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A financial plan covers three areas of a person's complete financial lifeline: Insurance, Investment and Inheritance. Insurance creates financial security for the family in the event of unfortunate, like dread diseas, disablility or death. Investment allows one to accumulate adequate funds for his/her years of retirement.
Inheritance planning is to provide for the management and distribution of one's assets after death, usually through wills and trusts. A financial planner take a person income and allocates it to insurance and investments.
Income is essential in our life. The need for cashflow is why people work for such long part of their lives. The lack of cashflow or income is what drive people to desparate situation. The primary objective of a financial plan is to provide income. Insurance provide income to the family when the bread winner is not able work (due to situation arises from dread disease, disability, or death).Investment provides income for one's retirement years when one is no longer working. Inheritance is to provide Income to one's beneficiaries. Thus a good financial plan ensures that there is Income or cash flow at all times - be it good and bad times.
I will now explain the role of a financial planner. This financial role is similar to an accountant, finance manager or a finacial controller. The difference lies in their financial application knowledge and the myriads of financial tools and strategies at their disposal to keep the corporate books clean, true and fair. Here in this finacial article, I am referring planner who does life plan consultantancy, a personal financial planner.