Essay On Financial Planning
This post has been written by taking all young bachelors and couples, who have taken courageous step to follow the goal based financial planning. Goal based financial planning depends on various milestone in personal life, remember we are talking about financial milestone. As you start young the picture ahead is not quite clear and questions like this put hurdles in planning for goals:
When I will get married? When We will have children? When we’ll have our own house? When children will go to college? When children will get married?
So, if you are a couple in late 30’s and early 40’s, your children might already have started going to school, so picture is quite clear and dates too. But how should a young couple with no children plan for such
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Also, she will take 2-year sabbatical depends on the condition to take care of the infants. So, she wants to be prepared for initial expenses and hospital expenditure and sets up a target of 1 lakh PV.
• Although she doesn’t have any problem living on rent, she would like to have a shelter for gloomy days when she is less productive. So, she is planning to build enough corpus to buy a house after 20 years from now. She expects her husband to pitch in 50% of the corpus as she is eying a 2 BHK in decent locality which is costing 40 lakhs (pv). So, she needs to build enough corpus to match 20 lakh inflation protected after 20 years.
• You may not need to plan for regular school education fees as regular income can take care of that. The big expense will be the college education fees, so she is planning to pitch in for her child. As she is planning for one child only, so she needs to save for one child college education corpus. She did engineering from a decent college, where she paid approx. 2.5 lakh per year. She wants to have some room here as she got good marks and scholarship, otherwise fees might have been just the double. So, she will plan for 20 lakhs for 4-year college education. 17 years after having the child, she needs the money to fund the college
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