Importance of financial planning: 1) Begin with a statement goals, as this will help you make a plan to achieve these goals. 2) Draw up a statement of your net worth: The difference between your assets and liabilities will be your net worth. 3) Have a retirement plan in place.4) Plan for your child's education: Child's education is a costly affair and you need to plan it. 5) Insurance planning is an integral part of your financial plan: The basic rule here is to keep your insurance planning and investment planning separate. 6) Finally, focus on a detailed contingency plan, you could meet with an accident or you could lose your job. Ensure that you have enough emergency cash with you to take care of the transition.
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