Class 9 fmm notes | Chapter 4 fmm notes | Financial Planning
What is Financial Planning? In this chapter, we will discuss 1. Setting Goals 2. Analysing Information 3. Creating a Plan 4. Implementing the Plan 5. Monitoring and Modifying the Plan. What is Financial Planning? Planning - is the process of making plan. But when we want to achieve a financial goal, we do financial planning. In which we define goals, develop a plan to achieve them, and putting the plan into action. Like: If you want to buy a car of 4,00,000. You should make a financial plan. You will write that how much savings you have, how much you can earn, how many expenses you can avoid for now, how much money you can borrow from your friends and family, how much money you can invest in banks or stock market etc. Many people make plan but why there plan is not successful? Now we will discuss some important factors about how to make a plan. 1. Set Goals: In this part you should decide the goal which you want to achieve. Like : you want to score 90% in class 9t