Budgeting: There should be a proper clarity on the avialable
fund and available investment oppurtuinites through budgeting
Managing liquidity: There should be enough liquid cash
available for the use of urgent situations
Financing large purchases: For larger investment or business,
it is not necessary to fund everything from equity. Whereas we can
seek the help of loans to reduce the financial exposure
Risk management: Risk management is a must in any financial
planning. We should be aware of how to manage the risk in
unfortunate conditions
Sound investment: We should find instruments based on
fundamentals rather than speculations
Planning for retirement and the transfer of your wealth: From
day 1 itself retirement planning should be done.
Communication and record keeping: All the decisions and
expectations hould be documented so that its easy to understand
what went wrong.