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As a child you would have definitely navigated your way through a maze - the excitement of going from one curve to another, the disappointment at the dead-ends and finally the thrill of reaching the destination. It is as much the dead-ends as the right turns that propel you on.

But in real life, would you really like to run into such dead-ends? - a financial setback such as loss of pay due to prolonged illness, or the investment that you had made specifically for your son's education falling short of the requirement. Would you not liked to be prepared for such eventualities and in fact be able to floor your spouse with the surprise luxury vacation on your 15th anniversary? It is acknowledging the fact that the only thing certain in life is uncertainty and being as prepared for it as possible. It is knowing that life will throw up some speed breakers as well as shortcuts and being ready to take on both.

Technically, Financial Planning is identifying and defining goals, prioritizing them and achieving these goals with a clear, focused and a customized game plan.

It is a simple process of detailing the goals and objectives one has in life and matching them with present assets and income, after factoring the expenses and liabilities that need to be paid. Also factored in are taxation and inflation. The whole exercise is an ongoing and continuous process that looks at all aspects of your finance and makes decisions and adjustments that are appropriate to the changes in life - whether internal, such as changes in income, addition to family etc or external, such as changes in interest rates, market conditions, government regulations, new investments products etc.

Financial Planning is a comprehensive exercise which includes investment management, cash flow planning, taxation planning, insurance and risk management, retirement planning and estate planning, where the focus is long term.

What happens if one does not plan? You may still be able to achieve your goals but it is like going into an unknown room blindfolded - the chances of stumbling and knocking into chairs and walls are obviously higher than reaching the table with all the delicious food!

• Do you know what the real value of all your investments is? Real value being the proceeds minus inflation minus tax on these proceeds and if this is going to be enough to meet your goals?
• Or have you thought of what is the cover you have, such that if something were to happen to you, your dependants can still continue the lifestyle they have been accustomed to? And does this cover include the home loan you have taken?
• Are you sure that tax breaks because of which you invested in some investments are still available to you? Are you taking full advantage of the tax exemptions available to you?
• Have you made a will; set up your affairs such that there is least inconvenience to your heirs in taking over your assets?
• Does your retirement fund take into account the increased medical expenses you are likely to have in your advanced years?

So there is a BIG NEED for Financial Planning as it addresses all the above questions and more: find yourself a trustworthy and competent financial planner today.