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When is the right time to start financial planning? -Good money PERSONAL FINANCE

When is the right time to start financial planning? Many people associate this with age and say that they are too young or too old to work on a financial planning exercise, and some associate it with money and say that they do not have enough money or assume that they have enough, to fall into some kind of case financial structure.

Let’s call it confusion, excuse, reasoning, or justification that not many people follow this disciplined process. And even if they know they need financial discipline in life, they keep slowing them down to look for the right time, and they never get into a structure because the right time never comes.

And if there is no clarity about things, it is normal to look for simple solutions, how to invest for the time being and to move the planning part into the background. Sellers use this behavior and therefore they find their sales proposals or products in the packaging of the financial planning. This gives you temporary satisfaction that you are on the right path until you face the aftermath and realize the mistake.

Without paying much attention to the details of financial planning and who are the authorized professionals to help you get started on a process, I stick to the main question: When should you start with financial planning? (Read: The Real Financial Planning)

There are two different times when it is best to start planning for finance, and it does not depend on age or income.

The first is when you take your first step into your financial life, i.e. H. When you start earning. The moment you receive your first paycheck, it’s time to think about how you can best use it to build your financial future.

This is the time when you will build your finances
Behavior.

You would be tempted to spend more; You would be offered with credit cards from your bank. (Read: 7 Financial Planning Tips For Beginners)

With credit cards, your spending capacity increases, and you may spend more to benefit from cashback, reward points, or free EMIs.

You may even want to fund your trip through EMIs, and all of this will cause your savings to get mixed up. Slowly you will find that your credit rating is ruined and you may not be able to get credit when you need it most. (Read: How To Check Cibil Score Online For FREE)

Like every beginner and many seasoned, you will ask your banker or colleagues who have already been sold by these bankers what to do if you do not have an investment approach and if your employer asks you to provide your tax savings credentials. You can ask your parents, friends and all of this will result in you ultimately investing in ULIP, traditional insurance plans, ELSS mutual funds, PPF, etc.

Without understanding the impact of these products on yours
Financial life and how it will help you achieve your goals, you
invest in them.

This will go on for a few more years, and later someone will tell you to buy a house, which will help you save additional taxes and also build up one of your assets.

Once you’ve destroyed your cash flow with credit cards, auto loans, and personal loans, you might like the idea and start a new loan.

To pay the down payment of the house, look at your investments and deduct some or all of your biggest expenses, which you may call an investment.

And when things get out of control, you will blame business, government, and employers for the wrong events in your life, as well as your financial situation.

Sounds exaggerated? Well, I’ve seen a lot of them in real life
Cases like this. If you think you are different, then if you look
Your financial life holistically from the start, you would be in one
better position for sure.

It’s not just about loans, it’s about your goals, your financial
Life, your taxes, your investments, your … everything has to be managed with one
balanced and holistic approach.

So you should start working on this structured financial planning approach before you ruin your financial life. Even if you think you are smart enough not to make such mistakes and smart enough not to fall victim to the mis-sellers, it is always a good idea to have a professional by your side to get a second opinion , Please note that the advisor should not be Google

The second best time to start financial planning is NOW… Since it is never too late to correct your mistakes and organize yourself in your money matters.

You may have insurance policies that are not required, or you may be underinsured, put in the wrong investment products that will not let you grow financially. You may have some bad credit in your kitten. You may not be able to choose suitable investments to meet your long-term and short-term goals.

the right time to start financial planning

Sometimes you want to invest in high-growth products.
Sometimes you want to stay safe, need tax planning, and want to know if
There are some other options that can help you save on taxes. You still have goals
and unlike the ones you had when you started earning

… and many other financial questions to which you are also looking for answers.

All of this requires a well-structured financial planning approach. If you keep waiting, it will get worse, not sure better.

Conclusion:

Every time is the right time to do the right thing. Financial planning is a nice exercise that keeps your bad money behavior at bay and builds good behavior that turns into your habits. Success is there. So you have a choice if you want to continue juggling multiple priorities or tackling your life directly and structurally managing various issues and organizing your entire life including finances.

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