel Road, Near Sion Circle, Sion (West), Mumbai – 400 022.

Financial Planning and Tax Planning are same

Financial Planning and Tax Planning are completely different, so do not confuse yourself on these two terms. Tax Planning is a sub-set of financial planning. Financial Planning focuses on the entire finance of the person whereas tax planning is about saving tax.

Financial Planning is same as investing

With proper planning and discipline in making investment decisions, you can reach your financial goals. Investing itself is not financial planning but investing with a plan and with a goal is financial planning.

Financial Planning is only for the wealthy people

Financial Planning is for everyone. Financial Planning approach is different for different individuals and varies depending on income level, age, risk appetite etc. It is applicable for one and all. If you think financial planning is not for you, then you are mistaken.

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Financial Planning is required when you get older

The earlier you start financial planning, the better is for you. The reason is as individuals we have different needs at different stages of life. Decision of buying a car will come at a very early period whereas buying a house, children education etc will come at a later phase.Based on your decision, the financial planning changes

Post financial crisis begins Financial Planning

Despite of many live examples which we have witnessed on financial crises, we do delay in starting financial planning. Only after a money crisis, we understand the importance of financial planning. It’s advisable to start financial planning at the earliest so that you can avoid financial crisis.

Hiring a financial planner is a waste of money

Financial Planners are experts in giving advice regarding financial planning. Hiring a financial planner will help you reaching your financial goals. They are experts who have handled many customers and helping them in money management. Find a good financial planner and start the financial planning process.

Financial Planning is the most important aspect to manage your finances and reaching financial goals. It is your money, so make sure to invest your hard earned money in such a way that you get better returns.

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As they say “save money and money will save you”, but saving money involves some techniques in order to save on taxes and other expenditure. Financial Planning is not only limited to just saving money but it covers tax shield, education planning, cash flow management, investment planning, retirement planning, risk management and insurance planning, estate planning , tax planning, business succession planning.

Financial planning requires an in-depth knowledge of law and regulations related to financial transaction and income as the base of any financial planning is governing regulations and current financial policies in the country. These financial regulations keep on changing on regular basis and one needs to keep track of the same in order to apply the same in financial planning process.

Be advised to consult any financial planner for your financial planning process. As financial planner or financial advisor is a practicing professional who helps people deal with various personal financial issues through proper planning and management. Financial adviser has detailed knowledge of government regulations and grants which can be helpful in the process of financial planning.

How to Start? Financial planning starts with setting up a goal, for example if your monthly income is 5000 bugs then what percentage of this money you would like to save in minimum risk venture like banks and what amount of money should be exposed to high risk venture like stock and shares this decision depends on your current and future needs for money. Any financial planner should examine the current and future need and financial obligations of the clients. Financial Planner must analyse different investment and insurance policies in order to cope with the clients’ requirements.

Financial planning with the help of a financial planner or financial adviser shouldn’t consider an overhead as it may save money and can provide extreme benefits in the future. Many people who were facing anxiety of fulfilling their financial obligations earlier feel peace of mind after consulting a financial planner or advisor. Many businesses take professional opinion of financial advisors on regular basis or they hire any financial planner to manage all their assets and liabilities so that business owners can focus on other areas of business also.

Financial planning involves different sequenced steps in order to make this process successful and beneficial. First step starts with deciding the long and short term financial obligations of the client and deciding the current amount needs to be invested to pay such obligations. Another big aspect is of risk management, people often want high level of returns with low amount of risk associated. However any financial planner of financial advisor may know that risk and return run direct proportionally.

There is certain number of financial method to avoid any undue risk associated with the investment and few financial tools like mutual funds and ULIPS can be considered fairly good investment option to any investor. However financial planner must look in to the client’s willingness and level of risk acceptance. People often invest their money in high risk venture expecting a high return on the same but in case of any loss they blame financial planner which is totally incorrect and in appropriate.  Financial planners should also take proper consent before making any venture with high level of risks associated. Financial planning give businesses space for future and protect them against the harsh conditions of the economy and in business they say “If you fail to plan, you plan to fail”.

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Unsecured loans are those loans which are issued by the lender on the credit rating and creditworthiness of the borrower. Here, the borrower is not obliged to pledge his assets as collateral security. He guarantees to repay the loan without any defaults in payment. The financial risk involved in granting is pretty high. Hence it is required that the lender does his full study on the borrower before granting him a loan. The creditor cannot claim any assets of the borrower in case of his default payments or bankruptcy.

Short-term loans approved to cover the daily expense of the borrower are termed as a payday loan. The emergency needs of many individuals are met in times of financial crunch by assuring a safety net through these loans. has no lengthy procedures which help in saving the time of both, the lender and the borrower. These loans have an advantage of being easily applied and promptly sanctioned.

Personal loans can be secured as well as unsecured. Unsecured are those loans in which an individual’s promise to pay and creditworthiness plays an important role. Here there is no need for an asset to be pledged as collateral. These loans are considered to be the easiest and fastest way of obtaining loans. The interest rates for these loans are determined from bank to bank and may vary widely. The type of loans granted are primarily based on the amount of money to be borrowed, the period of repayment, the purpose of the loan and the time of repayment.

