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What types of mistake people made during their financial planning?


Hello all,

Here we are going to discuss about financial planning that people often made mistake.
There are some assets to invest............
Ø  Equity
Ø  Bond
Ø  Debenture
Ø  Fixed diposit
Ø  Mutual fund
Ø  Public provident fund
Ø  Gold
Ø  Property
   

Most of the investors think that one time investment is better, they thought once they have invested in stock and after long time they will be a milliners , its true that equity is for long term but there is no surety that the stock will work in your favor, thats why we said that equity consist more risk.
Lets talk about what common people made mistake during financial planning.....
Ø  They do not find out their actual need which will occur in future
Ø  They do not consult with professional financial planner
Ø  Investors do not make plan with sequencely
Ø  Do not prefer their needy thing
Ø  They wants more return
Ø  Lake of expertise for portfolio
Ø  Do not review their portfolio timely
So we can say that these are some common mistake made my investors

How to make plan for better future....
     I.        First of all they should make their balance sheet (through balance-sheet they should know  what is their liability and asset)
    II.        Should make cash in flow statement (by which they would know that how much they are getting and how much they have expenses)
  III.        Put their priority first in financial plan
  IV.        They must have 3 time of salary  in bank account
(it will help them for any accidentally cases)
   V.        After that they must have term and health insurance for their family
  VI.        Children’s educational plan and marriage plan
 VII.        Retirement plan
VIII.        Plan for own home
  IX.        World tour plan
    X.        Outdoor property plan
These are the preferences should be in financial planning



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