What are the general sources of information for financial planning?
Financial planning is the utmost important thing for every person. It is the need of an hour. A balance between your expenses and savings helps in meeting your future goals.
You must review the latest investment info before doing financial planning. The most common information sources for financial planning are-
1. Newspaper and magazines
Newspapers and magazines are the most basic source for financial planning information. You can gather the information every day, per week & monthly basis.
For instance, the Economic Times is the most renowned newspaper for business news in India. It can make you stay updated on the latest financial news. On 2nd May,2022 Economic Times shared a business report on financial planning aspects. It gave insight on what to consider while switching jobs to running a business.
This will aid you to develop a strong knowledge of market finance. The information is provided by the finance experts.
2. TV programme
There are numerous TV channels that run 24/7 business news programs in India. People can get the latest finance info without any effort. Some of these programs explain the basics while others provide advanced info on finance. You can watch these programs in different Indian languages.
CNBC Awaaz Live TV-Money Control is one of the leading finance information sources in India. The other prominent news channels in India are-
- The Economic Times
- Times Now
- NDTV Profit
- Zee Business news, etc.
3. Annual financial report
The annual financial reports aid the investors in purchasing stocks. It provides insight into the goals, aims and future planning of the company.
If you are planning to disburse in buying a stock, you must keep a check on them. It is issued to other collaborators and share-holders. These holders check out the financial efficiency of the company. After that, they make a decision.
4. Search on internet
The internet is full of information about retirement planning. There is no doubt it provides all information in a click. People can type into Google and do a deep search. While doing research, you must determine online information. Make sure the advice is coming from a legitimate source.
5. Broker and financial experts
Finance experts are the best source for financial planning. They provide guidance on how, when and where to invest. Financial experts assist the person who is not aware about investing. These experts help in choosing the ideal path to be financially fit. They monitor your investment portfolio to assure your financial goals get adjusted with investment.
Some advisors that you can approach are:
- Authorized Insurance agents
- Certified Financial Advisors
- Certified Business Person,
- Credit Counseling Centers & Financial Literacy, and
- Licensed Stockbrokers
They will provide you with advice and help you to do financial planning.
6. Bank & company’s website
The bank and company’s website are the common source for finance info. They publish thorough blogs related to finance. Their info is the solution to make decisions for your future plans.
7. Friends and family
Family and dear ones can support you in planning your finances, if they are a finance advisor. They can aid you by providing the right guidance, advice and direction. You can have assistance throughout your planning in finance.
What are the important steps involved in financial planning?
Figure out your financial situation
The first step in finance planning is to inspect your financial situation. You can take key areas like
- Living expenses
- Household budget
- Current savings, etc.
Discover your financial goals
Experts say financial goals have their own significance in financial planning. These goals have your needs & wants.
Discover investment options
Analyze your financial needs & find out investment options. You can take suggestions from your financial advisors too.
Assess the suggestions given by the advisor. This will help you to alter and revise your financial plan.
Implement your plan
Take all the suggestions, examine them and carry out the plan. You will acquire the way to achieve your long or short time period goals. This stage is also known as the action stage.
Preview, re-check and track the plan
You will need to check your financial decisions at every business stage. It should be on the basis of different factors. These factors can be economic, personal or social. You can prioritize your decisions by monitoring your plan. It will aid you in carrying out financial goals. This will fulfill your needs on the basis of current situations.
Financial planning is an active and on-going method. It helps you to resolve how you can plan your future. You will need to view the current economic background. This will review your financial situation to process it.