Personal financial planning is a process of managing money to achieve personal economic satisfaction. It is often confused with Investment planning, however financial planning is not just about investment but covers much larger gamut of managing your money.
The biggest challenge many of us face about investments is finding enough surplus funds. Most of the time we are engrossed in balancing our income and expenses. Drawing up a personal budget allows you to take control of your spending and find enough money to save and invest for vacations, retirement and your children’s education.
April 1st marks the beginning of the new financial year. The ‘infamous’ day is also the one when we ought to set clear financial plans for the next one year. We can, of course, choose to celebrate April 1 as “All Fools Day” if we continue to commit the same mistakes that we did in previous years. Instead, we should convert it to a “Smart Investor’s Day” by learning from our financial mistakes. Given below are my confessions as well as resolutions for the new financial year as a retail investor.