Financial Planning is a roadmap to realise and achieve financial goals in life. The process of financial planning involves identifying the financial goals in life, based on the person’s financial position and risk profile charting out a feasible plan to a achieve those goals. Financial Planning includes identifying goals, making the plan, allocating resources and regular review.

Common Financial Goals that Every Person has in Life:

Everyone has various financial goals in life. Through proper Financial Planning a person can achieve various financial goals in life.

Every Financial Goal revolves around a Number. Sample this……..

· Will Rs 20 Lacs be enough for my son’s MBA 15 years down the line?

· Will Rs 9 Lacs take care of my daughter’s wedding 3 years from now?

· Will I be able to buy a house worth Rs 35 Lacs 7 years from now?

· Will I be able to enjoy a vacation with my family once in every 3 years?

· How do I retire with an Rs 1 Crore retirement fund?

The Mckinsey report had said that the wealth in the emerging markets have grown 3 times more than the rates of assets in developed nations. Now here's a report that is specific about India. Indian wealth management has given a return of 18% against the global 9.7%.

The wealth management arm of the KARVY Group released the 2nd edition of its India Wealth Report today.

This Report studies patterns of individual investments across financial asset classes (excluding physical assets like gold and real estate) and finds that India's individual wealth is expected to nearly triple from the existing 86.5 lac crore to 249 lac crore by FY16. In fact, the wealth of India's HNIs has grown by over 18% compared to a mere 9.7% for global HNIs in the last one year.

Interestingly, the Report shows that fixed deposits & bonds has become the top contributor to overall wealth held by individuals in India, displacing last year's topper, direct equity, primarily due to the uncertainty in the financial markets.

Warren Buffett’s annual letter to Berkshire Hathaway’s shareholders are full of interesting nuggets and insights of all kinds, not just on money management, but on life.

Last week, the most recent letter to shareholders was released, and I thought I’d share with you many of those bits that I highlighted, along with some of my own comments on them.

Money will always flow toward opportunity, and there is an abundance of that in America. Commentators today often talk of “great uncertainty.” But think back, for example, to December 6, 1941, October 18, 1987 and September 10, 2001.

No matter how serene today may be, tomorrow is always uncertain.