We have always come across people saying that no two persons can have the same set of Fingerprints. This theory remains unchanged even in case of financial planning. Financial planning, in common terms, is a roadmap which ensures that you reach your destination without any difficulties.
There are several reasons why a financial plan can never be the same for two people.
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Financial planning is a detailed process of understanding one’s financial status and milestones and then coming out with a comprehensive solution. However more often than not, financial planning is looked at more from a quick fix solution. I often come across people asking me which product I should invest in. The question is not about where to invest, but why to invest, which will decide your asset allocation. However the habit of jumping to fast solutions sometimes end up having adverse consequences. The common mistakes which I have come across while people plan their finances are as under:-
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