Why Financial Planning is compulsory?
Why Financial Planning is compulsory? Why Financial Planning is compulsory? Financial planning is crucial for achieving financial stability, securing future goals, and ensuring overall well-being. It helps individuals manage income effectively, control expenses, and build savings for emergencies. A well-structured financial plan includes investments in mutual funds , which provide diversification and long-term wealth creation, and the National Pension System (NPS) , which ensures a stable retirement corpus with tax benefits. Additionally, digital gold offers a convenient and secure way to invest in gold without the risks of physical storage. Insurance plays a vital role in risk management, with life insurance ensuring financial security for loved ones, health insurance covering medical expenses, and motor insurance protecting against vehicle-related risks. Financial planning also aids in tax efficiency, debt management, and wealth accumulation, enabling individuals t...