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Define your Financial Goals
Often, people approach a financial planner in right earnest and then delay sending the relevant data and papers. The reasons given are lack of time, unavailable data, missing documents, etc. Often such delays could be simply the lack of priority on their part. People spend lot of time earning money, but spend very little time so that their hard-earned money works harder for them.
Once in a training programme, the trainer asked me, "I am ready to coach you, but are you coachable?" The situation is similar here: A financial planner can deliver the best results if his / her client and his / her family get completely involved in the entire process and together take it in the right direction.
Here are five key requirements that you should be ready with or at least start working on before meeting a financial planner: Income: This includes income from salaries (including bonus), house and property, business and profession, capital gains and other sources. This gives a clearer picture of one's cash inflows. For salaried individuals, income in hand is quite clear. However, for others it could be calculated from income tax returns and bank statements.
Expenses: Expenses are of two types: Fixed and variable.
Fixed expenses are easy to track and are more or less streamlined. They may include society maintenance fees, salaries to domestic help, etc. However, it's slightly tricky to calculate variable expenses, but these should be closely monitored. Sometimes entertainment expenses can be detrimental to some serious goals, like your own retirement. Hence, it is very important you keep track of this. There are many apps that can help you track this easily . Even if the amount is small, you should track it since it may eventually make a big difference to your life.
Assets: Assets are those that generate or have the potential to generate returns. So a car for a person in the travel business is an asset, but for an individual it is not. Another example is a self-occupied property. This will surely have some value, but if the property is going to be used only to stay and not rented out or sold then valuing the same does not make sense. While calculating assets and investments, you should also look at investments that are not done voluntarily but are available to you due to the nature of employment. For example, the employee provident fund, gratuity, superannuation, vested ESOPs, etc.
Liabilities: Liabilities can be in the form of various loans like home, car, personal, company, outstanding on credit cards, etc. You shoul also know the rate at which the loan is being repaid, the tenure, current outstanding amount and the terms of repayment.
Milestones: This is the most crucial aspect of a financial plan since it's the one single factor that makes the plan customized. This has to be done by involving the entire family because financial planning is always for the family and not for a single individual. It is also important to divide your milestones as needs and desires. Needs are uncompromising and should be high on priority, while desires are not. This helps allocate assets to those goals which will deliver the best result in the given contours of one's finances. This is the starting point of any financial plan and, hence, clarity here is crucial.
A financial planner can make a significant difference to your life, but data adequacy is the foundation on which the entire process of planning is based. Your financial data has to be accurate. Hence, to ensure successful goal accomplishment, it is important that you are ready with your data or at least start work on them before you approach a financial planner
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