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While there is value in creating financial plans for 15-20 years, it is also important to look at current goals that you would like to achieve within the next 5 years.
To avoid regrets, consider your priorities and dreams for the next five years and how you would like your finances to help you achieve them.
With current goals, it is easier to foresee what to expect in 5 years.
Guess Mr Megashyam Sinkar has got the meaning of Financial Planning completely wrong, he is assuming that financial planning is only for the future and doesnt take into account the current needs or demands. How short-sighted. Please note that a well drawn Financial Plan takes into account, the near term, medium term and future needs of the clients. If for instances, the resources are limited to catering only to the near term needs, a Financial Planner would map the resources to the current needs and keep the client informed about the gap in his future needs. Further Financial Planning is not a fixed, onetime activity, it is dynamic and incorporates changes at the clients end through period reviews. No experienced Financial Planner would plan for a long term goal like retirement, without providing for income, health and wealth protection strategy. I completely disagree with the views expressed by the speaker.
