Financial planning is the management of finances so that all major current and future financial requirements are taken care of . If you have the time and inclination to spend a little time reading, it is always better to plan and manage your finances yourself. Your financial information remains confidential, you do not have to pay additional fees and there is only person in the world who will always be concerned about your welfare - yourself.
If you do not have the time to manage your finances, you can use the services of a financial planner who will cover the major areas for financial planning
1. Tax planning - managing your finances to minimize taxes
2. Retirement planning - managing investments and savings , so that sufficient funds are available to cover daily expenses during retirement as well as unexpected medical emergencies
3. Risk management and insurance planning
4. Estate planning - planning for the creation, accumulation and distribution of assets, including preparation of a will.
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