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- 100% of my clients would recommend "My Financial Plan" service to their friends and family

- 100% of my clients say the
financial planning exercise is comprehensive

- 100% of my clients think the financial plan would help them plan their finances well and achieve their financial goals

- 100% of my clients think the
financial plan is practically implementable

- 80% of my clients did not
feel the need to talk to me over the phone during the financial planning exercise

- 70% of my clients
rated their overall experience with "My Financial Plan" as "excellent", 30% as "very good"

Read "Client Testimonials" for more details

Do I need Financial Planning?

Financial planning is a must for everyone.- irrespective of your age, your income or your life stage.

Financial Planning and Your Age

A person of any age can opt for financial planning.

If you are young, you have lots of goals to achieve (like your child's education and marriage), and the earlier you start, the more you can take advantage of compounding - you would have to invest small sums even to achieve large financial goals. Also, financial planning at a young age means your savings and investments get a direction early on in your life.

If you are not so young, some of your goals might have been achieved. But you would be left with very little time to achieve the remaining goals. This means that your money should be invested optimally, so that you can comfortably achieve all your goals. Also, this would be an age when you should be thinking aggressively about planning for your retirement.

Thus, irrespective of your age, you should get financial planning done for you. It's simple - If you earn, you should have a financial plan.

(Through "My Financial Plan", I have done financial planning for people aged 26 years to 52 years)

Financial Planning and Your Income

A person having any income can opt for financial planning.

If your income is less, it makes lot of sense to have a financial plan, so that limited resources can be invested properly. Only this can assure that all your financial goals are achieved comfortably in spite of your low income.

If your income is good, yes, it is easier to achieve your financial goals. But that doesn't mean you can invest your money in any random way - it still makes sense to invest according to a plan so that you can maximize your wealth along with achieving your financial goals.

Thus, irrespective of your income, you should opt for preparation of a financial plan.

(Through "My Financial Plan", I have done financial planning for people having an income of Rs. 20,000 per month to Rs. 3,37,500 per month. Or, considering another measure of wealth, I have done financial planning for people having a net worth of Rs. 22,250 to Rs. 5.35 Crores)

Financial Planning and Your Life Stage

Is financial planning the same for everyone? Or does it differ from person to person?

Well, financial planning definitely differs from person to person – it totally depends on each person’s unique situation.

However, we can see some similarities between the financial planning needs of people at a broad level depending on what stage they are in their life. Let’s have a look at it.

People joining the workforce

This category includes people who are just starting out on their own, and are usually in their first job.

People in this category have moderate incomes. But they do not have many liabilities – they usually do not have dependents to look after.

  • They are single, so they don’t have to look after their families.
  • Their parents are also usually working, which means that they too are independent.

Against this, these people have relatively high expenditure – partly because they have just started earning, and like to splurge!

Since these people have just joined the workforce, this is the ideal time for them to start planning their financial life. They should take the time out to define their financial goals well.

These are the people who usually have the least knowledge about investment avenues and other financial products, and rely the most on the “advise” given by friends. They have time on their side, and with the right financial plan, they can easily achieve all their financial goals.

Young singles (mid to late 20s and early 30s)

These are the people who have stabilized in their jobs. They have worked hard in their initial years, and have progressed well. These people have high incomes, and still don’t have any dependents.

This is a period of accumulation for these people – they have large monthly surpluses. Using the right financial plan, this money can be channeled into investments that can help them achieve their financial goals comfortably.

Families without kids

This includes both types of families:

  • Double Income No Kids (DINK)
  • Single Income No Kids (SINK)

These people are quite similar to singles in their profile. They don’t have too many expenses, as they don’t have kids. But they earn quite well and have good investable surpluses every month. This is especially true in case of DINK families, where both husband and wife are earning.

Even for these families, this is a period of accumulation. The money earned and saved at this time can be channeled into the right products using the advice of the right financial planner. This can ensure that they meet all their financial obligations and achieve all their financial goals.

Families with kid(s)

This is a stage in life when people do have lots of liabilities, especially because they have children who are totally dependent on them – financially and otherwise!

This is also a stage where usually only one member of the family is earning. Thus, income is limited, and expenses are quite high.

These people need very careful planning of their finances, as all investments for their goals need to be made using the meager monthly surpluses. These people can greatly benefit form a well thought-out financial plan.

People working on onsite stints / assignments or returning to India

This is a class of people that is steadily increasing in number these days.

Many young people are being sent onsite for assignments ranging from a couple of months to a few years. After these assignments are over, many choose to return to India.

Most people in this category have saved large amounts while earning in dollars, pounds or other foreign currencies. If they get advice from a good financial planner, this lump-sum amount can be deployed in the right investment avenues, and can easily give them a head start in their financial journey.

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