How important is Finance Planning.. KNOW THE FACTS !!!!

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Do read my previous blog on correct Planning https://equityrecos.blogspot.com/2020/07/correct-planning.html

Life is uncertain, many events, natural occurances can be irregular and unusual. Still, Correct planning helps us to be organised and keeps us aware and Alert...

Today, people are obsessed with Planning, though, how far it is correct and required is a different topic for discussion😄
Finance is synonymous to Money and Material wealth like Gold, Property, Cash, Bank Balance, Savings Investment etc...

I Would divide Finance Broadly into Accounting, Investments and Provisioning & Further classification as below : -

 Finance -

 Accounting - Income / Expense Sheet, Cash
                         Book, Profit & Loss Sheet and
                         Balance Sheet

 Investment - Money Saved or Kept in some
                         Form for some returns and
                         Provisioning

 Provisioning - For Contingency,
                         Retirement,
                         Meeting Medical Expenses
                         And for family security after
                         Death of earning member.

               
Importance of Financial Planning :-

• Whatever Field you are in , be it Science, Arts, Engineering, Doctor, Home-making; today it is important to be aware of Basics of Finance (maintaining your expenses and income file, basic banking)
• Since, everything today revolves around Vitamin M (MONEY), it is important to understand and know the Finance Basics and Plan for it
• Appoint proper Chartered Accountant who can guide us properly for future investments, planning
• If one maintains regular Cash book, Expenses File, one knows where he or she or family stands.
• The above classification of Finance, as per my understanding, helps us be aware and alert in today's dynamic world of Commerce and Capitalism
• Keep your Tentative Balance Sheet, Profit & Loss Statement, ready and check every tri-monthly. This helps us for further planning. and no need to hurry at the end of financial Year (Accounting Year)
• Today, we see many young people at age of 30 - 45 years are wither suffering from some lifestyle disorder or face death, accidents. So it is Important for the other family members to know about the financial whereabouts, so they do not have to face unneccessary hassles of Finding Insurance Papers be it Mediclaim or Life Insurance, Any debts to be repaid or any amount receivable from others, etc.
• The intolerance for relationships, high inflation costs, speedy life, rush to reach somewhere always leading to high probability to accidents, car damages, etc; arises the compulsion for finance planning and its clarity.

However, I request all of you to know how handicapped today's affairs have made us to this FINANCE. It is therefore important, atleast after the Pandemic, for human kind to Think about A CORRECT ALTERNATIVE to Speedy Life, Haphazard Lifestyle and Diet Regimen, Overall Earning Sources, etc.

Meet YOU In My Topic Ahead, an Extension to this topic.....