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At various points of time in life, critical situations arise and leave us devastated! At such times, we regret not having planned out finances properly since we’re barely left with anything post the incident. The incident might be an emergency surgery or having to pay up loans. Imagine being stripped of all the savings you’ve been doing. It would be a terrible feeling. To make sure you cope up with tragic incidents in life, you need to be not only emotionally stable, but financially solid also. And this financial solidity can come from effective financial planning. Since all of us are not experts when it comes to numbers, we’ve to seek the advice of financial consultants in matters pertaining to wealth management and financial planning. Since financial advisors are geniuses when it comes to investing and possess a degree in the same field as well, it’s the best decision you can take to hire them. Some people try to visit their stock-punting uncle in the lieu that they’ll invest their own money and save the costs of hiring financial planners. However, once they lose money because of a wrong advice, they understand the difference between self-investing and hiring professionals for advice. It’s important to know that the money we’re spending on hiring financial advisors is nothing but a sort of investment we’re making! It’ll get us good returns for sure. And spending a little on financial advisors for their wise advise is much better than losing out that money in stocks and wrong policies by self-investment. Financial advisors can advise on a range of wealth management topics such as investment plans,mutual fund investment, individual retirement plan, insurance schemes etc. Effective financial planning makes a person prepared to face unforeseen circumstances. Here’s what all you can ably face if you are financially prepared: - Medical emergencies: You never know when your son/daughter will come home with a fractured hand after an intense game of football or when the ailing aunt will require extensive medical care. Some treatments can cost several lakhs of rupees. If you are financially solid, medical emergencies will not affect you much. If you’re not, it will not leave you with anything!
- Higher education: It’s every parent’s dream to see their children going abroad for higher education such as masters and MBA. Higher education is costly in general and going abroad to pursue it can double the costs. You need to have substantial savings for your children’s higher education.
- Marriage: Marriages are one grand celebration! There are Hollywood film style stages, contemporary costumes and clothing, eye pleasing decorations and delectable delicacies! All this requires quite some money. With effective financial planning, you need not worry about all these things.
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