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Financial Planning Essay

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Types of Financial Planning:
Financial is a very broad concept and planning is a difficult and disciplined mission. Some key categories of financial planning includes source of finances, assessment of your financial necessities, calculating the risk factor and a plan to achieve your financial goal. Investment plans, retirement plans, tax plans, Business planning, personal financial planning are some of the sub-types of financial planning. In this e-learning tutorial chapter, we will understand some of the important types of financial planning which everyone should learn and understand in their life.
Key Important Types of Financial Planning:
Cash Flow Planning: It is one of the important types of financial planning. An individual or a company …show more content…

There are various benefits and exemptions provided by countries for the tax payers. You should take the education and draft a plan on it. At the end of the year, you can take the benefits of exemptions and minimize your taxes. Everyone should keep your knowledge up-to-date on your tax planning as a part of your financial planning strategy.

Real Estate Planning: Asset creation is again one of the important type of financial planning. Wealth creation or retirement planning can be achieved with real estate planning. Real estate is considered as a low risk and high return investment option. So everyone should think of draft such plan as a part of financial planning. In case of unforeseen situations in life, real estate planning turn out to be one of the best plan for your family safety.

Define your Long Term and Short Term Financial …show more content…

General rule you can apply to categorized would be any financial goals within 0-5 year’s duration should be categorized as short term goals and anything beyond that should be considered as long term goal. For example: If you are planning to buy a car or saving finance for your marital expenses with next 3-4 years then you should pack these goals into short term targets whereas if you are looking forward for children education plans, retirement plans for longer duration then 5 years then you should arrange these into long term

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