In order to financially secure our future and to achieve every financial goal Financial planning is a must. It is a process of an individual to plan his/her finances in accordance with meet every expected and unexpected event. These events can affect the future of the individual and his/her family. It is important to involve in financial planning to protect the loved ones financially. Further from any problems affecting and to build wealth in the process.

An individual must make a financial plan with SMART financial goals:

• Specific
• Measurable
• Achievable
• Realistic
• Time-bound

Before starting your financial goals an individual must keep in mind what is important for families. For example savings for children’s education and marriage, investing an amount for retirement planning, real estate etc. this all factors will help in achieving your financial goals.

Most important aspect in financial planning is saving. Once you have decided your financial plans and have set goals accordingly. The next thing you should do is to start keeping some part of your money aside every month. So you can invest the savings in investing product to create wealth. Saving money is the most vital step in the process of financial planning. Furthermore, financial plan requires you to invest in insurance and financial products. More money you will save every month, more money you will be able to invest. It is the only way you can achieve all of your financial targets.

To achieve financial goals you must have proper investment options that can help you in achieving your target.

Following are some investment options:

1. Equity:

It is the preferred choice of investment for high-risk takers seeking above-average returns. However, financial experts have suggested to not putting all your money in high-risk equity products.

2. Unit Linked Insurance Plan:

A ULIP plan is a mixture of an insurance and investment product. Investing in a ULIP plan builds your wealth by investing a certain portion of your premium in funds. Apart from this, you also get tax benefits and a life cover with death and maturity benefit.

3. Bank Deposits:

The returns from bank deposits have been rapidly falling through the years. Thus it remains the safest investment option for a large section of the middle class.

4. Endowment policy:

Endowment fund one of the best savings plans. An endowment fund provides a lump sum amount at the time of maturity or death, whichever is earlier. It is one of the best plans, often giving guaranteed returns. Thus helps in achieving long-term financial goals.

5. Gold:

Indian households invest regularly in gold to hedge against market losses. Gold has been a part of Indian gifting culture. It has historically only seen price rises over the course of years

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