How to Create a Robust Personal Financial Plan?

What Is a Personal Financial Plan?

How to Create a Personal Financial Plan in Easy Steps?

What Are the Benefits of Financial Planning?

FAQs on How to Create a Robust Personal Financial Plan

What are the components of a financial plan?


The following are the key components of a personal financial plan:

  • Cash Flow Planning
  • Investment Planning
  • Retirement Planning
  • Insurance Planning
  • Tax Planning
  • Estate Planning

What are the important financial questions to ask?


Following are some general questions you need to ask yourself during financial planning:

  • Is my investment plan on track?
  • How can I prepare for financial crises?
  • Do I need to modify my retirement plan?
  • What steps should I take to minimise taxes every year?
  • On which element should I focus more to improve my monetary plan?

Is it necessary to take the assistance of a financial planner?

Although you can make your monetary plan alone, it is better to hire a financial planner to get prompt and accurate results. A certified financial planner will check your monetary position and give you the best possible advice.

What are the challenges faced while making a financial plan?


Mentioned below are some challenges faced while making a financial or monetary plan:

  • Unsystematic management
  • Manual tasks are time consuming
  • Incorrect Budgeting and Forecasting
  • Lack of collaboration