Financial Planning is preparing for expected and unexpected financial needs of your life. It is like creating a roadmap to financial security and wellbeing.
Financial Planning involves determining where you stand with your money today, visualizing where you want to be in the future, setting key financial goals, and creating an action plan to achieve those goals.
Whether it's buying a house, saving for your kid's education, or preparing for retirement, a financial plan makes it easy and actionable. It helps you optimize your income and savings to grow wealth and build a future you want to live in.
Having a financial plan is crucial because it acts like a guide for your financial journey, just like planning a trip using Google Maps. Here are 7 reasons why financial planning is important.
I usually begin my financial awareness seminars like this "I can make this statement in this room or in any room for that matter - Around 75% of people here will not have clear and written financial goals".
I know it is a bold statement to make, but I have never had people disputing it, so I am assuming it is true.
Just like deciding where you want to go on a trip, a financial plan helps you figure out your big money goals. Whether it's buying a house, saving for your kids' college, or getting ready for retirement, it's like setting your destination in the map.
If you drive in Dubai, I am sure you know the importance of taking the right exit. If you miss one, you are likely to miss another one, ending up being late, driving longer than you planned for or end up in the opposite side the town.
A financial plan is like picking the best route on Google Maps. It helps you organize how you earn, spend, save, and invest your money, making sure you're on the right lane and take the right exits.
Life can have unexpected roadblocks, like major health issues, family emergency or losing a job. Your financial plan is like having a detour ready, so you're prepared for these surprises. It's about being prepared for these unexpected events.
A robust financial plan includes emergency funds, insurance, and flexible investment strategies that act as a financial cushion. This preparation ensures that when life takes an unexpected turn, you're not caught off guard. Instead, you have the resources and a plan to navigate through these challenges without derailing your long-term financial stability and goals.
In essence, it's about ensuring that life's surprises don't become financial setbacks.
As you go through stages of life, your goals and objectives change– you may want to start a family, immigrate to another country, or start a business. Each of these significant life stages brings its own financial implications and needs. Your financial plan helps you realign your finances, just like you reroute on google maps.
Investing your savings help you grow wealth and achieve your goals faster, But it involves risks and volatility. Your financial plan helps pick the right investment starategy that aligns with your risk appetite, return expectation, investment horizon and many other important factors.
A Financial Plan like having a GPS for your finances, providing you with a clear direction and steps to follow. With a financial plan, you're less likely to feel 'lost' when it comes to making big financial decisions or dealing with unexpected expenses. It gives you a framework for handling your money, so you're not just guessing or hoping for the best. Instead, you have a well-thought-out strategy that guides your financial choices and helps you stay on track towards your goals.
Finally, a good financial plan isn't just about reaching your destination – it's about enjoying the ride. Over time, it helps you grow your wealth, making your financial journey rewarding.
A financial plan isn't just about tracking your money – it's about making sure your money takes you where you want to go in life, just like a reliable map for your journey.
An efficient financial plan typically has the following 6 key elements that can help you make the best of your tax free income in the UAE achieve your goals with ease;
Everyone’s financial and life situation is unique, and so are our goals; aren’t they?
This is exactly what I keep that in mind when providing financial planning advice to my clients.
As a Financial Advisor, I am committed to learning about your goals, dreams, apprehensions, bottlenecks, ordeals, and past experiences.
Together we will use them to build a Holistic Financial Plan focused on your distinct needs, with cash flow projections and asset allocations using modern and forward-looking tools and processes called the GAiM Plan.
A personal plan as unique as your fingerprint that aims to convert your goals into reality. With every number, every goal, every dream your very own.
GAiM Plan is an innovative, end-to-end financial planning and wealth accumulation strategy exclusively designed to help you grow wealth, protect income and achieve your financial goals.
It comprises the following processes;
Once your custom-made financial plan is in place, I will share the following reports, recommendations;
We will also create and follow a system to measure progress and make necessary changes in line with the changes in your life and markets.
1. How safe is my data with you?
We follow high standards of data protection and confidentiality. The information you provide is only used for providing the suitable financial advice and solutions. It will not be shared with third parties with out your written authorization.
2. What is your Qualification and Experience?
I am a Financial Planner / Advisor with more than 12 years of experience in helping residents in the UAE grow wealth and protect income. A Commerce Graduate with a Level 3 Certificate in Insurance and Financial Planning from CII UK.
Click here to read what people are saying about me and my work and here to learn the benefits of hiring me as your financial planner.
3. How much fees do you charge for the Financial Planning Service?
Everyone's situation and preferences are unique, the fees/charges depend on the level of engagement you seek. Let's connect on a complimentary discovery call to understand the level of engagement, the benefits I can provide and the fees/charges.
4. How long will the process take?
This process is spread over 2 or 3 online meetings. In the first meeting complete the goal setting, after which I will email you the financial plan, and the potential solutions.
In the second meeting, we will explore the potential investment/insurance solutions and asset allocation. By this time you will have a clear idea of the benefits and charges, helping you decide if you would prefer implementing my recommendations.
If all goes well, we can meet again to clarify the finer aspects before you decide to implement the solutions.
What to know more?
Here is the first episode of the GAiM plan podcast. The show that helps you grow wealth, create passive income, and achieve your goals faster. I also keeps you updated on the news, views and market moves.