PERSONAL FINANCIAL

PLANNING

ASSIGNMENT-1
Financial planning of you and your family after analysing the current
situation &future needs.

Submitted to:
Ms. Nitika Sehgal
LSM

Submitted by:
ABINASH PADHA
Reg no: 1090O399
RS1902A11
 Personal financial plan

Financial planning is the process of meeting your life goals through the proper
management of your finances. Life goals can include buying a home, saving for your
child's education or planning for retirement. The process involves gathering relevant
financial information, setting life goals, examining your current financial status and
coming up with a strategy or plan for how you can meet your goals given your current
situation and future plans.
Financial planning provides direction and meaning to your financial decisions. It allows
you to understand how each financial decision you make affects other areas of your
finances. For example, buying a big-screen television using a credit card may enhance
the value of your belongings, but it may cost you more over the long run due to the
finance charges. By viewing each financial decision as part of a whole, you can
consider its short-term and long-term effects on your life goals. You can also adapt
more easily to military life changes and feel more secure that your goals are on track.
Family and dependent data:

Name Age Gender Marital Health

status proble
m
Abinash 22 M Single ………
….
Yash Pal 55 M Married ………
Padha …….
Sudesh 49 M Married ………
…….
Sunil 28 F Single ………
……
Satish 31 F Married ………
……..
Anjali 25 F Single ............
...

Net Worth
Income Data:

Self spouse joint

Salary Nil 684000 864000
Self Nil
Employme
nt
Business Nil
Agriculture 450000 50000 Nil
Other Nil 134000 Nil
income

ASSET DATA:
Asset Date Owners Current
acquire hip market
d value
Saving Abinash
account
Persona
l
residen
ce
Bike Sunil 32000
Bond
Stock
Other Land
real
Estate
Retirem
ent plan
Jeweller
y
collecti
on
Other
interest
Other
persona
l
propert
y.

Liability data:-
Liabilit Date Origin Curre Matur Intere
y incurr al nt ity st
ed amou balan date rate
nt ce
Consu
mer
credit
Home
loan
Auto
loan
Educati
on loan
Person
al loan

Insurance information:-

Self Father mother Elder

brothe
r
Type of Fixed, Monthl
policy LIC y
Policy,P policy
ost
office
Policy
no.
Insuran LIC LIC
ce
co.Nam
e
Covera
ge
amount
benefici
ary
Current
cash
value
Health Insurance
self Father Mother brothe
r
Type of No
plan
Policy
no.
Insuran LIC LIC LIC
ce co.
name
premiu
m
Co-
payme
nt
deducti
ble
Primar
y
doctor
speciali
st
Goals
Now that you have determined your current financial situation, you need
to develop goals. You should estimate how much they will cost and how
you will save for them,broken down by: Short-Term (up to 3 years);
Intermediate Term (2 to 10 years); Long-
Term (over 15 years).

Goal #1
Time frame Anticipated financial Financial sources
commitment

Goal #2
Time frame Anticipated financial Financial sources
commitment