The times, as always, are changing, and the future will certainly be different. The prospects of a successful life full of abundance and security have to travel through many years and stages of life. So when young professionals start out on their careers, or when working executives wish to achieve growth, they must also adopt financial planning as an integral part of living their dream life.
A carefully thought out financial plan revolves around many wider objectives – housing and marriage, higher education, job changes, starting one’s own business, tackling emergencies, and retirement. Add to it further complexities such as moving abroad or taking a career break, and the importance of having money to back it all up grows.
Unfortunately, many professionals either lack basic financial literacy, or do not consider it of much importance. A 2012 survey conducted in the US by Certified Financial Planner Board of Standards revealed only 31 percent decision makers had a financial plan in place. The figure for having a plan to tackle emergencies stood at 35 percent.
How financial road-maps make a difference
Whether you are beginning your professional journey, or are in your middle-life stages, financial planning can make long-term goals look concrete. Apart from being a life savior in critical times, it can also help you achieve more.
Some of the benefits of financial planning are:
- Making short and long-term goals clear and achievable
- Enforcing habits of saving with optimized expenditure
- Making your hard earned money grow with investment portfolio
- Providing protection to assets
- Moving your safely through life stages with adequate financial back up
Financial planning is not the preserve only of the smart and savvy, or the super rich. It is an essential tool for professionals in all walks of life as well as business. In the book ‘Financially Fearless’, author von Tobel states, “Just as in personal finances, being very thoughtful, having a plan for almost everything is a crucial financial skill in business.”
So irrespective of the course you are studying, healthcare management or an MBA in media or travel and tourism, learn the basics of financial planning today and hone your financial planning skills with workshops by Welingkar’s Hybrid Distance Learning Programs and keep your future financial roadmap ready.