Identifying the objectives

First and foremost, you need to ask yourself one basic question. What exactly are you planning for?

Is it to sponsor yout son’s education? Is it to finance your daughter’s wedding? Is it to plan a trip abroad for you and your spouse? Is it to give wings to the venture of your dreams? Is it to secure your retired life? Whatever be your reasons, you need to list them out clearly. This is the first step of financial planning and a very critical one. That’s because only after you have listed out your objectives will it be possible to calculate the total amount of financial resources that you require to fulfill them.