
What is Financial Planning ?
In general usage, a financial planning in Dubai, is a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans.
Financial planning process :
- Establish and define the client-adviser relationship.
- Getting to know you.
- Analyse and evaluate financial status.
- Develop and present financial planning recommendations and/or alternatives.
- Implement the financial planning recommendations.
- Monitor the financial planning recommendations.
Types of Financial Planning :
- Short-term financial plan
- Medium-term financial plan
- Long-term financial plan
Short-term financial plan
This prepared for a maximum of one year. This plan looks after the working capital needs of the company.
Medium-term financial plan
This prepared for a period of one to five years.
Long-term financial plan
This prepared for a period of more than five years.
key components of Financial Planning :
- Budgeting and taxes.
- Managing liquidity, or ready access to cash.
- Financing large purchases.
- Managing your risk.
- Investing your money.
- Planning for retirement and the transfer of your wealth.
- Communication and record keeping.
Financial planning in UAE is the only way that can help you account for your money and help you save up for future investment. Therefore look for a reliable financial advisor near you and hire them to help you in planning and budgeting for your finances.