Rani Jarkas – Mistakes to Avoid When Doing Financial Planning
Financial planning is a long-term process. Many factors play a key role in the financial plan and its execution, such as earning capacity, market conditions, mental framework and family situations. Therefore, it is possible that we make mistakes along the way. Let us look at some common mistakes and how to avoid them. 1. Try to meet every financial demand of the family You have to be practical and evaluate how the expenditure or loan affects your financial plan. Different needs of different family members on a regular basis amount to a sizable sum. 2. Put offfinancial planning The earlier you start to plan your finances, the better your financial life will be. You will prepare to decide on your financial goals and get an idea of how much money you need to achieve your financial goals. 3.Mix insurance and investment Insurance is risk management, while investments are made to earn income and generate wealth. Don’...