About the Book :
When people hear the term, “Financial Planning”, they often confuse it with investment planning , portfolio management or tax planning. Some are immediately put off, as they simply do not have time to plan. They think of the process as complex and time-consuming; in fact, most believe they should think of a financial plan once they have enough wealth. There are many such myths about financial planning and it’s important to understand what financial planning really is.
Any decision about money impacts your overall finances. In fact, deciding not to invest or not to plan is also a decision. Any decision that you take about money and that has an impact on your overall financial situation is financial planning. The irony is that most people do financial planning unknowingly and in an unstructured manner, whether it is buying insurance policies, or stocks, or investing in real estate or taking a loan. These decisions are generally taken in isolation, with no relation to each other, and without considering the impact of one decision on the other.
So, why not do it in a structured manner?
Financial Planning is the process of utilizing your Financial Resources in the best possible manner to achieve your Financial Goals. Financial Planning is not the same as Investment Planning or taking advice from a chartered accountant or a banker. Financial planning encompasses several areas of personal finance such as:
a. Cashflow and Debt Management
b. Risk Management and Insurance Planning
c. Asset Allocation & Investment Planning
d. Taxation Planning
e. Retirement Planning
f. Estate Planning (Transfer of Wealth, Wills, Power of Attorneys and Trusts)
Leonardo Da Vinci said " Simplicity is the ultimate sophistication" and this book is an attempt to make financial planning and personal finance simple for everyone.
1. TABLE OF CONTENTS
2. SEVEN COMMON MONEY MISTAKES
3. AN INDIVIDUAL’S ECONOMIC LIFE CYCLE
4. WHAT IS FINANCIAL PLANNING AND WHY IS IT IMPORTANT?
5. WHAT SHOULD BE INCLUDED IN A FINANCIAL PLAN?
6. VISION FOR THE FUTURE: WHAT’S IMPORTANT ABOUT MONEY TO YOU?
7. BASIC FINANCIAL PLANNING CONCEPTS & RATIOS
8. WHAT IS RISK?
9. LAYING A SOLID FOUNDATION - BUILD YOUR WEALTH PYRAMID Contingency Funds
• Having Appropriate Insurance in place
• Life Insurance
• How should you Calculate your Insurance Needs?
• Different Types of Life Insurance Policies
• Should you go for Pension Plans?
• Should you go for Children Plans?
• Taxation of Life Insurance
• Health Insurance
• Disability & Critical Illness Insurance
• Professional Liability Insurance
• Property & Asset Insurance
• Limiting Debt
• Asset Allocation: Diversifying
10. KEY PERSONAL FINANCIAL GOALS
• Buy House
• Funds for Children’s Education
• Funds for Children’s Marriage
• Retirement Income
• Knowledge (Basic Business Skills & Continuous Learning)
• Real Estate
• Alternate Investments (Private Equity and Art)
• Personal Fitness & Relaxation
11. INCOME TAX IN INDIA
• Basic Exemption Limits and Tax Slabs
• Computation of Total Income
• Income Heads applicable to Most People
• Advance Tax
• How to file your IT Returns?
• How should you Save Tax?
• Capital Loss Strategy: Off set any short-term losses in the equity market today and save tax
• Taxation of Investments
• Why is Disclosure of Income Important?
12 CREATING A LEGACY
• What Happens in case you die
• Without a Will?
• What is Estate Planning?
• Basic Terms in Estate Planning
• Updating the Will
• 5 Most Important Things Philanthropy
13 DREAM TEAM
• What is the Correct way to get Advice?
• How Should you Choose a Financial Advisor/Planner?
• Who Should be on your Team?
• Keeping and Maintaining Records
• Behavioral Finance
• Parting Thoughts
Sample Power of Attorney
Leave & License Agreement
Agreement for Sale (Residential)
|Title:||The Only Financial Planning Book That You will Ever Need||Publisher:||Network18 Publications Limited|
|Author:||Mr Amar Pandit|
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