So what is Financial Planning?
Planning = PROCESS
1) work = get $$$
2) life = spend $$$
3) balance $$$ = savings
4) savings in bank = $$$ in idle
5) savings into investment = $$$ in management
IMPORTANT: $$$ in idle can never out-perform $$$ in management
MOST IMPORTANT: cover ourselves with good backup plan i.e. insurance
So the next question is 'What is Investment'?
Well, investment is an instrument that make $$$ work for you and NOT you work to get $$$ (details to be available in later post)
And how do I connect this back to Financial Planning?
The emphasis now lies with the word 'PROCESS' where we:
a) assess situation and identify options
b) evaluate options
c) implement choice
d) review and revise the plan
Hmmm... this should cover most of what I do everyday at work where I help my client throughout the whole process as above with me absolutely loving the whole process. (",) It feels great to be able to make a difference to the people I know, to help them achieve their financial dreams n get paid for helping out.
So, care to join my industry n be my colleague? ;p