Secured loans are those loans wherein the lender grants a loan only on a collateral security which means the borrower has to pledge some assets like a house, car etc. In case of a default in payment by the borrower the lender of the loan has every right to take possession of the assets pledged. The creditor has the choice of granting loans with attractive interest rates and also repayment periods. These loans give a sense of security to the lender as he is rest assured of the repayment.

is a loan that pays off two or more loans. The striking and most defining feature of this loan is the lower interest rates along with longer repayment period. Tax benefits can be enjoyed on these loans and individuals are entitled to gain these benefits from the interest of the loan.

f you currently work with a bank that you trust with your business concerns, ask about the possibility of applying for a credit card merchant account. Most companies are eager to welcome this type of business from customers they know and trust. As long as you have established a solid business credit history, pay your bills in a timely manner, and arent involved in questionable or unethical pursuits, your chances of being approved for a merchant account are good. Of course, your bank may not offer this type of account, or you may be able to find better terms with another lender, so dont feel as though you must apply for merchant services with your current lender. Instead, ask around at trade shows, conventions, or civic business meetings to see what type of merchant account providers your competitors are using. They can probably offer helpful tips on which lenders to court and which ones to avoid. You also can check with local business listings for references on general lenders, some of which may offer merchant accounts. Or you can browse the Internet to bring up a list of links that will let you contact those that seem most compatible with your business interests.

Getting a credit card merchant account is pretty easy. After locating potential lenders to work with, you should compare services and fees to make sure they will work with the business plan that you are using or one that you plan to set up. Check your companys budget to find out how much you can afford to invest in credit card processing equipment and service options. Then compare your budget with transactional fees, maintenance expenses, and application or gateway rates to find a lender that is affordable for your needs.

When you have been approved for a credit card merchant account, you can start to accept credit card payments from your clients immediately, often with a couple of days. All you need to do is select the type of processing equipment that best fits with your customers purchasing patterns. For example, if most visit your store to shop, an onsite credit card processor that you can purchase for a few hundred dollars is the simplest and perhaps most effective way to start. But if you deliver goods and services, a wireless unit might be the better choice. Of course, if you do both, two units might be affordable, but you will need to check your budget. You can always start with one and add another later.

Start looking for a possible merchant card services provider to get approved for your credit card merchant account!

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Debt Management

Financial planning

Everyone needs money for his or her sustenance, comfort and old age. Does the hard earned money really used for this purpose? How many of us still try hard to make ends meet just to fulfill every months basic needs? When this is the case how can we save money from the meager income that we get? How much is really too much money? How can we grow or make optimal use of the finance that we normally handle? Questions like this cloud our minds most often as we fail to manage our finances efficiently.

Who we are or how much we earn is of less concern as long as we can manage and plan our finances wisely. A pauper can become rich and a rich man can suddenly lose his wealth if his financial planning is improper. Usually people blame their stars for their misfortune. They go in search of astrologers who will live out of them by changing their names and houses. They find solace in blaming others be it God or stars for their backdrop. Insecurity and thoughts of one’s future might lead to depression and frustration.

“Make hay while the sunshine’s” as the popular saying goes is the golden rule every human being should definitely follow. We earn to live happily with comforts but we forget to pay ourselves for all the hard work we put in. we pay for everything in this world, do we pay ourselves for the service we do to our family, nation and society.

In the western countries they make it a habit to save 10% of their personal income for their own future use, a millionaire once said, “I am glad I am worth at least 10% of what I earn”.

Better late than never, just sit with a planner and take stock of where you are now. Jot down your financial position as of today. Set long time and short time goals in life and set a imeline to achieve that goal in time. Then carefully think about how you can achieve the goal and what you can do to go where you want to go. Attitude is very important in any major life changes that you might ncounter. Thus set your attitude as if you are planning a vacation. So you first decide the vacation spot, and then set out to make reservations, then pack

your bag and then leave.

Financial planning is just like your vacation planning. First you should fix your target, then make certain changes in your life style, like cutting down your pizza or sacrificing your cigars, then pack up or wind up your extra expenses and start the savings plan when that is dome just relax and enjoy the fruits of your unparallel and diplomatic achievement. Your money will start growing and so will your self-esteem and self-confidence and finally you are efficient and capable to finance your kids higher studies or retire peacefully with the recurring income from the timely savings.

Financial planning provides the reassurance that your future in Canada and all around the world that secures you to live in the comfort as you would like.

Have you found yourself in a bit of a financial black hole, wondering where the money goes? Are you in a position where every month you are struggling to make ends meet, shifting funds around in an attempt to keep your creditors at bay? It’s not an uncommon story the length and breadth of the UK. There are plenty of people in the same leaking debt boat, frantically bailing and trying to work out ways to deal with their financial problems. At least those with the realisation that there is an issue that needs to be addressed are facing up to the less than convenient truth they have money problems and are seeking debt management services to assess the lay of the land and implement a viable debt management solution. They are the fortunate ones.

The poor souls in the worst of trouble are the ones in denial. Those who simply refuse to acknowledge their financial woes and try to avoid tackling them head on with informed and impartial debt advice. The problem (as we all known deep down inside) is that these things just won’t go away of their own accord. And rather than retaining an element of control over events and being in a position to act out of choice, the debt advice deniers soon find themselves hostages to fortune and forced to take drastic measures to sort the situation out.

Which side of the reality line are you on? Do you deal with this through a proper debt management services to craft a viable debt management solution side? Or the head in the sand debt advice avoider, the person who crosses the road to avoid debt management plans for fear that the cold light of day would be too much to take?

As the effects of the recession drag on and increasing numbers of people begin to feel the squeeze on income and savings, so the number of people having to choose between facing up to financial problems or just wishing them away will rise. Now is the time to realise that there is plenty of help at hand if you want it. Experienced, impartial and best of all… free. Debt management services that can quickly and expertly help you turn your financial problems around, saving you both money and sleepless nights in the process.

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