Goal Setting For Financial Planning Process

The Most important thing in financial planning is Deciding the Dreams/Goals/Targets.

People mostly unable to decide what is their goals.A Financial Planner,interviews them and ask some specific questions based on their financial situations,so that he can decide the goals client wants to fulfill in their future.

It is a psychological concept to understand clients goals,based on his financial circumstances,family size,living standards,marriage conditions,future growth in job or business. 
Some Basic Goals of an individuals are Child Education,Buying House,Retirement Planning,Child Marriage,Foreign Travel etc.

So first target is to decide goals which clients wants to fulfill in future.Second thing to decide is priority of goals.It means which is most important or which is comes first for client perspective.
Once Goal is decided than Planner main works started to make such a suitable plan under his financial budget,so that client can achieve it in a specific time period.he has to take some assumptions like inflation levels,return on capital invested,growth in income etc.
These assumptions are taken on the overall economic conditions,life cycle,equity and debt market risk and returns,bank rates etc,so as to,it can be ethical and right.

So its an advice to all person to think about your finances as early as possible,so that you can achieve financial freedom in life and live your life as per your dreams and conditions.

Ravi Prakash Keshari CFP
Varanasi.