A common myth which, despite so much written about it, still prevails. Financial Planning is for everyone Rich or Poor both alike. Individual with limited finances need to plan more as proper channelization of their resources will help them achieve their goals. Rich at times have money just lying idle in savings account or in Fixed deposit neither of which give any income. Again comphrensive planning will help them channelizing their finances in the right direction.

Although Investment Planning is a very important part of Financial Planning but it a part of Financial Planning and not the whole Plan. As you can see the Financial Plan Pyramid the base forms Emergency funds then come’s Investment Planning and then comes Investment Planning.

Younger you are better it is. As you are starting at young age you have more number of years to achieve your goals. A path is charted on which you need to follow to achieve all your goals along with creating wealth on the way. .Plus power of compounding – earlier you start the more benefits you reap.

Insurance is about Risk Management. Pure Term plan although do not give your premium amount back but its pure risk management. For a small premium amount you get a larger cover. Note do check the expense ratio of a ULIP plan and Endowment plans and then buy.