Financial planning seems like a Fancy job, where you handle money and finance-related things for businesses and professionals.
If you think Financial Planning as a Profession is easy, let me tell you it is NOT!
Financial planning involves everything from learning the clients’ expenditure pattern to limiting the expenses and increasing the savings and then investing those savings, which might give them a definite increment over x number of years.
Along with that, it is a massive responsibility because someone’s financial future depends on your decision and knowledge. So, there is no room for mistakes.
Now let us talk about why financial planning is a better option than other jobs.
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Growth Rate
Growth is essential for everyone. Your growth determines your standard of living, your and your family’s lifestyle, and everything in your life.
Every person working in an office or from home wants to see himself grow. He wants his growth rate off the chart.
Fortunately, financial planning as a career option can provide you with that.
All your happy clients will evangelize for you through their lifestyle. And if they make it big, they’ll take you to inside the right circles too.
Earn the amount which you dream
If you trade time for money, you’ll always find a bar on how much money you can make.
However, financial planning equips you with the knowledge to earn as much as you want and as little as you should without any boundaries.
It depends on you how much you are willing to make of it.
Work when you like
Although if you are working as a financial advisor in a firm, you might have time constraints. As an independent financial advisor, you are not limited by the time and can work when you like.
This added freedom allows you to enjoy more time with friends and family.
Learn what successful people do with their money
Since you are a financial planner and advisor, you work with people who make good money. You get access to the right networks, connections and stay up to date with the industry trends.
If you new millionaires form an emerging field, you can witness the changing trends and the wealth transfer.
Financial planning is no salesman job.
If you have seen the “Wolf Of Wall Street,” you might confuse a financial advisor’s job with a sales job.
Although sales is an important skill, you must learn it if you want to work as an independent financial advisor. However, sales have nothing to do with Financial planning or advice in particular.
You don’t have to go door to door and sell your products there. Financial planning is basically any such practice where a person (having knowledge about taxes, returns, investments) uses his knowledge and experiences in finance to guide people to plan their wealth accordingly.
But, like every golden mango has a ripe side, the same goes here as well. Financial Planning has some significant advantages as well, which are:
- Financial planners need to get themselves a license to buy and sell products for their clients. This license is given after they complete a certain level of education.
- Financial planning as a profession is a high-stress industry where you have to organize your clients’ inputs through the current market industry rules and plan for the future. The moment, market experiences a change (downfall or up high), then the financial planner has to develop a plan to deal with the market’s difference. At times of economic crisis, they have to develop an immediate secondary plan for their clients so that they don’t face any financial loss.
- Financial planning is limited to the past income and expenses data graph. If the previous data proves faulty, then the Financial Planner will have to overdo the data planning, or else financial losses might be prevalent.
- Financial planning is not an easy job. It is a steep learning curve where you will have to master the skill.
Financial planning at its best?
Financial planning is just about how well you can manage your clients’ needs, expenses, and income to get them a financially stable life. It is not an impossible career option but needs some hard work and passion for mastering it.
Many people think of Financial Planning as a job where you will have to sell shares or provide financial profits to the clients, which is not always true. If you are thinking of becoming a Financial Planner, you will have to learn from the basics to the advanced level. Sometimes, luck might not favor you, but you will have to figure out some other solutions not to let the client incur a financial loss.
Conclusion:
Financial planning is a career option where you will have to play by the market rules, where your knowledge will be your ultimate weapon.
If you get your clients, the profit they are expecting. You will surely see some more clients who will want to work with you.
In Financial Planning, you should be ready with market knowledge and keep track of trends.
If you love finance and planning, it is a career option that can take you to riches.
Guest author: Ankita Kaushal is working as a blogger for Veronica Karas. Veronica Karas is a Certified Financial Planner in NY. She helps with Complex financial issues like stock options, estate planning, tax & financial planning, and more. Get in touch with her now for any assistance regarding Financial planning.
