May 22, 2013, 05.50 PM IST
Financial planning, as most would believe is not only just about planning for your retirement or investing wisely. If you actually crunch it to the core, financial planning is all about applying determined and disciplined guidelines to deal with our past, present and future finances. The past always haunts you.
Some of us are carrying the baggage of financial mistakes of the past which in turn are affecting our present and future commitments. Mistakes made in the past such as buying a wrong insurance or a few too many insurance policies, buying a home you couldn’t afford, buying too much on credit, borrowing from the place not suitable to you, trying to make quick money by investing without adequate research resources and knowledge. Though everyone wants to drop the baggage of all such mistakes, it is hard to get rid of.
Dreams seldom materialize on their own. You need to act now in the present and make a plan to head towards a financially stable and safe future. Most of us even fail to realize our past financial mistakes. A financial planner can help us in correcting our past financial mistakes. Following are the steps in order to correct past financial mistakes:
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