![]() It involves creating a roadmap for meeting all of life's expenses, including unexpected ones. Setting your financial priorities early in life will definitely help you instil good money habits that will go a long way.īefore we go any further, let's first understand what financial planning is įinancial Planning is a comprehensive process that assesses an individual's current and future financial situation to help them systematically achieve their goals. I don't want to sound like an oldie, but today's young generation has the resources to learn and explore everything they desire. But, honestly, today, when I look back, I feel individuals in their twenties should understand the importance of financial planning and how creating a financial plan gives them more control over what their life may look like in 5, 10, or even 20 years. Well, I did that too! This could be mainly because we have never been taught personal finance or money management in high schools and colleges. After relying on parents for financial support for an extended period, the younger generation tends to prioritise splurging their hard-earned money on activities like travelling with friends, going to concerts, buying branded clothes and accessories, and so on, rather than focusing on financial planning. Definitive Guide To Successful Equity Investingįinancial planning may not be your top priority when you are young, earning, and free, particularly in the early stages of your career. ![]()
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