DIVULGING SECRETS TO FINANCIAL PLANNING
Investors, this is interesting. We are divulging some secrets about financial planning.
Perhaps you know what exactly financial planning is or you totally forgot about it. Just a quick refresher: this is an extensive plan encompassing the life of a person or family, specifically their finances. The following are some insights on financial planning.
Two cents: there is no such thing as overnight success and it takes a lot of planning, education, discipline, and patience to attain financial goals. Yes, financial planning is a long-term thing. Not everyone has the same problem. Every person or family has a distinct financial scenario. Also, a plan only works if you pour all your effort and heart into the plan to fulfill those goals. Of course forget not to stick with that plan, evaluate it periodically, and change it, if necessary.
Incidentally, financial planning is not a guessing game. If you believe financial advisors, planners, wealth managers, and the like can predict future market movements, think again. They have no inkling what will be the next market direction or trend. Not even media entities.
But these professionals can study how the market works. And from there they can come up with a diversified portfolio to maximize gains and minimize losses. However, let us remember that there is more to financial planning than earning hefty returns. It ensures a person has the right mindset in managing their finances and strengthening their investment skills.
Lastly, financial planning is a two-way communication. Never expect an advisor or planner to give the best possible plan if you are completely honest and forthright about your finances. They need to fully understand you and your current situation to give a precise advice. Whilst it is fine not to share everything, advisors or planners need to know the whole picture to make your relationship with them work. Establishing the foundation of any relationship begins with confidence, honesty, and trust.
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