Understand Financial Planning

Financial Planning..... Contact Me For All my Financial services you can email me at: kishorsinh.dodia@gmail.com  contact me on :+971 0506023965 Step 1 - Understand Your Personal Circumstances So that we can provide the best advice possible, we firstly need to collect all your current financial and personal information. This information is collected by asking you to complete a Data Collection Form.Once we have received the completed data collection form, we will organise an initial meeting with you. The purpose of this initial meeting is to get know each other, discuss your financial matters and goals, and also answer any questions. Step 2 - Design the Financial Strategy Following your initial meeting it is likely that we would need to collect more financial information, usually by making enquiries into current investments. We then develop a financial strategy which will produce the best outcome and achieve your goals and objectives. Step 3 - Produce and Present Your Statement of Advice We will produce a Statement of Advice and present this to you at a meeting. Every aspect of this report is discussed in detail so that you can be comfortable and  confident with all recommendations provided. Step 4 - Implement the Recommendations We will produce all paperwork and assist you in completing the paperwork  required to implement all recommendations contained within the Statement of Advice.  We will process this paperwork and insure all recommendations are implemented in a timely manner. Step 5 - Continuously Review and Monitor It is critical that all recommendations made are continuously reviewed and  monitored. Changes to the quality of your investments, changes in your personal circumstances, legislation changes, and changes in investment markets are just some of the reasons why reviewing and adjusting your financial plan is critical to achieving your goals. Importance of Financial Planning To make the most of your money as an expatriate, you’ll need a financial plan.  In simple terms, financial plan is a commitment to build financial security. A good plan, put inot practice, will protect you and maximize your use of money in the present while building security for you and your family in the future. All of us are interested in investment. It is exciting and glamorous. But the wise investor is someone who sets goals and builds foundations before thinking about  making money grow. With our help you can create your own plan. Hierarchy of needs Different financial needs have different priorities. You need to consider  some things before you consider others. This is the key part of building a successful and  solid financial plan. Rather like building a house, it is important that you complete the foundation of your\  financial plan before you proceed to the next stage. Like a house built on money levels, your plan needs to progress logically from one storey to the next. Trying to work on the attic or roof before you have completed the foundations is bound to end in disaster! One way of looking at this is to think in terms of a hierarchy. We call it as hierarchy of  financial needs or Financial Pyramid. The bottom level of your financial pyramid is comprised of protection need or insurance. The second level is concerned with the  setting aside current income so that you may enjoy it in the future.  And the last level of the plan, perhaps the culmination of earlier work done in the previous years, concerns  investment of lump sums. The point here is that you should sort our your basic priorities before trying to address more complicated issues. Seven Stages of Life In financial planning, one of the key concepts with which to frame your plan is time. Life is dynamic, and your needs at one moment may be totally different from your needs at another point in your life. Things change. And so do you. Most peoples’ lives tend to follow the same pattern. You go to school, you work,  you get married, you have children, the children grow up, you retire and you die.  Please note also, how your income rises, then falls, as you progress in life.  In each of these periods you’ll havespecific priorities that need to be addressed – either to protect yourself against something harmful happening in the here and now, or to ensure that something you desire will happen in the future.Before you shoot off and make all sorts of plan, here are a few pieces  of advice that may prevent disappointment later on.                                 - Take responsibility for your financial life.                                 - Take responsibility for getting started on a proper plan                                 - Take responsibility for putting it into action.                                 - Take responsibility for the consequences if you don’t. Then, have realistic expectations. If you’re buying insurance, read about it, check through  the feature and benefits of the programme you’re selecting and make sure you understand it. Make sure it meets your needs and that you know what to expect. If you are investing in the stock market, for your won sanity’s sake, make sure your’re being realistic in your expectations. The average market return from 1926 to the present day for the US stock market is about 8-10% a year. You will not get average 25-50% every year, so don’t build your dream around it. At last, commit to action. The sooner you get started on your plan, the better. Getting ready to start Before we embark upon our plan, let’s make sure we have a good starting position. If you have any debt, try and clear it or at least make it manageable. In particular , you should try and reduce your dependence upon credit-card debt before drawing  up your financial plan, just because the debt is preventing you from doing so many better things with your money.Make an income and expenditure spreadsheet, and review regularly. You will probably be horrified by how much you spend on ‘stuff’! If you have not done this before, there is a template you can use. If your expenditure outweighs income, you have some cutting back to do! Starting your plan To draw up your personalized financial plan, work out where you are in the seven stages model. Then work out what you need to do according to the hierarchy model.  Combine the two, and tailor it to suit yourself But be sure that you establish a time-scale to get it up and running, and be sure that your plan allows sufficient flexibility to change as and when your circumstances change! Financial Planning Introduction Warren Buffett & Bill Gates Go Back to School Questions & Answers