Financial Planning is a buzz word today but still we see many people failing to create a successful financial plan and make an impact in their financial life
Why is this happening?
1. Lack of inspiring goals
Plans cannot be prepared without inspiring goals. Today, unfortunately people are not very clear about what is really important to them and when they prepare their so called financial plan, they are driven by superficial goals (Child Education, buying second house, retirement, getting good returns, etc) which essentially are created by marketers to sell their products.
So without clear, inspiring goals financial plans will not work.
2. Uncertainty of life
Life is dynamic and uncertain so any plan your prepare needs constant course correction.
3. Beliefs around money
We all are ingrained with certain beliefs around money since our childhood which are no longer relevant. Changing these beliefs is quite difficult and becomes the greatest obstacle to attain our goals as they hold us back.
4. Lack of qualified adviser
An adviser is a person who is supposed to help clients to live their most inspired financial life but today unfortunately financial advice is restricted to selling financial products. Financial adviser seldom listens to what is really important for clients and therefore financial advice is restricted to some number crunching and buying unnecessary financial products.
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