Like any other job, you need to carry out financial planning in your life. You are the best judge of your financial strength. You are well-aware of your spending nature and the lifestyle you follow. Under such conditions, you have to decide, how you can save certain amount from your income. The percentage of income that you save may vary from profession to profession. There are different classes of people with respect to their source of income. Financial planning in real sense varies from case to case; however, it is fundamentally true that one has to start financial planning at an initial stage of the career. This will help in overcoming any sort of unforeseen crisis, without any extra financial strain.
Generally, people do not practice financial planning with due importance. Paradoxically, they plan to take up other jobs to reach the targets. They become alert when they face financial difficulties in real life. Sometimes it becomes too late to handle such situation. This may lead to a situation of no return. One has to take measures, in advance to be able to face any sort of situation that involves financial implication. Now question arises, why such a situation is allowed to happen. An individual faces such financial crisis due to ignorance, reluctance or lack of understanding of present and future situation or it might be because of sloppy attitude of an individual. Nevertheless, this sometimes happen to apparently logical persons as well. Understandably, it results due to lack of guidance. People look for guidance to acquire skill, knowledge as far as financial planning in concerned. It is equally important to be guided by a competent financial adviser on such critical aspects of life. One should not be shy in hiding the facts and be totally transparent to a financial adviser else, it will take a different turn. It is a form of counseling with regards to your financial status. A financial adviser guides you to select the right path for fruitful results.
A financial planner suggests concrete strategy and an effective plan for implementation; a customized plan that is applicable to a specific individual. A man in service invests money in different areas on long term basis and reaps benefits as return on investment to take care of his future needs, especially after retirement. For retired persons, things are short-term oriented, to get immediate and consistent return on their investment. In natural course, the financial advisers and financial planners suggest practical solutions to help an individual in financial planning. However, it ultimately depends on individual judgment, guided suitably by the strategy and action plan of a financial planner.