World Financial Planning Day, October 8
By Mr.
Yaseen Sahar, Financial Expert
This World Financial Planning Day (October 8, 2025), FPSB
and its global network of organizations will host a variety of events and
activities to help individuals realize the wide-ranging benefits of financial
planning.
Financial
planning is the process of assessing
the current financial situation of a business to identify future financial
goals and how to achieve them. The financial plan itself is a document
that serves as a roadmap for a company's financial growth.
Financial
planning is the process of assessing your current finances to set and achieve
short-term and long-term personal goals, such as retirement, buying a home, or
funding education. It involves creating a personalized, strategic roadmap that
details how you will manage your income, expenses, savings, and investments to
build wealth and ensure financial security through budgeting, risk management,
and tax optimization.
A
financial plan is a living document that should be regularly reviewed and
adjusted to reflect changes in your life circumstances and financial situation.
Key aspects of financial planning
Goal
Setting:
Identifying and prioritizing short-term and
long-term financial objectives, such as a down payment for a home, a child's
education, or a secure retirement.
Financial
Assessment:
Analyzing
your current income, expenses, assets (what you own), and liabilities (what you
owe) to get a clear financial picture.
Strategy
Development:
Creating
actionable strategies, including budgeting, saving, and investing to reach your
goals.
Risk Management:
Planning
for unexpected events like illness, job loss, or death through appropriate
insurance coverage.
Tax
Optimization:
Minimizing
your tax liabilities through legal and strategic financial decisions.
Estate
Planning:
Structuring
your assets to be managed and distributed effectively to your heirs.
Why financial planning is
important
Provides
a Roadmap:
It gives direction to your money and provides a
clear path to achieve your life goals.
Ensures
Financial Security:
It helps
you prepare for future needs and unexpected expenses, offering peace of mind.
Facilitates
Wealth Building:
By
managing your income and investments effectively, you can grow your wealth over
time.
Offers
Flexibility:
A financial
plan is a flexible tool that can be adapted as your personal and family
circumstances change.
Mr. Yaseen Sahar has been reached at rahas84@gmail.com and 98433 13512
Read articles written by Mr. Yaseen Sahar, Financial Expert in
Nanayam Vikatan, Aval Vikatan and Vikatan.com a leading personal finance
magazine : https://bit.ly/4mcEqWq
